Guidewire Software has acquired HazardHub, which offers API-driven property risk insights to the property & casualty insurance industry, for an undisclosed sum.
The acquired firm collects, analyses, and filters data to provide a national catalogue of risks, which includes perils from tornado, flood, earthquakes, wildfire among others.
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Guidewire expects HazardHub’s Geographic Information Systems (GIS) expertise to complement its team of analytics specialists in data science, actuarial modelling, data provisioning, and application development.
HazardHub offers its services to insurers, reinsurers, brokers, MGAs, and other insurtechs. Insurers can leverage HazardHub’s solution to underwrite, micro-segment rating zones and manage risks profitably.
Guidewire Software CEO Mike Rosenbaum said: “Embedding HazardHub’s comprehensive property risk data service into Guidewire’s industry-leading platform will drive tremendous value for our customers and the P&C insurance industry.”
HazardHub co-founder and CEO Bob Frady said: “We see joining Guidewire as the best way to get our hazard data and risk scores into more insurer workflows to positively impact more insurers and policyholders.
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By GlobalData“We are eager to expand the power of our API-driven insights and bring innovative solutions to market as part of Guidewire, the technology leader serving the P&C insurance industry.”
In May this year, Guidewire launched usage-based insurance (UBI) solution for auto insurers.
