Guidewire buys HazardHub
Executives detail how the companies complement each other and when clients can expect to reap the benefits.
Guidewire Software, Inc. acquired HazardHub Inc, bringing more than 110 organizations, including insurers, reinsurers, brokers and MGAs, onto the acquiring firm’s P&C industry insights platform, Guidewire reported.
While the process to dovetail both companies’ operations will take some time, Roger Arnemann tells PropertyCasualty360.com the ability to deliver data and insights from both firms on one core system platform will be effective immediately.
HazardHub’s technology analyzes and distills data from national sources to catalog risks that may damage or destroy property, including perils such as tornadoes, floods, storm surges, earthquakes and wildfires. The company reports its technology can provide risk scores and the supporting underlying details for any property in the U.S. in seconds.
“Underwriters, agents, and claims adjusters will power smarter decisions with risk insights embedded directly into core workflows” Mike Rosenbaum, Guidewire CEO, said in a release. “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.”
Bringing ‘P’ and ‘C’ together
An immediate benefit of the combined companies is an expansion in datasets. Although Guidewire had casualty data, the transaction opens up “the other end,” or property side, according to Arnemann, who explains the deal brings the “P” and “C” together.
“We are excited about what HazardHub has built and even more by their passion, bold vision, and the host of challenges that we can tackle in combining their data and expertise with our market-leading platform,” Arnemann says. “Their deep GIS expertise is a perfect complement to our existing team of over 170 Guidewire Analytics specialists in data science, actuarial modeling, data provisioning and application development. P&C insurers who have relied upon Guidewire Analytics’ robust casualty data and insights will now also have access to rich property data and scores from a single trusted partner.”
In a release, Bob Frady, co-founder and CEO of HazardHub, 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. 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.”
The deal has three core benefits to HazadHub’s growth strategy: Strong reach into the market and “incredible” scale, a team with a deeper understanding and vast distribution, Frady tells PC360.
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