IQUW invests in data capabilities with Zywave

We’re delighted to announce that we’ve partnered with insurtech leader, Zywave – using their loss data product to support our new pricing models in our Cyber and D&O lines to help us make faster and more accurate underwriting decisions.

Zywave’s loss data will also increase our speed of response to brokers and clients, as well as delivering insights into potential claims and loss estimates. In addition, the data will provide us with a greater understanding of risk, trends and claims to enable us to write more profitable business.

“The partnership with Zywave is another step in IQUW’s vision to blend data insight with human expertise to create a market-leading re/insurer,” said Andy Lewis, Cyber Lead Underwriter, IQUW. “Using Zywave’s real-time loss data, alongside the underwriting team’s expertise and other third-party data, we have been able to create a new pricing model that will enhance our understanding of risk as well as providing clients with greater understanding of potential claims.”

In addition to using Zywave for our Cyber and D&O pricing models, we are using Zywave’s Australian data set to support the launch of its new Australian London market wordings.

“By combining both underwriting expertise and Zywave’s data set, we have been able to launch the first London market wordings for the Australian D&O market,” said Gary Lill, Head of Professional Line, IQUW. “Using third-party data, we are able to make quick decision with consistent results to benefit on both clients and the wider market.”

Zywave’s loss data is a global database the focuses on cyber, D&O, casualty and EPLI losses. Currently the database has over 1 million loss events with a total economic loss of $10 trillion. Once a loss event has taken place Zywave’s analysis will mine public data records to provide insight into the economic impacts, response costs, litigation and more.