Guidewire Software recently acquired HazardHub, an InsurTech focused on API-driven property risk insights for the P/C insurance industry.
Neither side would disclose financial details.
Guidewire CEO Mike Rosenbaum said in prepared remarks that HazardHub’s risk insights will be embedded into its signature platform, providing additional data for underwriters, agents and claims adjusters that use it.
Insurers use HazardHub to micro-segment rating zones, manage risks profitably and drive their competitive advantage, Guidewire said.
Roger Arnemann, Guidewire’s general manager for analytics, said HazardHub’s GIS (geographic information system) experience will fit in well with its own specialists focused on data science, actuarial modeling, data provisioning and application development.
HazardHub agreed to join Guidewire because the InsurTech saw the move “as the best way to get our hazard data and risk scores into more insurer workflows,” HazardHub co-founder and CEO Bob Frady said in prepared remarks.
HazardHub’s customers include more than 110 clients covering insurers, reinsurers, brokers, MGAs and other InsurTechs.
HazardHub is an alum of the Lloyd’s Lab innovation accelerator program from 2020, which focused on COVID-19 products and services.