Insurance platform provider Guidewire Software has announced the acquisition of HazardHub, an insurtech that provides property risk insights to the P&C insurance sector. HazardHub serves more than 110 organizations, including insurers, reinsurers, brokers, MGAs and other insurtechs.
HazardHub curates, analyzes and distills data to deliver a national catalog of risks that may damage or destroy property, including perils such as wind, flooding, earthquakes and wildfires. HazardHub’s API can provide risk scores and underlying information for any property in the United States in under two seconds, Guidewire said.
“Underwriters, agents and claims adjusters will power smarter decisions with risk insights embedded directly into core workflows,” said Mike Rosenbaum, CEO of Guidewire. “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.”
“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,” said Roger Arnemann, general manager for analytics at Guidewire. “Their deep GIS experience 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 on Guidewire Analytics’ robust casualty data and insights will now also have access to rich property data and scores from a single trusted partner.”
“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,” said Bob Frady, co-founder and CEO of HazardHub. “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.”