SAN FRANCISCO, Dec. 6, 2016 /PRNewswire/ -- Cyence, the company that empowers the insurance industry to model the economic impact of cyber risk, has named cyber insurance veteran John Merchant as director of business development. He will be working with Cyence's growing network of insurance customers to drive strategy and programs applying Cyence's platform to realize cyber risk business value. Merchant will be based out of Cyence's New York City office.
For nearly a decade, Merchant has worked with some of the world's largest insurance companies to develop cyber-focused lines of business. Most recently, he oversaw the launch of the U.S. cyber underwriting division at Validus Specialty Underwriters. Previously, Merchant led similar efforts for both Nationwide, where he profitably grew its cyber and technology services, and AIG, where he led strategic sales and distribution for the full suite of AIG and Lexington cyber insurance products. Merchant has also held senior, cyber insurance-focused roles at Hartford Financial Products.
"John has a proven track record for developing and growing cyber insurance initiatives," said Jennifer Livingstone, vice president of business development at Cyence. "He has a deep understanding of the challenges the insurance industry faces around selecting and accumulating cyber risk. John's cyber insurance domain expertise, technical underwriting experience, and market knowledge strengthens Cyence's ability to partner with our customers on risk models robust enough for capital deployment."
"I am very impressed that, in a short time, Cyence has built up a veritable who's who of insurance customers and is uniquely positioned as the standard for modeling cyber risk," said John Merchant, director of business development at Cyence. "It's a transformative time where the worlds of insurance and Silicon Valley are merging. I'm excited to be leveraging the power of Cyence's data, analytics and models to work with the insurance industry on enhancing risk selection and profitability, driving top line premium growth and broadening risk appetite by managing accumulation."
Cyence empowers the insurance industry to understand the impact of cyber risk in the context of dollars and probabilities. Cyence's unique approach combines economic/risk modeling, cybersecurity and big data analytics to create an economic cyber risk modeling platform. Cyence's platform and analytics are leveraged by leaders across the insurance industry to help understand and manage cyber risk, as well as to roll out new transformative insurance products. More information is available at http://www.cyence.net.
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