Collaboration combines industry-leading risk models and advanced analytics services to standardize cyber insurance policy development
NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) -- EXL, a leading data analytics and digital operations and solutions company, today announced a collaboration with CyberCube, the cyber risk analytics company, to jointly develop cyber insurance solutions for the property and casualty (P&C) insurance industry. Leveraging EXL's deep insurance industry data, analytics and operations management expertise along with CyberCube's industry-leading cyber risk signals, scores, and analytics, the industry-first solutions will help insurers rapidly scale their cyber insurance offerings to meet growing demand.
Capturing a wide range of traditional cyber risk measures, including industry-specific threat risk scores, signals and financial loss models, along with non-traditional data and real-time threat assessment, EXL and CyberCube will deliver the critical framework insurers need to develop comprehensive cyber risk policies.
Importantly, the combined offering will help standardize cyber risk underwriting by creating a single view of risk that can be applied consistently and tracked across the organization, creating a common framework across pricing, actuarial, reinsurance partners and the Chief Underwriting Officer. The partnership launch offering will center on underwriting optimization leveraging CyberCube's single-risk product Account Manager.
"Cyber is a tough class of business and we are seeing an uptick in both frequency and severity of loss activity," said Raghav Maheshwari, Global Head of P&C Commercial Insurance and Insuretech at EXL. "The biggest challenge we see insurers facing in this space is the lack of continuity and consistency in the way cyber risk is measured, tracked and reported. By working together with CyberCube, we will create a proprietary view of cyber risk that standardizes how underwriters will evaluate and underwrite cyber risks, simplify the way underwriting teams can ingest data and assess cyber risks, and ultimately provide a support model for cyber underwriters."
"The best insuretech analytics in the world are meaningless if they can't be integrated seamlessly into the enterprise-wide workflows of the major P&C carriers," said Ross Wirth, CyberCube's Head of Client Account Management and Technology Services. "Our partnership with EXL is an exciting opportunity for CyberCube to expand support to our clients by developing a customized operating model to best incorporate Account Manager and its scores and signals into their daily workflow in a customizable and repeatable fashion."
"The cybersecurity insurance market is projected to growfrom $11.9 billion today to $29.2 billion by 2027, but serious obstacles stand in the way of carriers being able to offer truly comprehensive, consistent and predictable products in this space," said Raghav Jaggi, Senior Vice President, Insurance at EXL. "By bringing together world-class risk modeling capabilities with industry-specific analytics and workflow management expertise, we are delivering the missing link the insurance industry needs to seize this significant opportunity."
To learn more about this joint offering from CyberCube and EXL, visit CyberCube at booth #3560 at InsureTech Connect, September 20-22 in Las Vegas, or visit here.
About CyberCube
CyberCubedelivers the world's leading analytics to quantify cyber risk for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company's cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube's enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital. For more information, please visit www.cybcube.comor email info@cybcube.com.
About EXL
EXL.
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