US-based data analytics firm EXL has joined forces with CyberCube to develop cyber insurance offerings for the property and casualty industry.
The collaboration is aimed at providing a framework to insurers for the development of comprehensive cyber risk policies.
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EXL and CyberCube aim to achieve this by bringing together a range of traditional cyber risk measures, such as industry-specific threat risk scores, signals and financial loss models, along with non-traditional data and real-time threat assessment.
The new offering is anticipated to create a single view of risk that can be applied and tracked across the organisation to standardise cyber risk underwriting.
It will centre on underwriting optimisation leveraging CyberCube’s single-risk product Account Manager.
EXL global head of P&C commercial insurance and insurtech Raghav Maheshwari said: “Cyber is a tough class of business and we are seeing an uptick in both frequency and severity of loss activity. 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.
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By GlobalData“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.”
CyberCube head of client account management and technology services Ross Wirth said: “Our partnership with EXL is an exciting opportunity for CyberCube to expand support to our clients by developing a customised operating model to best incorporate Account Manager and its scores and signals into their daily workflow in a customizable and repeatable fashion.”
Last month, Baldwin Risk Partners, an insurance distribution firm, turned to CyberCube to support long-term cyber growth.
