Bermuda domiciled specialty insurer Relm Insurance has joined forces with cyber risk analytics platform CyberCube to strengthen its cyber underwriting operations.
The strategic alliance is said to offer the insurer access to artificial intelligence, analytics, advanced risk modelling and assessment capabilities.
It will see Relm using CyberCube’s technology platforms such as Account Manager and Portfolio Manager.
These technologies are designed to offer real-time data and insights, industry-specific threat risk scores, financial loss frameworks to enhance underwriting decisions.
A scenario-based data-driven model, Portfolio Manager enables stress testing of insurance risk portfolios to facilitate identification of loss drivers and accumulation risk areas.
Account Manager helps underwriters make data-based risk selection decisions.
Founded in 2019, Relm serves emerging sectors, including digital asset/Web3.0, cannabis and psychedelics, among others.
Relm senior vice president – Digital Assets, Cyber & Professional Lines Donavan Burgess said: “The advent of cryptocurrency and the utilisation of blockchain technology have created a new set of cyber exposures.
“CyberCube’s mix of data, actionable insights, team of experts and footprint across the insurance value chain will provide us with the best springboard to grow our business over the coming years.”
Commenting on the partnership, CyberCube sales manager – Americas Sean Omar said: “By licencing our products, Relm finds itself in a position for rapid success as it rolls out more in-depth risk selection protocols.”
In October this year, CyberCube launched a set of Exposure Databases to help (re)insurers and brokers conduct benchmarking, sensitivity, and real-time analyses on cyber risks.