French reinsurer SCOR has partnered with data analytics platform CyberCube to expand its capabilities in catastrophe modeling.
As part of the tie-up, the reinsurer has integrated a cyber risk model developed by CyberCube to its CAT Platform, which is designed to manage natural catastrophe risk accumulations.
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This platform is now expanded to cater to cyber risk assessment requirements, accelerating the modeling capabilities of the reinsurer.
SCOR P&C CEO Jean-Paul Conoscente said: “In line with our Quantum Leap strategic plan, under which we are accelerating our use of new technologies, this partnership with CyberCube is a perfect example of how SCOR leverages data management and analysis capabilities to build its knowledge and deliver optimal service to clients.
“This integrated Cyber platform is a major development that will enable us to further deepen and broaden our management of this key risk in the future.”
The new architecture, which became fully operational for the January 1 renewals, is said to scale up SCOR’s cyber exposure management capabilities and its operational efficiencies significantly.
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By GlobalDataCyberCube CEO Pascal Millaire said: “We are delighted to have deepened our relationship with SCOR by enabling the team to efficiently and seamlessly assess their cyber exposures and accumulation risks during the critical January 1 renewal season. CyberCube is pleased to be the third-party cyber model of choice for SCOR’s ecosystem.”
In 2019, SCOR Global Life, a subsidiary of SCOR, teamed up with wearable technology company Garmin Health to improve its underwriting in the Asia Pacific region.
In 2018, SCOR signed a £1.2bn longevity reinsurance deal with Pension Insurance Corporation, a specialist insurer of defined benefit pension funds.
