Verisk’s new Cyber Underwriting Report uses machine learning, stochastic modeling, and historical data to provide robust information on variety of risks
Jersey City, NJ (June 12, 2019) – Verisk, a leading data analytics provider, has announced the launch of its Cyber Underwriting Report, a new InsurTech solution that can help insurers underwrite a wide variety of risks in the growing cyber market with increased speed and precision.
The report is designed to help insurers underwrite policies in a range of industries where cyber risks are constantly changing and historical data is limited. Verisk’s Cyber Underwriting Report helps address these challenges from both an insurance and cybersecurity perspective by leveraging nearly 100,000 historical cyber events, combined with machine learning and sophisticated stochastic modeling, to provide estimates of the frequency and financial impacts of potential cyber incidents.
Within seconds, the report gives underwriters a cyber risk score for a company they are underwriting, a peer score to provide context, and a profile describing critical business and technology characteristics.
“Underwriting cyber has become a major challenge for many insurers trying to make informed decisions about a risk that can be hard to evaluate,” said Prashant Pai, vice president of cyber solutions at Verisk. “With our new report, carriers, MGAs, brokers, and reinsurers will be able to quickly access robust data and insights that can help them accelerate and refine their underwriting.”
Streamlining the process can help insurers underwrite greater volumes of cyber coverage in a market that Verisk estimates will reach $6.2 billion in premiums by 2020.
The report is the latest addition to Verisk’s cyber solutions suite, which includes advanced cyber risk modeling, a fully developed nationwide insurance program with loss costs based on extensive historical data, automated cyber rating updates that can be uploaded electronically into rating systems, market analysis tools to help identify opportunities for expansion in the cyber insurance space, and independent third-party industry loss estimates for cyber risk and cyber catastrophe events. This solution suite is built on a best-in-class industry database that contains firmographic, technographic, and policy information on over 12 million businesses.
Powered by the expertise of two Verisk businesses—the world-class cyber modeling of AIR Worldwide and the robust insurance data, analytics, and workflow capabilities of ISO—Verisk’s Cyber Underwriting Report is designed to help underwriters make decisions confidently, at the speed of business and at scale. The report is part of the next generation of InsurTech solutions powered by Verisk artificial intelligence and automation—Vai™.
To learn more about the Cyber Underwriting Report, visit www.verisk.com/cyberuw.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.
ISO, a Verisk business, is a leading provider of advanced tools and analytics for the property/casualty insurance industry. Drawing on unique data assets and deep domain expertise, ISO products and services help insurers underwrite and price risks with greater precision and efficiency and manage claims more effectively across the spectrum of commercial and personal lines of insurance. For nearly 50 years, ISO has been a leader in developing innovative solutions and working with multiple stakeholders in the property/casualty insurance marketplace, including insurers, reinsurers, third-party administrators, agents and brokers, insurance regulators, and risk managers. For more information, please visit www.verisk.com/iso.
Source: Edelman for VeriskTags: AIR Worldwide, cyber risk, cyber security, InsurTech, launch, Machine Learning (ML), predictive modeling, solution, Verisk