The Cyber Data Exchange Aggregates and Standardizes Industry Cyber Incident Data to Help Carriers and Insurance Professionals More Precisely Evaluate and Price Cyber Risks
Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today the creation of its Cyber Data Exchange, an analytics solution that aggregates cyber insurance data to help insurers gain insights into the market and improve strategic decision making.
Without access to broad-based, credible, and relevant data, many insurers and professionals in the cyber insurance value chain face serious challenges in making well-informed, strategic decisions about their portfolios, individual policies, and even which coverages they can confidently offer.
Verisk’s Cyber Data Exchange looks to help insurers solve many of these challenges. The solution allows participating companies to contribute their data to the exchange, where it is aggregated, summarized, and developed into business intelligence and then returned to these companies through interactive dashboards. Verisk is seeking to broaden the solution further with a wide range of participants, including managing general agents (MGAs), insurers, reinsurers, and brokers. Several prominent cyber insurers are already committed to participate.
“The lack of credible quality cyber insurance data is a clear challenge for many insurers. Verisk is helping to solve this problem with the launch of its Cyber Data Exchange,” said Prashant Pai, vice president of cyber solutions at Verisk. “By aggregating anonymized industrywide cyber data and delivering actionable metrics and insights, we give companies information that can help them benchmark their portfolios, better understand which segments of business are most profitable, and enhance their internal analytics.”
The Cyber Data Exchange is the latest addition to Verisk’s cyber solutions suite, which includes:
- Advanced cyber risk modeling that identifies aggregation risk sources and portfolio aggregation scenarios to estimate potential portfolio cyber losses
- An InsurTech underwriting solution for issuing cyber policies with increased speed and precision
- 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
- Independent third-party industry loss estimates for cyber risk and cyber catastrophe events
- Verisk’s cyber solution suite is built on a best-in-class industry database that contains firmographic, technographic, and policy information on more than 12 million businesses.
For more information, visit Verisk.com/cyberexchange.
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.
Source: Verisk Press Release