New Cyber Underwriting Report Uses Machine Learning, Stochastic Modeling, and Historical Data to Provide Robust Information on Variety of Risks
Verisk (Nasdaq:VRSK), a leading data analytics provider, 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.
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.
Source: Verisk Press Release