As technology evolves, it introduces new risks and challenges for P&C insurers. One of these new and daunting risks includes navigating the world of cyber, a landscape filled with continuously changing and developing threats with various threat actors waiting to strike their next victim. While traditional underwriting processes rely on historical data, actuarial models and rating measures, insurance professionals lack access to tools for quantifying exposures related to cyber risk. Insurers need to cope with a world of limited claims data and evolving threats, making it difficult to identify, quantify and manage cyber exposures.
Kovrr monitors millions of ongoing incidents in real-time. The platform uses public, open-source, proprietary and third-party data to build advanced AI machine learning engines to create risk scenario models from cyber incidents, intelligence exposure data and claims incidents data. Kovrr provides insurance professionals unique visibility into its modeling methodologies and the underlining data. Kovrr's transparent modeling allows insurers to build and empower internal underwriting teams with valuable cyber risk knowledge.
Underwriters are provided with dozens of cyber risk factors generated via Kovrr’s algorithms matching cyber threats to a company’s security resilience. These insights can augment or validate internal underwriting processes. Cyber risk factors are mapped to coverages within insurer’s policies. Insurers are then provided with a detailed breakdown of identified risks within coverages they offer. This allows underwriters to make data-driven decisions and select risk based on their risk appetite. All information is delivered via an API or dashboard with seamless integration. Insurers are provided with an option for a shortened questionnaire with answers to necessary questions already validated by Kovrr’s platform.
- Quantify cyber risk for new policies and stay aligned to risk appetite
- Prospect and strategically plan pricing and target segments based on the understanding of loss distributions
- Shorten the questionnaire and onboarding process while increasing visibility to relevant risk scenarios
- Offer adjusted prices based on a customer’s cyber stature
- Diversify and manage risk within existing portfolios
- Communicate critical security gaps and recommendations to potential insurees to reduce risk exposure