Smart Cyber Rating Service

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Overview

OWIT Global's Smart Cyber Rating Service is a combination of OWIT Global's rating engine and Kovrr's Cyber Analytics software, which delivers a powerful and significant advancement in insurance technology for today's Cyber Risk Insurer. This allows for a Carrier to access more Cyber Risk related data for a prospective Insured than ever before and choose how much (or little) data is consumed within their tailored made Cyber rating algorithms - which are easily created by the Carrier themselves.

The Rating Engine calculates rates at millisecond speeds, is easy to use and can be integrated to a carrier's existing system without having to write a single line of code. The Rating Engine can be accessed simultaneously from multiple systems - old and new; agent and carrier; Internet, mainframe or desktop.

Key Features

Our Rating Engine solution is comprised of two components: the Rating Engine Editor - for a business user/ administrator to define (utilising intuitive drag and drop features) and maintain rate plans/algorithms and the Rating Engine Web Service - a REST based micro-service that processes rate plans and returns an XML file with premium values inserted.

The Rating Engine Editor is a web-based application used to define a Rate Plan. At the top of the application is the toolbar that contains buttons to open, save, test and manipulate the rate plan. On the left side is the toolbox a series of icons used to construct a rate plan. At the top of the screen is the data window, which is a representation of the input and output data that has been accumulated from our Cyber Analytics component - as configured by the Carrier. Finally, in the middle of the screen is the Rating Canvas, a rating canvas where icons are dragged from the data window on the right and the toolbox on the left and then connected with lines to build a rate plan.

Insurers are provided with a tailored platform that includes dozens of cyber risk scenarios. These scenarios are generated via Kovrr's algorithms, which match cyber threats to a company's risk factors determined by their security resilience. To create highly accurate models, the data utilized per scenario closely corresponds with the geography, industry, type of business, etc. Kovrr's predictive risk scenarios are continuously updated to reflect the evolving cyber threats landscape and result in realtime insights and predict the frequency and severity of attacks.

Kovrr's security resilience analysis provides unique visibility into the risk of any size and type of business, regardless to whether it has a digital presence. Each company undergoes a security resilience analysis which results in hundreds of cyber risk factors that are mapped to an insurer's questionnaire. These data-driven insights augment and validate internal underwriting processes providing insurers with an understanding to the cyber risk associated with a company or portfolio.

Kovrr monitors millions of ongoing incidents in real-time. The platform uses public, open-source, proprietary and third-party data to build advanced Al 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 underlying data. Kovrr's transparent modeling allows insurers to build internal underwriting teams and processes with valuable cyber risk knowledge.

Key Benefits

  • Unparalled set of data availabe to Users which can be utilsed in the creation of sophisticated Cyber rating algorythms
  • Calculate "Technical" premium for comparison purposes
  • Leads to profitable underwriting

Product/Service details

SOLUTION OR SERVICE TYPE