Verisk Launches New Underwriting Solution for Cyber Insurance
New Cyber Underwriting Report Uses Machine Learning, Stochastic Modeling, and Historical Data to Provide Robust Information on Variety of Risks
Jersey City, N.J., June 12, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today 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) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Edelman (for Verisk)