Verisk Cyber Data Exchange Surges Ahead as Nationwide Joins Global Effort
By Contributing Premium and Loss Records to the Cyber Data Exchange, Nationwide Becomes Part of Growing Effort to Gain New Insights into the Rapidly Changing World of Cyber Risk
JERSEY CITY, N.J., Dec. 08, 2020 (GLOBE NEWSWIRE) — Verisk (Nasdaq:VRSK), a leading data and analytics company, announced today that Nationwide has joined the Verisk Cyber Data Exchange as part of a growing effort across the insurance industry to gain new insights into the rapidly changing world of cyber risk.
By joining the Verisk Cyber Data Exchange, Nationwide will contribute premium and loss records to an expanding pool of aggregated, anonymized insurance data from participating cyber insurers around the world. In return, Nationwide will obtain access to an interactive platform powered by the Exchange and be able to use its robust analytics to better manage risks, develop products, build models, and guide strategic planning.
"Understanding industry-wide cyber exposure and developing insights into pricing and loss trends is a major challenge in today's dynamic cyber risk landscape," said Catherine Rudow, Nationwide's E&S/Specialty vice president of cyber insurance. "Joining the Verisk Cyber Data Exchange will improve our access to critical cyber insurance data and risk information, enabling us to deliver more robust cyber protections and further expand our leading risk solutions for consumers and businesses of all sizes."
"Improving the collective understanding of cyber risk is a critical step toward building a thriving marketplace for cyber insurance coverages that ultimately protect consumers and businesses alike," said Prashant Pai, vice president and general manager, Verisk Cyber Solutions. "With leading insurers like Nationwide participating in this important initiative, we can provide one-of-a-kind market intelligence to insurers looking to provide or enhance their cyber risk solutions."
The Cyber Data Exchange is a part of Verisk's Cyber Solutions Suite, an end-to-end ecosystem that can help insurers and reinsurers more quickly deliver new cyber programs or enhance existing solutions. Powered by data on more than 100 million organizations worldwide, the suite provides a wide range of products and services, including a pricing, underwriting, and distribution platform; advisory policy language and loss costs; an applicant analytics and scoring solution; a portfolio visualization engine; and aggregation management modeling for cyber risk.
Learn more about the Verisk Cyber Data Exchange
Learn more about Nationwide's cyber security offerings
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.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle, and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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