Business
EXL teams with CyberCube to help insurers develop comprehensive cyber insurance offerings
Collaboration combines industry-leading risk models and advanced analytics services to standardize cyber insurance policy developmentNEW YORK, Sept. 14, 2022
About this update from Exlservice Holdings, Inc.
[{"type":"text","content":"Collaboration combines industry-leading risk models and advanced analytics services to standardize cyber insurance policy developmentNEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) -- EXL, a leading data analytics and digital operations and solutions company, today announced a collaboration with CyberCube, the cyber risk analytics company, to jointly develop cyber insurance solutions for the property and casualty (P&C) insurance industry. Leveraging EXL’s deep insurance industry data, analytics and operations management expertise along with CyberCube’s industry-leading cyber risk signals, scores, and analytics, the industry-first solutions will help insurers rapidly scale their cyber insurance offerings to meet growing demand. Capturing a wide range of traditional cyber risk measures, including industry-specific threat risk scores, signals and financial loss models, along with non-traditional data and real-time threat assessment, EXL and CyberCube will deliver the critical framework insurers need to develop comprehensive cyber risk policies. Importantly, the combined offering will help standardize cyber risk underwriting by creating a single view of risk that can be applied consistently and tracked across the organization, creating a common framework across pricing, actuarial, reinsurance partners and the Chief Underwriting Officer. The partnership launch offering will center on underwriting optimization leveraging CyberCube’s single-risk product Account Manager. “Cyber is a tough class of business and we are seeing an uptick in both frequency and severity of loss activity,” said Raghav Maheshwari, Global Head of P&C Commercial Insurance and Insuretech at EXL. “The biggest challenge we see insurers facing in this space is the lack of continuity and consistency in the way cyber risk is measured, tracked and reported. By working together with CyberCube, we will create a proprietary view of cyber risk that standardizes how underwriters will evaluate and underwrite cyber risks, simplify the way underwriting teams can ingest data and assess cyber risks, and ultimately provide a support model for cyber underwriters.” “The best insuretech analytics in the world are meaningless if they can’t be integrated seamlessly into the enterprise-wide workflows of the major P&C carriers,” said Ross Wirth, CyberCube’s Head of Client Account Management an...