Howden, the London-based international broking arm of Hyperion Insurance Group, and cyber insurance technology specialists Insurisx Inc. have launched a technology-based platform, designed to help clients of all sizes improve security and resilience from potential cyber attacks.
The companies said the platform will “help drive significant change to the way that cyber insurance is sold,” by enhancing the methods by which risks can be modeled and underwritten.
“Insurisx’s methodology and technology allows us to offer our clients even better protection against cyber risks via a product that we believe offers the best coverage, per dollar, in the industry,” commented Shay Simkin, who oversees Howden’s global cyber crime insurance activities.
“By providing our clients with the knowledge and tools to reduce their fundamental exposure to potential cyber attacks, we can help them to become less prone to incidents and security breaches and thus see expanded coverage or more attractive pricing from insurers,” Simkin added.
In an announcement, the companies said, Insurisx develops solutions to help advance the cyber insurance industry, including automated cloud-based risk assessment tools.
These tools employ a range of cyber-intelligence feeds, driven by big data analytics, which create actuarial and underwriting formulas that allow the insurance industry to better assess and hedge risk.
Chairman of Insurisx, Maj. General Ami Shafran explained: “Insurisx’s unique approach leverages comprehensive cyber risk insight derived from the military with an intimate understanding of the requirements of the insurance industry and its clients. By providing the industry with a better ability to predict and hedge its own risk, Insurisx can help expand the policy’s coverage and bring insurance prices down, with the end goal of improving overall security and economic well being.”
Eyal Adar, CEO of Insurisx, said: “Whilst having the best technology is important, it’s not sufficient on its own to fundamentally transform the cyber insurance industry. We identified Howden as our partner not only because of their international reach, but also due to their cyber expertise.”
Adar explained that Howden has built a professional cyber academy, an international education program that trains brokers to become cyber specialists.
Source: Hyperion Insurance Group
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