Cyber risk analytics specialist CyberCube has launched a new software-as-a-service application designed specifically for insurance brokers called “Broking Manager.”
“Broking Manager” facilitates client insight for both generalist and cyber specialist brokers, designed to help brokers quantify, understand, and explain to their clients the sources and financial impact of cyber risk exposure, said the company in a statement.
This development recognizes that insurance advisers need to be able to educate prospects and clients while demonstrating an understanding of their needs and exposures, said CyberCube, explaining that brokers are expected to align clients’ goals, budgets, and exposure to the appropriate limits and carrier policies that fit the best.
With cyber risk, it is important to understand the types of scenarios that may cause financial loss and the costs that would drive losses, explained the San Francisco-based company. Knowing where a client can increase or cut back on premium dollars while still hitting their coverage goals is imperative to helping them optimize their budget.
Broking Manager empowers brokers to instantly produce a cyber financial loss report on millions of companies, while providing rich information to help brokers articulate their clients’ cyber exposure. It does so by leveraging advanced models that draw on data from a large number of sources including behind the firewall and perimeter scan data, historical incidents and losses, and firmographic data.
The product offers a streamlined approach to generating the financial exposure impact of client-specific security and business practices. Brokers can also leverage the product to educate clients on potential loss classes, recent cyber events, and benchmarking of cyber risks against peers.
“With Broking Manager we set out to tackle the most fundamental question facing brokers today; what coverages and limits do companies need? We’ve had considerable interest from the broking community internationally, so we felt the time was right to build and launch this product,” said Oren Schetrit, CyberCube’s director of Product.
“Brokers play a vital role in helping clients identify and manage risk. Our goal is to empower them to quantify and explain cyber risk exposure to a broad audience without becoming experts in information security,” added Schetrit. “Broking Manager will promote informed conversations that will ultimately lead to better buying decisions.”
Ashwin Kashyap, co-founder of CyberCube and head of Product and Analytics, said: “Cyber insurance as a line of business is still in its early stages of growth and there is a clear need for a solution to help companies make informed decisions on what they need to buy. As trusted advisors to companies on their cyber insurance purchase, insurance brokers play a very important role in the ecosystem by connecting insurance buyers with carriers. CyberCube has built a solution to enable the growth of the cyber insurance market and support this important segment in the insurance value chain.”
Broking Manager is the third product in CyberCube’s suite of applications, alongside Portfolio Manager and Account Manager. Portfolio Manager is used by insurers to stress tests portfolios of cyber risks against dozens of cyber-based scenarios. Account Manager is used during the underwriting process itself to provide underwriting teams with a detailed analysis of cyber risk.
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