Aviva signals ambitious growth plans for cyber book

UK insurer  Aviva has teamed up with a cyber risk analytics company to support the expansion of its cyber book in a financially viable and sustainable manner.

Aviva has signed a multi-year contract licensing CyberCube’s platforms Portfolio Manager and Account Manager, and is expected to roll out a broad range of cyber solutions and services from CyberCube.

The insurer has also purchased additional features including CyberCube’s Attritional Loss Model, Single Point of Failure (SPoF) Intelligence and Portfolio Manager APIs. Aviva has additionally purchased licences for CyberCube’s Client Support Plus and Concierge Enhanced Access services, and will gain access to the CyberCube Academy.

Stephen Ridley, Aviva Head of Cyber, said: “Aviva’s ambition is to be a leading provider of cyber insurance to UK PLC. CyberCube’s offering will not only help us grow our cyber book in a sustainable and profitable manner, but it will also play an important role in helping our customers improve their security capabilities and mitigate risks before they become an issue. Further, CyberCube’s risk selection expertise will help us ensure that we have a strong grip on our potential exposure to systemic cyber risks.”

Roxy Ionescu, CyberCube sales manager, said: “With considerable growth plans over the coming years, Aviva has chosen CyberCube as its cyber analytics vendor of choice and we are thrilled to partner together throughout this journey. CyberCube looks forward to equipping Aviva’s underwriting team with our Account Manager solution which will provide the insights needed to make efficient and profitable underwriting decisions while Portfolio Manager will enable accumulation management support.”

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