CyberCube partners with EXL on ‘industry-first’ P&C cyber solutions

Cyber risk analytics company  CyberCube has partnered with data analytics and digital operations and solutions provider EXL to jointly develop new cyber insurance solutions for the property and casualty (P&C) market.

The two companies aim to develop “industry-first” solutions that will help insurers rapidly scale their cyber insurance offerings to meet the 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 intend to deliver the critical framework insurers need to develop comprehensive cyber risk policies.

The combined offering will help standardise cyber risk underwriting by creating a single view of risk that can be applied consistently and tracked across the organisation, creating a common framework across pricing, actuarial, reinsurance partners and the chief underwriting officer.

The partnership launch offering will center on underwriting optimisation 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 insurtech 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.”

Ross Wirth, CyberCube’s head of client account management and technology services, added: “The best insurtech analytics in the world are meaningless if they can’t be integrated seamlessly into the enterprise-wide workflows of the major P&C carriers.

"Our partnership with EXL is an exciting opportunity for CyberCube to expand support to our clients by developing a customized operating model to best incorporate Account Manager and its scores and signals into their daily workflow in a customisable and repeatable fashion.”

Raghav Jaggi, senior vice president, insurance at EXL, said: “The cybersecurity insurance market is projected to grow from $11.9 billion today to $29.2 billion by 2027, but serious obstacles stand in the way of carriers being able to offer truly comprehensive, consistent and predictable products in this space.

“By bringing together world-class risk modeling capabilities with industry-specific analytics and workflow management expertise, we are delivering the missing link the insurance industry needs to seize this significant opportunity.”