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Kovrr introduces predictive cyber risk modeling platform for P&C insurance carriers

Published 24 April 2018

Kovrr has launched a predictive cyber risk modeling platform to empower P&C insurers to manage the dynamic nature of cyber risk and to underwrite it efficiently.

On a daily basis, Kovrr analyzes millions of emerging cyber threat signals, collected from a wide range of proprietary intelligence sources. Kovrr’s AI engine fuses structured and unstructured data sources into actionable risk insights in real-time.

The platform allows Kovrr’s customers to confidently assess, quantify and manage their cyber risk exposures in cyber insurance, while providing their clients preventative risk advices.

Cyber risk poses unique opportunities and challenges to insurers. While there is a growing demand for cyber risk coverage, insurers lack tools that can assess the risk exposure. Insurance industry thought leaders identified the fundamental need for advanced technologies to cope with this dynamic risk landscape.

Strategy Meets Action Partner Karen Furtado said: “Cyber insurance is unique in that it can utilize technology that can constantly monitor the risk and advise when there is a change in a way that improves the profile of the risk. Solutions that provide keen insights on the risk during the selling and servicing phases are providing added value to both the insurer and the policyholder.”

Insurers have to cope with a hyper dynamic risk environment, that has little or no claims track record. - and even as this expands, it will continue to be a challenge to leverage it and to predict accurately in this constantly evolving cyber-market. Cyber risk demands dynamically evolving, large-scale data sets for effective risk modeling, which Kovrr uniquely offers.

Kovrr equips insurers with advanced cyber risk modeling capabilities, relying on its actionable global threat intelligence stream, advanced machine learning, artificial intelligence and real-time risk modeling. The company has been founded and led by three veterans of the Israeli intelligence corps, with multidisciplinary experience and unique expertise in the cyber domain.

Kovrr co-founder and CEO Yakir Golan said: “In Kovrr, we bring forward our unique experience in cyber threats intelligence, cyber risk modelling, coupled with cyber insurance underwriting experience.

“The speed and scope of the rapid changes in the cyber threats landscape create a challenge to Insurers and Reinsurers in assessing their risk exposure in new policies as well as in current cyber insurance portfolio. We provide our customers immediate visibility into internal and external cyber risks for any size of organization, enabling them informed risk selection and continuous risk exposure management.”

Kovrr recently successfully graduated from Accenture’s Fintech Innovation Lab London program and was the only InsurTech company to present on the graduation day.

Kovrr will present in the upcoming DIA Amsterdam 2018, a premier InsurTech event, May 16-17, in Amsterdam, showcasing its solution on stage and exhibiting in the networking area.

Source: Company Press Release