Howden, the international broking arm of Hyperion Insurance Group, and Cyber Insurance technology specialists Insurisx Inc. have today announced their plans to work together on a major initiative that will help drive significant change to the way that Cyber Insurance is sold, through enhancing the methods by which risks can be modelled and underwritten.
The offering is centered on a unique new technology-based platform, which both companies believe will help clients of all sizes improve security and resilience from potential cyber-attacks.
Howden’s Shay Simkin, commented, “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.”
Simkin, who oversees Howden’s global cybercrime insurance activities, added, “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.”
Insurisx is dedicated to developing solutions that advance the Cyber Insurance industry. The technology company’s automated cloud-based risk assessment tools use a range of cyber-intelligence feeds, driven by big data analytics. These are used to create new and innovative actuarial and underwriting formulas that allow the insurance industry to better assess and hedge their own 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 wellbeing.”
Eyal Adar, CEO of Insurisx, added that, “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. Howden is the only insurance broker that has built a professional Cyber Academy, an international education programme that trains brokers to become cyber specialists.”