Cyberwrite named a 2018 Cool Vendor in Insurance by Gartner for its Cyberrisk profiling technology
- 24.05.2018 11:07 am
Cyberwrite today announced it has been included as one of only four vendors in the 2018 list of “Cool Vendors in Insurance”[i] by leading analysts Gartner. The InsurTech innovator CyberWrite has been recognized for its cyber risk profiling technology for cyber insurance.
In the report Gartner writes, “Gartner's Cool Vendors in insurance apply a broad range of emerging technologies to provide innovative products and services and support new business models. Life and P&C insurance CIOs can use this research to keep themselves and their business peers ahead of the competition.”
Cyberwrite’s cloud-based SaaS solution gives insurers and brokers unique insights that enable them to tailor cyber-insurance policies to meet the specific needs and budget of individual small and midsized enterprises (SMEs). The solution is based on unique technology for translating raw cyber risk data into cyber coverage risk scores and financial impact estimations.
Cyberwrite enables coverage to be tailored to the specific risks of SME’s, rather than the “one size fits all” currently offered. It is already being used by some of the world’s largest insurers, with reports run so far for over 50,000 companies globally, including UK businesses.
The really clever bit about Cyberwrite is the way it can translate raw data, which it collects in real time and on demand, into insights that can help both insurers and their customers to understand the probability and financial impact of a cyber event for that specific business. This is presented in a one-page, simple to understand report which serves insurers and brokers when they sell and underwrite cyber policies, and also business owners so they can purchase the right coverage for them. It is especially useful and clear for those who are not cyber experts.
In addition, insurance companies integrate Cyberwrite’s data into their system using Cyberwrite’s APIs for underwriting and catastrophe modelling purposes.
Cyberwrite recently won an award from the UK government (TexChange for Cyber Innovation), and is a sponsor of the impending Insurtech Insight 2018 event in London. Cyberwrite plans to open a London office later this year.
Nir Perry, the CEO of Cyberwrite, said: "Currently cyber insurance policies offered to small and midsize businesses in the UK and elsewhere are typically very broad-brush and untailored, and we are out to change this! We are very proud to be included in the prestigious Gartner report as one of the four Insurtech companies in the world who has been recognized as Cool Vendor. We believe that Cyberwrite is set to shake things up in the coming years for the insurance industry.
“Cyberwrite significantly advances the work of brokers and insurance companies to protect businesses by enabling them to offer better tailored, and hence much better valued, policies that reflect the highest risks of that particular business. For instance, in our experience a well-tailored policy means a business owner will not pay extra for unneeded coverage while being better covered for the actual risks faced by their business.”
“Cyber insurance is the only product that compensates a business after an attack, which is essential as technology cannot provide total protection. This is why we expect high demand for this type of insurance among small and mid-size businesses because of the high and growing number of damaging cyber-attacks. According to Allianz Cyber Insurance market is set to grow to $20B in annual premiums in the next 7 years with annual growth rate of 24%.”
According to Inc.com Cyber-attacks are harmful and costly. For instance, according to the US National Cyber Security Alliance 60 percent of small companies are unable to sustain their businesses six months after a cyber attack.
The Gartner report adds “Customer engagement, often driven by artificial intelligence and machine learning, is a common trend among this year's insurance Cool Vendors.”