Insurer Solutions

The SME cyber risk sector is competitive and efficiency is key to success. As an underwriter, you need to be able to select the best risks for your portfolio, while maintaining discipline and following an efficient process. Account Manager combines a large number of data sources — from internal and external security data, historical losses and enterprise data — and applies specialized analytics to produce targeted information on an SME’s cyber risk profile.

With Account Manager, automated processes can instantly access reports on millions of companies globally to rapidly triage and filter for risk quality. Security and Exposure Scores allow for easy insertion into underwriting guidelines and worksheets. Additional data signals determine known technology dependencies to identify potentially critical third party relationships. These scores also allow for easy identification of potentially risky behaviors or processes to identify outsized loss contributors before binding.

When faced with underwriting individual large risks, underwriters need to be able to sift through significant volumes of information. Provided by various stakeholders within a prospective organization, that information may be incomplete, irrelevant or more technical than is easily digestible. These accounts may be requesting large limits or highly tailored policies while also having potentially extensive third-party liability, as well as complex supply chains and relationship networks. There is also the ever-present threat of an unexpected accumulation event. How, then, can you use data-driven analytics to make better, more educated decisions based on a consistent approach to risk tolerance?

Account Manager delivers curated, predictive signals from a large number of data sources — including internal and external security data, historical losses and enterprise data — and applies specialized analytics to produce targeted information on an organization’s cyber risk profile. It provides a summarized view of the most insurance-relevant risk factors the underwriter needs to focus on, which have been calibrated and validated against real claims and incident data.

With Account Manager, every underwriter has instant access to global reports on millions of companies to rapidly triage and filter risk quality. Security and Exposure scores allow for easy insertion into underwriting guidelines and worksheets. Additional data signals determine known technology dependencies to identify potentially critical third party relationships. These scores also allow for easy identification of potentially risky behaviors or processes that require further discussion with the account.

How do I set risk tolerance thresholds and inform reinsurance purchases?

Building a forward-looking view of risk to manage portfolio accumulations and set risk tolerance thresholds is a complex and resource-intensive task. Understanding exposure in your portfolio to inform risk appetite, capital allocation and risk transfer strategies are key to building a sustainable portfolio enables portfolio managers to create actionable, insightful management information with an acceptable level of certainty.

CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk managers to develop portfolio-level insights for their senior leadership and their working teams. With PM, you can:

• Quickly access visualizations on exceedance probability metrics to include in management information packs.
• Drill down and identify loss drivers and areas of accumulation risk.
• Dive into more granular details by scenario, risk class, and account level statistics.
  
  

Carriers are increasingly motivated to proactively consider where cyber exposure may occur across multiple lines of business. How can carriers set loss reserves and forecast capital requirements for cyber risk allocate loss reserves for the development profile of potential incidents? For insurers, scenario-based modeling is the route forward.

CyberCube’s Portfolio Manager model can run ‘what-if’ analyses on exposures to assess risk exposure across classes and determine appropriate action. CyberCube’s multi-line approach enables a broader view across the spectrum of P&C risks, including aviation, marine, product liability, offshore energy, and kidnap and ransom. A key area of focus is multi-line accumulation, as a systemic cyber event might result in losses, for example, under both D&O and product liability covers.

The fast-changing nature of cyber risk creates increased uncertainty for risk modelers and portfolio managers trying to identify portfolio exposure accumulations and develop realistic cyber catastrophe scenarios. Risk modelers need the flexibility to vary frequency, severity and other assumptions to dynamically stress test model outputs. Portfolio managers can efficiently stress test their assumptions using CyberCube’s models alone, and/or layer in their own view of risk.

CyberCube’s Portfolio Manager lets you build your own view of risk by enabling the transparency and controls necessary to stress-test varying frequency distributions, frequency modes, and severity modes. Portfolio Manager allows you to drill down and identify loss drivers and areas of accumulation risk across multiple lines of business.