London-headquartered insurer, Aviva has partnered with cyber risk analytics firm CyberCube to support the growth ambitions for its cyber book.
Through this partnership, the insurer is to roll out a broad range of CyberCube’s products. It has signed a multi-year contract licensing CyberCube’s platforms Portfolio Manager and Account Manager.
Stephen Ridley, Aviva Head of Cyber, commented: “Aviva’s ambition is to be a leading provider of cyber insurance to UK PLC. CyberCube’s offering will not only help us grow our cyber book in a sustainable and profitable manner, but it will also play an important role in helping our customers improve their security capabilities and mitigate risks before they become an issue. Further, CyberCube’s risk selection expertise will help us ensure that we have a strong grip on our potential exposure to systemic cyber risks.”
CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. It also allows stress testing of portfolios of insurance risk so that loss drivers and areas of accumulation risk can be identified.
The Account Manager Platform is designed for risk carriers and is used by leading companies across the insurance ecosystem. It enables underwriters to make efficient, data-driven risk selection decisions.
Aviva has also purchased additional features including CyberCube’s Attritional Loss Model, Single Point of Failure (SPoF) Intelligence and Portfolio Manager APIs; as well as licences for CyberCube’s Client Support Plus and Concierge Enhanced Access services. Additionally, the insurer will also gain access to the CyberCube Academy.
A SPoF is a provider which may disrupt large swaths of companies that rely on them for their business operations if they experience an outage. CyberCube has modelled hundreds of SPoFs and also enables analysis of over 40,000 unmodeled SPoF risks.
Roxy Ionescu, CyberCube Sales Manager, said: “With considerable growth plans over the coming years, Aviva has chosen CyberCube as its cyber analytics vendor of choice and we are thrilled to partner together throughout this journey.
“CyberCube looks forward to equipping Aviva’s underwriting team with our Account Manager solution which will provide the insights needed to make efficient and profitable underwriting decisions while Portfolio Manager will enable accumulation management support.”
