Specialty insurer HSB, part of Munich Re, has renewed its agreement with Cyberwrite for the use of its AI-driven cyber insurance platform, 4SEEN, as part of its ongoing strategy to better leverage data and technology in its cyber insurance underwriting and portfolio management.
HSB has been using Cyberwrite since 2018 to assess the cyber risk for any business on demand and in real time to enable data-driven underwriting, quantify the potential financial impact of cyberattacks, manage aggregated risk, and provide ongoing monitoring and alerting to insureds.
Tim Zeilman, HSB’s VP and Global Product Owner for Cyber, commented: “Cyberwrite’s technology helps our customers reduce the risk of cyberattacks and protect their essential data.
“The strength and reach of Cyberwrite’s platform helps us keep up with emerging exposures in this rapidly evolving cyber threat landscape.”
The impact of cyberattacks is growing around the world, underwriting that leverages artificial intelligence-driven solutions enables insurers and reinsurers to reduce costs and achieve record-low loss ratios in the cyber insurance market, which is projected to reach $63.62bn by 2029, Cyberwrite highlighted.
Leveraging Cyberwrite’s technology solutions, HSB underwriters can instantly receive a risk report for any company. This report would include a one-page risk summary, financial impact assessment, underwriting recommendations, regulatory gap analysis, and recommendations for the business on how to reduce risk.
Nir Perry, founder and CEO of Cyberwrite, said: “We are honoured to continue our collaboration in helping one of the world’s leading insurance companies and reinsurers to analyse, calculate, and communicate cyber risk clearly and quickly to improve underwriting and enable their customers to understand their exposure.
“Using the Cyberwrite technology, HSB demonstrates the potential of leveraging AI-driven solutions with cyber insurance in helping businesses to understand and reduce their risks and get the protection they need.”
