Tel Aviv, Israel headquartered cyber risk modeller, Kovrr, has announced the launch of a predictive cyber risk modelling platform for the property and casualty (P&C) insurance and reinsurance sectors, designed to enable re/insurers to better manage and underwrite cyber risks.
According to Kovrr, on a daily basis it analyses millions of emerging cyber threat signals, which it collects from a range of proprietary intelligence sources. The company’s model utilises an artificial intelligence (AI) engine that combines structured and unstructured data sources into actionable risk insights, and in real-time.
Kovrr’s new platform provides insurance and reinsurance clients with the ability to confidently assess, quantify and manage their cyber risk exposures in cyber insurance, while providing their clients with advice around preventative measures.
“In Kovrr, we bring forward our unique experience in cyber threats intelligence, cyber risk modelling, coupled with cyber insurance underwriting experience,” said Yakir Golan, Co-founder and Chief Executive Officer (CEO), Kovrr.
The company has been founded and led by three veterans of the Israeli intelligence corps, which bring together multidisciplinary experience and unique expertise in the cyber risk world.
The firm utilises its “actionable global threat intelligence stream” alongside advanced machine learning, AI, and real-time risk modelling, to provide insurers and reinsurers in the global P&C industry with advanced cyber risk modelling capabilities.
Golan, continued: “The speed and scope of the rapid changes in the cyber threats landscape create a challenge to Insurers and Reinsurers in assessing their risk exposure in new policies as well as in current cyber insurance portfolio. We provide our customers immediate visibility into internal and external cyber risks for any size of organization, enabling them informed risk selection and continuous risk exposure management.”
The company also notes that it recently successfully graduated from Accenture’s Fintech Innovation Lab Program, and was the only Insurtech company to present on graduation day.