A new global specialty cyber insurance analytics and underwriting company has launched, called Envelop Risk.
Envelop Risk announced the launch of its business at the RSA conference in San Francisco, explaining that it provides cyber risk underwriting to insurers and reinsurers, and partners with cyber security companies to deliver bespoke cyber solutions.
Envelop Risk’s Chief Executive Officer (CEO), Jonathan Spry, commented: “We are excited to launch new insurance offerings that address gaps in the rapidly-growing and increasingly complex world of cyber insurance. Our innovative, proprietary technology allows us to better determine risk and therefore price accurately. With the close of an initial seed funding round, we are in a position to expand and build upon our extraordinary team.”
The firm states that it provides a unique insight into cyber exposures driven by a proprietary, artificial intelligence-based simulation model, which gives clients increased economic value as a result of more-accurate policy and portfolio pricing with improved access to capital markets, while, at the same time, lowering risk exposure.
According to Envelop Risk, its model addresses the inherent complexity of cyber risks by combining AI; security analytics; intelligence gathering; economic, financial and behavioural analysis; and modelling and simulation.
As well as its launch, the company also announced that Dr. Ray O. Johnson, QxBranch, and former Senior Vice President (SVP) and Chief Technology Officer of the Lockheed Martin Corporation, has joined its Board of Directors, alongside existing Board members Jinesh Patel and Nicolai Hansen.
Dr. Johnson, commented: “Coming from Lockheed Martin, I recognize that cybersecurity represents one of the greatest threats facing our global economy, private corporations, and national sovereignty. Envelop’s augmented intelligence approach not only changes the game in risk factor analysis, it provides a more complete solution for pricing and providing insurance policy protection through our partners.”