Cyberwrite, global provider of the patented AI cyber insurance risk technology 4SEEN® and cyber insurance technology solutions, and specialty insurer HSB today announced an extension to their partnership as part of HSB’s ongoing strategy to better leverage data and technology in its cyber insurance underwriting and portfolio management.
Since 2018, HSB has been using Cyberwrite 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. HSB uses the Cyberwrite platform to assess risk across its large portfolio of insured organizations.
“Cyberwrite’s technology helps our customers reduce the risk of cyberattacks and protect their essential data,” said Tim Zeilman, HSB’s VP and Global Product Owner for Cyber. “The strength and reach of Cyberwrite’s platform helps us keep up with emerging exposures in this rapidly evolving cyber threat landscape.”
As the impact of cyberattacks grows globally, underwriting that leverages AI-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 $63.62 billion by 2029. Leveraging Cyberwrite’s technology solutions, HSB underwriters can instantly receive a risk report for any company. This report includes a one-page risk summary, financial impact assessment, underwriting recommendations, regulatory gap analysis, and recommendations for the business on how to reduce risk.
“We are honored to continue our collaboration in helping one of the world’s leading insurance companies and reinsurers to analyze, calculate, and communicate cyber risk clearly and quickly to improve underwriting and enable their customers to understand their exposure,” said Nir Perry, founder and CEO of Cyberwrite. “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.”