Cyberwrite, a cyber insurance technology company, and Markel Insurance, part of the Markel Group, have deepened their collaboration to improve underwriting capabilities, broker support, and cyber risk modeling across Europe. Markel Europe has been using Cyberwrite’s AI technology to help underwriters assess risk exposures more accurately and communicate insights clearly to brokers and clients.
AI-Driven Underwriting Enhancements
The integration delivers predictive cyber risk analytics to businesses worldwide. With this technology, underwriters can make data-driven decisions in seconds. This speed reduces loss ratios and supports advanced catastrophe modeling for cyber events.
Nir Perry, CEO and founder of Cyberwrite, said, “Cyberwrite is honored to be a technology provider to Markel, a forward-thinking specialty insurer focused on data-driven underwriting precision. Our patented AI-driven cyber insurance underwriting technology can address many of the challenges that have previously hampered cyber insurance underwriting and modeling. Together, we will help underwriters and brokers quantify the economic impact and likelihood of cyber claims with exceptional detail and identify high-risk businesses before they incur losses.”
Quantitative AI Technology and Benchmarking
Cyberwrite’s patented quantitative AI technology transforms complex cyber risk data into actionable insights. It enables insurance professionals to communicate the probability of a cyber event and its potential economic impact in seconds. The platform also offers benchmarking against industry peers and integrates data into Cyberwrite’s next-generation catastrophe modeling solution.
Comprehensive Data Coverage
In a rapidly evolving threat landscape, many insurers struggle with limited or inconsistent datasets for cyber risk modeling. Cyberwrite addresses this by providing real-time data collection for over 99.97% of businesses worldwide. The service offers risk reporting in eight languages, covering nearly all companies at the time of underwriting.
Improved Risk Assessment for SMEs
Frederik Wulff, CEO of Markel Europe, commented on the benefits: “Cyberwrite’s platform transforms the way we assess cyber risk for small and medium-sized businesses across markets and industries. Our underwriters can now quantify factors that were previously hard to measure in real time and in local languages. This makes it easier for brokers to explain cyber risk and helps clients understand their specific exposure. They can better determine how much cyber insurance they need and how to mitigate breach risks. By collecting data for each risk and quantifying it, we can greatly improve our catastrophe modeling capabilities and increase confidence in our models.”
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