CyberCube launches new tool to help brokers improve their cyber insurance offerings

CyberCube, a cyber risk analytics platform, has released a new software-as-a-service (SaaS) application to help insurance brokers.

The Broking Manager supports quick and efficient insight for generalist and cyber specialist brokers. It is built to help brokers quantify, understand and explain to their clients, the sources and financial impact of cyber risk exposure.

With the new tool, brokers can create a cyber financial loss report on millions of companies while providing rich information to explain clients’ cyber exposure. It achieves this by leveraging advanced models which leverage data from various sources including behind the firewall and perimeter scan data, historical incidents and losses and firmographic data.

Brokers can also use the tool to educate clients on potential loss classes, recent cyber events and benchmarking of cyber risks against peers.

CyberCube director of product Oren Schetrit said, “With Broking Manager we set out to tackle the most fundamental question facing brokers today; what coverages and limits do companies need? We’ve had considerable interest from the broking community internationally, so we felt the time was right to build and launch this product.

“Brokers play a vital role in helping clients identify and manage risk. Our goal is to empower them to quantify and explain cyber risk exposure to a broad audience without becoming experts in information security. Broking Manager will promote informed conversations that will ultimately lead to better buying decisions.”

The new tool marks CyberCube’s third product, adding to its portfolio manager and account manager tools. The portfolio manager solution helps insurers stress test their portfolios of cyber risks against dozens of cyber-based scenarios.

Its Account Manager service is used during the underwriting process to offer analysis of cyber risk.

CyberCube co-founder Ashwin Kashyap said, “Cyber insurance as a line of business is still in its early stages of growth and there is a clear need for a solution to help companies make informed decisions on what they need to buy. As trusted advisors to companies on their cyber insurance purchase, insurance brokers play a very important role in the ecosystem by connecting insurance buyers with carriers. CyberCube has built a solution to enable the growth of the cyber insurance market and support this important segment in the insurance value chain.”

Last month, the InsurTech updated its portfolio manager to meet the evolving shape of cyber risk.

Copyright © 2020 FinTech Global

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