Cyberwrite Named a 2018 Cool Vendor in Insurance by Gartner for Its Cyberrisk Profiling Technology
Vendors selected for the “Cool Vendors” report are innovative, impactful and intriguing
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In the report Gartner writes, “Gartner's Cool Vendors in insurance apply a broad range of emerging technologies to provide innovative products and services and support new business models. Life and P&C insurance CIOs can use this research to keep themselves and their business peers ahead of the competition.”
Cyberwrite’s cloud-based SaaS solution gives insurers and brokers unique insights that enable them to tailor cyber insurance policies to meet the specific needs and budget of individual small and midsized businesses (SMBs). The solution is based on machine learning technology for translating raw cyber risk data into cyber coverage risk scores and financial impact estimations.
Cyberwrite enables coverage to be tailored to the specific risks of SMB’s, rather than the “one size fits all” approach currently offered. The solution is already being used by some of the world’s largest insurers, with reports run so far for over 50,000 companies globally.
Because Cyberwrite profiles and analyzes the cyber insurance risk of businesses in real time and on demand, it helps both insurers and their customers to understand the probability and financial impact of a cyber event for that specific business. This is presented in a one-page, simple to understand report, which serves insurers and brokers when they sell and underwrite cyber policies as well as business owners so they can purchase the right coverage. It is especially useful and clear for those who are not cyber experts.
In addition, insurance companies integrate Cyberwrite’s data into their system using Cyberwrite’s APIs for underwriting and catastrophe modelling purposes.
"Cyber insurance policies offered to small and midsize businesses are typically very broad and untailored, resulting in businesses paying extra for unneeded coverage while not being covered for the actual risks they face, and we are out to change this,” said
According to the
“Cyber insurance is becoming essential to businesses as the only product that compensates them after an attack, when technology cannot provide total protection. We expect high demand for this type of insurance among small and mid-size businesses because of the high and growing number of damaging cyber attacks,” added Perry. Allianz projects the cyber insurance market is set to grow to
Cyberwrite is one of only four insurtech companies globally to be recognized by Gartner, as a Cool Vendor, whose insurtech database covers more than 1,000 startups.
Gartner clients can access the Gartner report here.
¹Gartner, Cool Vendors in Insurance,
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About Cyberwrite
Cyberwrite was founded in 2016 by a team of cyber risk experts and insurance veterans to address the
The company has customers in
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Source: Cyberwrite
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