Cyber

Global digital transformation of insurance companies creates new vulnerabilities and challenges to within risk management.

Every insurance and reinsurance company is exposed to cyber risks especially in connection with accumulation risk. Identifying and assessing the silent cyber accumulated risks in property and casualty books of business is an emerging challenge.

Companies who offer cyber solutions to their clients face the obstacle of providing an appropriate questionnaire – not too detailed but detailed enough in order to adequately underwrite the cyber risk for new insureds. Furthermore, cyber risk is changing constantly, and insurance and reinsurance companies need to undergo continuous innovation in order to keep track of evolving risks and be able to provide the right product for the market at the right time.

Hence, insurers and reinsurers need to quantify their cyber risk exposure transparently. To deliver this service to the industry, Genillard & Co has partnered with a predictive cyber risk modelling company providing the following solutions:

By means of a transparent, data driven and real time approach we identify the amount of the portfolio exposed to silent and affirmative cyber, thereby helping insurance companies to adequately monitor their cyber capacity and accordingly adjust their reinsurance coverage. The analysis also adds value by assessing the capital management as well as proofing legal and regulatory requirements. Underwriters and risk managers are hereby enabled to validate and modify their approach and guidelines.

Utilizing an AI-powered risk model supports underwriters and risk managers to profitably grow their cyber book of business and effectively manage pricing strategies. As a result the constant innovation agenda is empowered, and companies can react quickly by introducing modified or new cyber products to address rapidly changing needs.

In order to tailor the right solution for your company’s unique book of business, Genillard & Co provides individually crafted workshops in cooperation with international experts from throughout the industry.