March 22, 2020
AmTrust Financial is a U.S. based, multinational, property and casualty insurer.
Underwriters face challenges in acquiring cyber risk data for companies they are looking to provide with cyber coverages. These challenges stem from manually acquiring answers to the standard questionnaire required to start the underwriting process, communicating existing risks to applicants and quantifying cyber risk for specific business and industries. AmTrust Financial required a solution that would provide their underwriters with cyber data metrics and explanations of how particular cyber risks can affect its insured businesses. They needed the ability to validate the data provided by the potential insured as well as reduce the number of questions throughout the process.
"Our underwriters needed instant insight into companies applying for cyber insurance. With Kovrr's solution, we were able to fully understand the threats associated with insuring a company. -Robert Pizarro, Vice President, Commercial Specialty
Kovrr provided AmTrust Financial with an underwriting dashboard that allowed the underwriters to run an assessment on each prospective insured or existing client. The assessment includes data on validated cyber risk factors determined by the efficacy of a company's security controls and potential exposure to a list of risk scenarios, and specific events that may lead to a loss. The dashboard provided automated answers to the majority of the insurance carrier’s cyber questionnaire, which they compare to the self-filled questionnaire. Underwriters were provided with additional cyber risk factors and explanations for how these additional factors can affect the potential insured. The technology could be accessed by the underwriters via a dashboard, API or exported spreadsheet.
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