MAPFRE RE, the reinsurance unit of MAPFRE Group, a global insurance and reinsurance
provider, has announced that it is collaborating with Kovrr, a cyber risk modelling company to advance their capabilities for assessing accumulated cyber risk exposure in their treaties.
Kovrr’s portfolio management is the first solution to introduce advanced machine learning sampling technology which creates representational synthetic portfolios when information regarding treaty risk composition is limited. The solution allows (re)insurers to financially quantify cyber risk for facultative books and treaties.
“MAPFRE RE is keen to understand cyber risks and our potential exposure”, said Maite
González Vargas, Global Chief Innovation at MAPFRE RE. “Kovrr has provided us extensive value and expertise to identify and quantify cyber risk. Kovrr’s technology can efficiently analyze cyber risk accumulation.”
Joan Cuscó, Global Head of Transformation at MAPFRE Open Innovation, said: “Kovrr is a great success story for our startup engagement program, Insur_space. Our mission is to adopt disruptive solutions for the insurance industry and Kovrr’s collaboration with MAPFRE RE is an example of what (re)insurers and technology startups can accomplish when they bring their expertise together.
Yakir Golan, CEO of Kovrr said “Kovrr is delighted to collaborate with MAPFRE RE in its efforts to tackle a complex challenge in the (re)insurance market. Kovrr’s cyber risk modelling platform leverages diverse best in class firmographic and technographic data sources to provide unique views of risk for risk professionals. We are excited to bring these capabilities to support a leader in the reinsurance market in their cyber insurance endeavours”.