Aviva, the UK’s leading insurer, is to roll out a broad range of products from CyberCube, the leading cyber risk analytics firm, to support the growth ambitions for its cyber book.
Aviva has signed a multi-year contract licensing CyberCube’s platforms Portfolio Manager and Account Manager. It has also purchased additional features including CyberCube’s Attritional Loss Model, Single Point of Failure (SPoF) Intelligence and Portfolio Manager APIs. Aviva has additionally purchased licences for CyberCube’s Client Support Plus and Concierge Enhanced Access services, and will gain access to the CyberCube Academy.
Roxy Ionescu, CyberCube Sales Manager, said: “With considerable growth plans over the coming years, Aviva has chosen CyberCube as its cyber analytics vendor of choice and we are thrilled to partner together throughout this journey. CyberCube looks forward to equipping Aviva’s underwriting team with our Account Manager solution which will provide the insights needed to make efficient and profitable underwriting decisions while Portfolio Manager will enable accumulation management support.”
Stephen Ridley, Aviva Head of Cyber, said: “Aviva’s ambition is to be a leading provider of cyber insurance to UK PLC. CyberCube’s offering will not only help us grow our cyber book in a sustainable and profitable manner, but it will also play an important role in helping our customers improve their security capabilities and mitigate risks before they become an issue. Further, CyberCube’s risk selection expertise will help us ensure that we have a strong grip on our potential exposure to systemic cyber risks.”
Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. It also allows stress testing of portfolios of insurance risk so that loss drivers and areas of accumulation risk can be identified. Account Manager is designed for risk carriers and is used by leading companies across the insurance ecosystem. It enables underwriters to make efficient, data-driven risk selection decisions.
A SPoF is a provider which may disrupt large swaths of companies that rely on them for their business operations if they experience an outage. As the world becomes more highly interconnected and cyber risk is a growing problem, CyberCube has modeled hundreds of SPoFs and also enables analysis of over 40,000 unmodeled SPoF risks.