The Source for Cyber Insurance News, Insights and Data
We’ve been telling you about the theats posed to cyber insurers by AI — now the technology is coming to help, in the form of a vertical AI from EXL (NASDAQ: EXLS), the data analytics company. The company’s new “EXL Insurance LLM” is a specialized large language model (LLM) tailored for the insurance industry and … Read more
The Company‘s new business unit, Envelop Risk Solutions, will provide technical assistance to reinsurance providers “across the full capital management spectrum, including: cyber underwriting and underwriting strategy, cyber modelling, scenario modelling, capital metrics, cyber market analytics, new product development, threat intelligence, reinsurance operations automation, and global cyber risk forecasting.” “We have developed advanced capabilities to … Read more
HSB (Hartford Steam Boiler), part of Munich Re, has expanded its personal and family cyber insurance to help customers deal with new digital risks. This includes protection against things like internet fraud, connected vehicle hacks, and the emotional stress caused by cybercrime. Along with insurance coverage, HSB also provides tools for preventing cyberattacks and offers … Read more
“Artificial intelligence systems” (“AIS”) and “external consumer data and information sources” (“ECDIS”) can help insurers and companies, New York State regulators concede, but the technologies better not hurt “protected classes” or “perpetuate or amplify systemic biases that have resulted in unlawful or unfair discrimination,” warns the state in new regulatory guidance. Given the complexity of … Read more
So reports Venture Beat in a report on AI’s impact on cyber insurance, which also says the technology can dramatically accelerate risk assessments: “Cyber insurers are also looking to AI to reduce the time and costs of real-time risk assessments that can cost between $10,000 to $50,000 per assessment and take between four to six weeks to … Read more