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Sixfold Expands AI Capabilities to Help Insurers Adapt to Growing Cyber Risks

Posted on September 30, 2024September 30, 2024 By Martin Hinton

The insurance industry has used artificial intelligence (AI) for years in applications such as risk modeling, data forecasting, claims handling, and contact center operations. Now, Sixfold aims to transform how insurers assess cyber risks, helping them adapt to evolving threats and improve underwriting accuracy. With cyber insurance premiums projected to exceed $20 billion by 2025, Sixfold is focusing on enabling insurers to address growing risks driven by data breaches, AI-related threats, and new regulations.

Sixfold Company  Logo

“Our platform simplifies the complex world of cyber risks and empowers underwriters to make more confident decisions, faster,” said Jane Tran, Co-founder & COO at Sixfold. “In the near future, cyber policies will become as essential as General Liability or Property & Casualty coverage. Given the world we live in, this shift is inevitable. Cyber policies are poised to become the most specific and highly customized policies available.”

Sixfold’s AI integrates underwriting guidelines and aggregates business information to provide tailored recommendations, allowing underwriters to adjust risk strategies efficiently as new threats arise. The company views this capability as crucial to meet the demand for cyber policies, especially with 50% of the underwriting workforce set to retire by 2028. Sixfold’s technology aims to fill the gap by equipping underwriters with specialized knowledge, even without deep cyber expertise.

CyberCube Partnership

In partnership with CyberCube, Sixfold has incorporated advanced cyber risk analytics to enhance insurers’ ability to assess risk. “The partnership between CyberCube’s comprehensive cyber data and Sixfold’s innovative risk assessment is setting a new standard for the future of underwriting, keeping insurers prepared for new challenges in determining accurate cyber policies,” said Ross Wirth, Head of Partnership and Ecosystem for CyberCube. This collaboration aims to help insurers provide more precise, customized policies and remain ahead of emerging cyber threats.

Tran added, “Underwriters no longer need to be cyber experts; they can rely on Sixfold to spotlight the critical information needed for accurate underwriting decisions. Our platform simplifies the complex world of cyber risks and empowers underwriters to make more confident decisions, faster.”

Source: Sixfold’s AI Prepares Insurers for Future Risks in Cyber Insurance.

Other News: Arch Insurance Bolsters Cyber Team(Opens in a new browser tab)

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Cyber Insurance Underwriting Tags:AI, Artificial Intelligence, cyber insurance, Cyber Insurance Underwriting, CyberCube, Cybersecurity, Sixfold

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