Insurtech initiative of the year, Kovrr
While insurers are often warned they must join the technology revolution or get left behind, the reality often falls short of the hype.
But one area insurtechs are making definite headway is in helping insurers understand fast-growing and emerging risks. One young enterprise that is gaining a positive reputation is Kovrr, a Tel Aviv-based company specialising in predictive cyber risk modelling.
Kovrr's platform provides insurers with transparent and real-time data-driven insights into their affirmative and non-affirmative single, accumulated and catastrophic cyber risk exposures.
The platform is designed to help underwriters, exposure managers and catastrophe modellers understand, quantify and manage cyber risk.
In a competitive category, Kovrr shone because it is reshaping the way insurers can assess silent cyber risk exposure. By building its own probabilistic model and claiming to create the largest event catalogue in the industry, Kovrr is providing insurers with the capability to quantify their silent cyber exposure for the first time.
InsuranceERM's judging panel was impressed with how Kovrr's platform analyses companies' technology stacks, their third-party service providers and the cyber threat landscape.
The firm has also developed proprietary data sources and partnered with third-party data providers to compile a diverse industry exposure database. This data is used alongside cyber-attack monitoring systems to create tens of thousands of realistic – and constantly updated – cyber catastrophe events used in simulations.
Yakir Golan, Kovrr's chief executive officer and co-founder says artificial intelligence (AI) is crucial for its solution to cope with an ever-evolving risk landscape which is very dynamic.
Golan says: "You need the right AI technology to process that automatically and bring the right data insight to the exposure managers and the underwriters, which is a fundamental part of what we do."