NFP, NetDiligence, CyberCube | February 12, 2021
NFP, a main insurance broker and advisor that gives property and casualty (P&C), corporate benefits, retirement, and individual solutions, is joining forces with NetDiligence and CyberCube to offer new analytical tools and resources to help clients as they face an assortment of cybersecurity challenges.
NetDiligence gives cyber risk management software zeroed in on cyber risk status and responsive administrations. The platform offers tools for clients to evaluate cyber risk and data breach reaction arranging. Moreover, NetDiligence discharges a cyber claims concentrate every year to feature drifts in cyber security across different business sizes and ventures.
CyberCube offers cyber examination that educate risk choices. Data accumulated by the platform is curated into data sets that recognize risks and venture the effect of a cyber occasion. The platform predicts patterns that manage insurance placement decisions and makes reports to measure the expected loss of an uncovered vulnerability.
“Our focus is on helping companies enhance their cyber preparedness and mitigate the disruption of a cyber attack,” said Elissa Doroff, managing director and cyber technical leader at NFP. “Utilizing tools like NetDiligence ensures we provide a wide variety of solutions as our clients navigate cyber threats. Cyber related incidents are on the rise, making it critical that we identify the latest tools and resources, collaborate with partners to evolve and adapt innovative coverage solutions, and continually advance our clients' preparation."
“CyberCube provides our clients with actionable, data-driven insights that support a proactive approach to cybersecurity,” said Akhil Chopra, managing director and head of NFP’s cyber liability practice. “It’s imperative that we continue to expand our solutions to help our clients navigate a dynamic environment of cyber threats.”
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,800 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).
NetDiligence® specializes in Cyber Risk Readiness & Response services. With 20 years of experience in cyber, NetDiligence is an award-winning provider of innovative cyber risk management software and services to the insurance industry, including QuietAudit® Cyber Risk Assessments, the eRiskHub® cyber risk management portal, and Breach Plan Connect®, a securely hosted solution designed to help senior managers plan and execute their organization’s response to a cyber incident, and which also includes a free mobile app for convenient access and alternative means of communication if company systems are compromised. NetDiligence publishes an annual Cyber Claims Study and traditionally hosts annual Cyber Risk Conferences in Philadelphia, Santa Monica, Toronto, London, and Bermuda. NetDiligence also offers a variety of virtual programs that are free of charge to attendees and qualify for CE/CLE credits.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modelling on thousands of points of technology failure. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital.
Orchid Insurance | June 16, 2020
Orchid Underwriters Agency, LLC (Orchid Insurance), one of the largest independent managing general underwriters (MGUs) focused on catastrophe-exposed residential and commercial lines properties, has today announced the launch of a brand-new MGU called CrossCover Insurance Services (CrossCover). The new MGU will underwrite middle-market commercial property risks for wholesale broker clients beginning early in 2021. It was formed in partnership with veteran property insurance executive Scott Hansen, former chief underwriting officer and chief capacity officer at AmRisc. “Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs,” said Hansen, president of CrossCover. “Orchid will provide us this with its existing portfolio tools and cutting-edge infrastructure. We believe that the current market loss results reflect an excessive focus on CAT-driven accounts, at the exclusion of other profitable E&S business, as well as an over-dependency on CAT modeling results.
Milliman | November 18, 2021
Milliman, Inc., a premier global consulting and actuarial firm, announced that it has released the latest version of its Arius® insurtech solutions, a family of state-of-the-art reserve analysis systems for property and casualty insurers. This update provides significant enhancements to the systems' analytical, reporting, and data management tools.
This release provides tools to help actuaries and insurance analysts more easily build and share statistical exhibits among multiple projects, providing more consistent analysis and more efficient management review. It also adds new reports to help users with Canadian and IFRS-17 reporting requirements.
Arius® insurtech solutions is a family of state-of-the-art reserve analysis systems for property and casualty insurers
In addition, the release includes new API capabilities, additions to the system's role-based security options, and enhanced controls related to editing and managing data files, both in the Arius Enterprise system and in the Triangles on Demand data management solution.
"Our goal with the Arius solutions is to relieve the burden of managing the overall reserving process from our clients' shoulders, so they can spend their valuable time helping and advising their business. This release furthers those efforts with additional steps to enhance the overall efficiency and reliability of the actuarial reserving team."
- Ken Scalf, reserving products manager at Milliman
About the Arius family of solutions
The Arius solution set includes Arius Deterministic, Arius Stochastic, Triangles on Demand®, and Arius Enterprise. Arius Deterministic and Stochastic are self-contained reserve analysis systems that eliminate the potential spreadsheet risk inherent in tools developed in-house by many insurance actuarial teams. Triangles on Demand (ToD) uses the latest cloud technology to instantly aggregate millions of records of loss and claims data on the fly for review in Arius. Designed specifically for large insurance carriers and self-insureds, Arius Enterprise combines the Arius analysis system and ToD with sophisticated Microsoft Azure-based project, user, and reporting management solutions to address the added efficiency and reliability requirements of sophisticated reserving departments. Milliman's Claim Variability Benchmarks provide benchmark statistics for comparison with an insurer's own data, drawn from statistical analysis of 5,100 companies and over 30 years of activity.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.