The Evolution of Cyber Insurance in 2021 Through the Lens of's Artificial Intelligence | December 28, 2021

pie insurance News (EXAI:IM), the premier artificial intelligence (AI) platform for language understanding, today released a new Expert IQ Report, "How Cyber Insurance Has Evolved in 2021." The report provides insurers with insight into unprecedented change and risk being driven by the pandemic, causing costs to soar and confusion to spread across the marketplace. In the first half of 2021 alone, threat research shows global cyber-attacks climbed 29%, ransomware incidents jumped 93% and demands rose an astounding 518%.

Report findings are produced using's advanced natural language understanding (NLU) capabilities. The technology takes a unique approach to AI by combining symbolic human-like comprehension and machine learning (ML) to create practical applications that deliver real business impact and measurable benefits. With deep understanding of any kind of document (presentations, contracts, emails, claims, reports, posts, social media messages, etc.) it helps organizations turn unstructured language details into structured data at speed and scale. This augments discovery capabilities and streamlines the automation of complex, knowledge-centric processes.

The Expert IQ Report is a regular series that provides deep content analysis from massive amounts of language data on a given subject. For "How Cyber Insurance Has Evolved in 2021," analyzed a sample of approximately 1,130 articles, published in a range of insurance industry outlets between January 2021 and November 2021. Focused on insurance news, opinions and analysis, the analysis identified the cyber-related issues discussed most online, capturing the main topics, trends and sentiment expressed about them.

A few of the cyber insurance findings in the report include:
  • Products and impact: Cybersecurity and cyber risks were common themes with data clearly showing both a need for more suitable insurance products and the potential impact on existing contracts.
  • Insurers struggle with risk: A strong correlation between cyber threats and COVID-19 appears to show that underwriters are struggling to evaluate their exposure to pandemic-generated vulnerabilities.
  • Resilience and relevance: Cyber risks have been testing the ability of organizations to prepare for, respond to and recover from attacks. As a result, resiliency emerged as the main topic across 67% of cyber-related articles in the sample analyzed, proving the insurance sector is still relevant to global improvements in cyber resilience.

"What makes policy review and comparison especially complex for cyber is that threats are evolving and growing. Contracts may exceed 100 pages – it's not easy to streamline the review process to avoid unintended risk exposure while ensuring coverage certainty, With NLU, we augment underwriters by making policy reviews faster, more consistent and accurate. We help them overcome new challenges - like those posed by 'silent cyber' - by improving the reading, identification and extractions of critical information around explicit and implicit coverages."

- Pamela Negosanti, head of sector strategy for financial services and insurance at

 "The right AI approach can provide enterprises competitive advantage by automatically generating fast, accurate market understanding from existing business documents. You can identify emerging risks and trends, gain a detailed picture of sentiment, design more effective and profitable products, seize new opportunities and more. It's insight today for decision-making that'll shape your future and provide strategic advantage."

- Keith C. Lincoln, CMO

About (EXAI: IM) is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to natural language combines symbolic human-like comprehension and machine learning to extract useful knowledge and insight from unstructured data to improve decision making. With a full range of on-premises, private and public cloud offerings, enhances business operations, accelerates and scales natural language data science capabilities while simplifying AI adoption across a vast range of industries, including insurance, banking & finance, publishing & media, defense & intelligence, life science & pharma, and oil, gas & energy. has cemented itself at the forefront of natural language solutions and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, The Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett and EBSCO.


Learn how insurance affects the GDP worldwide and which countries are leading the industry.


Learn how insurance affects the GDP worldwide and which countries are leading the industry.

Related News


Imperial PFS Introduces Quivit, a Gamechanger for the Insurance Industry

Imperial PFS | October 04, 2021

Imperial PFS Introduces Quivit, a Gamechanger for the Insurance Industry. Called a "gamechanger" by its first users, Quivit is the first insurance-specific product to merge document signing, storage and an integrated payment processing system – allowing for both paid-in-full and financed transactions. The result is a dramatically streamlined workflow, transforming a complex, high-touch process into an efficient, digitally-driven sales closer. Until Quivit, there was no way for insurance agents to quickly prepare insurance quotes and applications for their insureds within the same secure digital space. We listened to our clients, recognized a gap, and found a way to provide a solution, We worked with agents to develop a digital product that merges selling, managing account communication, and collecting payments for policies in a single step, without the need for additional software from other providers. Now, work that once took days takes only minutes – which means Quivit will help expedite sales and improve payment collection in a single step. - Herb Chirico, IPFS's Chief Marketing Officer and Senior VP. User-friendly and intuitive, Quivit makes it easy to send premium finance quotes, track progress, understand the status, send alerts, obtain signatures, collect payments and close the sale. Quivit also integrates seamlessly with existing systems and processes, which means it doesn't require replacing your current technology or agency management system (AMS). Quivit is going to revolutionize the insurance industry, Quivit shortens the sales cycle, so agents can close sales far faster. It's the key to unlocking untapped revenue opportunities. - Frank Friedman, IPFS's CEO and President. Even its name has special significance, as Quivit combines the words 'quick,' 'pivot' and 'IT.' Quivit is available now to select IPFS Clients and will be widely-released later this fall. About Imperial PFS: Imperial PFS uses state-of-the-art technology and legendary Customer service to lead the way in the premium finance and payments industry. IPFS offers flexible lending with multiple benefits for our agency partners and insureds. With more than 500 Associates at 30 locations across the United States and Canada, we bring the strength of an international company reinforced by local relationships and service. Visit us on LinkedIn. About Herb Chirico: Herb is responsible for overseeing Marketing as Chief Marketing Officer, as well as Credit, Insurance Company Management, Product Management and Project Management. Herb joined IPFS in 2001. His prior positions with IPFS have included Branch Manager in Buffalo, New York, SVP of Operations and Credit and SVP of National Sales. Before joining IPFS, he held management positions at Transamerica Insurance Finance Corp. and HSBC. Herb has a BS from Boston University. About Frank Friedman: Frank joined Imperial PFS in 2019 and serves as the CEO and President. His extensive financial experience comes from more than 40 years at Deloitte where he served as Interim CEO, COO, CFO, and, most recently, Global Chief Operations Officer. Frank has a BS degree in Accounting and Business Administration from the University of Kansas.

Read More


USI Insurance Services Acquires Venneberg Insurance

USI | December 14, 2020

USI Insurance Services ("USI"), a world chief in risk management, employee benefit and retirement consulting, today reported the securing of Sitka, Alaska-based Venneberg Insurance. Established in 1984, Venneberg Insurance is a free risk management and insurance organization serving businesses and people all through Southeast Alaska. The entirety of the organization's employees, including Mike Venneberg, proprietor and head, will join USI. Terms of the exchange were not revealed. Commenting on the announcement, Mike Venneberg stated: “For more than 35 years, our experienced and dedicated staff have established a strong reputation for meeting the unique and diverse risk management and insurance needs of families and businesses throughout Southeast Alaska. By joining forces with USI, our valued clients will continue to work with the local team of experts they’ve come to know and trust, in addition to gaining access to USI’s best-in-class resources and solutions.” Chris Prentice, USI regional CEO, added: “We are thrilled to welcome Mike and the talented professionals from Venneberg Insurance to the USI family. By partnering as one, we look forward to delivering an unmatched level of service and expertise for our current and future clients throughout Alaska by leveraging the USI ONE Advantage®, a proprietary platform integrating analytics, networked resources and strategic planning to deliver customized solutions with economic impact for clients.” About USI USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national and international needs. USI has become a premier insurance brokerage and consulting firm by leveraging the USI ONE Advantage®, an interactive platform that integrates proprietary and innovative client solutions, networked local resources and enterprise-wide collaboration to deliver customized results with positive, bottom line impact. USI attracts best-in-class industry talent with a long history of deep and continuing investment in our local communities.

Read More


ME's leading insurer NLG unifies its systems under Oracle Fusion with 4i Apps as its technology partner

4i Apps Solutions pvt ltd | February 07, 2022

National Life and General Insurance Co. SAOG (NLG) is the market leader and largest insurance company in Oman (by Gross Written Premium) and has around 190+ combined touch points for policy sales and servicing. In addition to Oman, NLG also has overseas branches in Dubai, Abu Dhabi & Kuwait. As a part of their digital transformation strategy, NLG was exploring possibilities on integrating all their core systems under a single platform for better operational efficiencies. NLG was finding it challenging to continue with the traditional accounting system that was operational for the past several years. So, they decided to embrace Oracle Fusion Cloud after careful evaluation of other products in the market. 4i Apps was chosen as the strategic partner based on their credentials in the region for delivering several Oracle Fusion Cloud implementations. The Oracle Fusion Cloud ERP system is a fully integrated one, which allows users to access Finance, Procurement, Innovation, HCM and Payroll under a single Cloud platform. Oracle Fusion Cloud releases 100s of new features every quarter and users have immediate access to the new features. "NLG has a strong Digital Transformation Strategy, and the implementation of Oracle ERP system would be a significant achievement towards strengthening our financial operations. We need to continue on this path of Change Management with full determination and make this system work seamlessly," - S. Venkatachalam, CEO of NLG. NLG's ERP system now serves as the backbone of the financial operations to the entire organization and would redefine NLG's servicing standards significantly. NLG and 4i Apps team celebrated the Oracle Fusion Cloud Go-Live success meet on 26th January 2022. NLG has planned to implement Oracle Enterprise Performance Management and Custom Bolton Investment Module in Phase II. "We are very proud to be associated with NLG. We believe Oracle Cloud implementation will accelerate their growth and wish them all success," - Ravisankar, Head of Middle East for 4i Apps. 4i Apps is the fastest growing Oracle Cloud partner, having enabled 500+ Organizations on Oracle Cloud. With over 13 years of operations in Middle East, 4i Apps is the preferred Oracle partner for many public and private sectors. 4i has 450+ Oracle consultants workforce with offices in 10 locations globally.

Read More