Lloyd’s Lab insurtech Kovrr develops new way to monitor cyber risk exposure
Insurtech Kovrr, which participated in the fourth cohort of Lloyd’s Lab, the insurance technology accelerator operated by the Lloyd’s of London re/insurance market, has designed a new open framework to measure and understand catastrophic cyber risk exposure.
The framework has been developed with input from Lloyd’s market syndicates, cyber risk experts and cyber insurance industry professionals, who provided mentoring over the course of a 10-week programme.
The cyber risk modeling company's CRA-Zones framework allows for analysis across multiple portfolios of risks and enables monitoring of exposure trends.
Trevor Maynard, head of innovation at Lloyd’s, said: “I’m pleased to see Kovrr offering a new way to monitor cyber accumulations through an open framework. This novel idea is exactly what we hoped for when suggesting cyber as a theme for the Lloyd’s Lab. It goes to show the benefits our market is receiving from bringing exciting InsurTechs such as Kovrr to our innovation accelerator.”
Yakir Golan, CEO of Kovrr, commented: “Kovrr’s goal was to allow all types of risk professionals regardless of their cyber modeling capabilities to use and benefit from the framework. Risk professionals with limited data can gain insights on cyber risk accumulation without having to invest in heavy models and simultaneously insurers already heavily invested in cyber risk modeling gain additional value by attaining alternative views of their accumulated cyber risk.”
Laura Johnson, cyber practice head at Chaucer, said: "Through the process of mentoring Kovrr, we were able to better understand the data and analysis behind this framework. CRA-Zones are a valuable tool for understanding and attaining insight for cyber risk exposure."
