New AI-powered cyber underwriting firm launches
Envelop Risk, a new global specialty cyber insurance analytics and underwriting firm, has been launched in London.
The firm also operates offices in Boston, Washington DC, and Bermuda.
Envelop Risk provides cyber underwriting to re/insurers, partnering with cyber security firms to deliver custom cyber insurance products for their customers.
Using its proprietary artificial intelligence-based simulation model the company claims to provide “more-accurate policy and portfolio pricing with increased access to capital markets, while reducing overall risk exposure". Envelop applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cyber security.
"Our innovative, proprietary technology allows us to better determine risk and therefore price accurately," said Envelop CEO Jonathan Spry. "With the close of an initial seed funding round, we are in a position to expand and build upon our extraordinary team.”
“We are excited to launch new insurance offerings that address gaps in the rapidly-growing and increasingly complex world of cyber insurance."
The company has also appointed Ray Johnson (QxBranch), former senior vice president and chief technology officer of the Lockheed Martin Corporation, to its board of directors alongside existing members Jinesh Patel (QxBranch, Dymon Asia Ventures) and Nicolai Hansen (New Nordic Advisors).
Johnson commented: “Coming from Lockheed Martin, I recognize that cybersecurity represents one of the greatest threats facing our global economy, private corporations, and national sovereignty. Envelop’s augmented intelligence approach not only changes the game in risk factor analysis, it provides a more complete solution for pricing and providing insurance policy protection through our partners.”
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