Cyber risk analytics firm CyberCube has announced the launch of a new software-as-a-service application designed specifically for insurance brokers.
The company’s Broking Manager application is built to help brokers quantify, understand and explain to their clients the sources and potential impact of cyber risk exposures. Broking Manager is aimed at both generalist and cyber specialist brokers.
Broking Manager enables brokers to instantly produce a cyber financial loss report on millions of companies, while providing information to help brokers articulate their clients’ cyber exposures, CyberCube said. Broking Manager also lets brokers educate their clients on potential loss classes, recent cyber events, and benchmarking of cyber risks against their peers. The application uses advanced models that draw on data from a large number of sources.
“With Broking Manager, we set out to tackle the most fundamental question facing brokers today: what coverages and limits do companies need?” said Oren Schetrit, director of product for CyberCube. “We’ve had considerable interest from the broking community internationally, so we felt the time was right to build and launch this product.”
“Cyber insurance as a line of business is still in its early stages of growth, and there is a clear need for a solution to help companies make informed decisions on what they need to buy,” said Ashwin Kashyap (pictured), co-founder of CyberCube and head of product and analytics. “As trusted advisors to companies on their cyber insurance purchases, insurance brokers play a very important role in the ecosystem by connecting insurance buyers with carriers. CyberCube has built a solution to enable the growth of the cyber insurance market and support this important segment in the insurance value chain.”
Broking Manager is the third product in CyberCube’s suite of applications, which also includes Portfolio Manager and Account Manager. Portfolio Manager is used by insurers to stress-test portfolios of cyber risks. Account Manager is used during the underwriting process to provide a detailed analysis of cyber risk.