INNOVATION | 07.01.2020
MAPFRE RE collaborates with KOVRR to manage cyber risk accumulations
MAPFRE RE aims to leverage Kovrr’s portfolio management solution for analyzing accumulated cyber risk exposure in cyber (re)insurance treaties.
MAPFRE RE, the reinsurance unit of MAPFRE Group, a global insurance and reinsurance provider, today announced that it is collaborating with Kovrr, a cyber risk modeling company to advance their capabilities for assessing accumulated cyber risk exposure in their treaties.
Kovrr’s portfolio management is the first solution to introduce advanced machine learning sampling technology which creates representational synthetic portfolios when information regarding treaty risk composition is limited. The solution allows (re)insurers to financially quantify cyber risk for facultative books and treaties.
“MAPFRE RE is keen to understand cyber risks and our potential exposure”, said Maite González Vargas, Global Chief Innovation at MAPFRE RE. “Kovrr has provided us extensive value and expertise to identify and quantify cyber risk. Kovrr’s technology can efficiently analyze cyber risk accumulation.”
Joan Cuscó, Global Head of Transformation at MAPFRE Open Innovation, said: “Kovrr is a great success story for our startup engagement program, insur_space. Our mission is to adopt disruptive solutions for the insurance industry and Kovrr’s collaboration with MAPFRE RE is an example of what (re)insurers and technology startups can accomplish when they bring their expertise together.
Yakir Golan, CEO of Kovrr said “Kovrr is delighted to collaborate with MAPFRE RE in its efforts to tackle a complex challenge in the (re)insurance market. Kovrr’s cyber risk modeling platform leverages diverse best in class firmographic and technographic data sources to provide unique views of risk for risk professionals. We are excited to bring these capabilities to support a leader in the reinsurance market in their cyber insurance endeavours”.
About MAPFRE RE
MAPFRE RE is a global reinsurance company with 19 offices throughout the world. In the last few years it has consolidated its position as one of the major international reinsurance companies by premium volume, and it is one of the main contributors to Group revenue and profits.
+ info: https://www.mapfrere.com/
About Insur_space
Insur_space is MAPFRE’s fast-track-to-market program for startups in early stage and growth phases. Its purpose is to foster disruption by launching joint pilots with the startups, providing them with access to customers, knowledge, data and funding. Insur_space is part of MAPFRE Open Innovation, the company’s strategic bet for a customer-centric transformation through the use of emerging technologies that create a positive impact.
+ info: https://insur-space.com/
About Kovrr
Kovrr is a cyber risk modeling company. Kovrr’s cyber risk modeling platform delivers global (re)insurers transparent, data driven insights into their affirmative and non-affirmative cyber risk exposures. The Kovrr platform is designed to help underwriters, exposure managers and catastrophe modelers understand, financially quantify and manage cyber risk by utilizing AI-powered risk models.
+ info: https://www.kovrr.com/