Envelop Risk, a London-based cyber insurance analytics firm, announced the launch of a cyber managing general agent (MGA).
Envelop Risk provides cyber underwriting to re/insurers and partners with cyber security firms to deliver custom cyber insurance products for their customers.
The company said its cyber risk insights are driven by a proprietary, artificial intelligence-based simulation model, which enables more-accurate policy and portfolio pricing, while reducing risk exposure.
“Envelop Risk’s founding management team combines decades of insurance industry expertise with sophisticated cyber software and artificial intelligence-based analytics,” the company said in a statement.
“We are excited to launch new insurance offerings that address gaps in the rapidly-growing and increasingly complex world of cyber insurance,” said CEO Jonathan Spry.
“Our innovative, proprietary technology allows us to better determine risk and therefore price accurately. With the close of an initial seed funding round, we are in a position to expand and build upon our extraordinary team,” he added.
Envelop’s cyber analytics combine artificial intelligence; security analytics; intelligence gathering; economic, financial, and behavioral analysis; and modeling and simulation. Envelop applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cyber security.
The company also announced that Dr. Ray O. Johnson, former senior vice president and chief technology officer of the Lockheed Martin Corp. has joined the board of directors.
“Coming from Lockheed Martin, I recognize that cybersecurity represents one of the greatest threats facing our global economy, private corporations, and national sovereignty,” commented Johnson. “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.”
With offices in London, Boston, Washington DC, and Bermuda, Envelop Risk provides delegated re/insurance underwriting, while partnering with cyber security firms for custom insurance products that address the specific risk profiles of their customers.
Source: Envelop Risk
Topics Cyber New Markets Artificial Intelligence Insurance Wholesale
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