Willis Re beefed up its cyber risk portfolio modeling tool to include a new, key feature. A deal Munich Re forged with another company enables its insurance carrier clients to obtain drone imagery.
Willis Re, the reinsurance business of broker/advisor Willis Towers Watson, hzx upgraded its cyber risk portfolio modeling tool PRISM-Re to include “silent cyber.”
Willis Re defines “silent cyber” as potential cyber-related losses resulting from insurance policies not specifically designed to cover cyber risk – in industry segments such as property, other liability, auto and workers compensation.
The 2018 update to PRISM-Re offers the insurance market access to the stochastic modeling of cyber losses on a worldwide basis, arising from insurance policies not specifically designed to cover cyber risk.
The latest version of the tool helps insurers and reinsurance buyers more effectively manage their cyber risk exposure across their entire portfolio of property and casualty business, said Willis Re.
First launched by Willis Re in February 2015, PRISM-Re is designed to help clients manage their cyber portfolios and estimate downside risk arising from privacy breach and network outage following a cyber attack.
Munich Re America and Betterview have formed a strategic partnership to offer drone imagery to the reinsurer’s insurance company clients.
The agreement calls for Munich Re to refer insurance company clients to Betterview that can benefit from building/property data, analysis and insights Betterview produces. Interested insurance companies could purchase the company’s services for an undisclosed fee. Betterview offers drone-based inspection services to capture high-resolution images of residential and commercial properties. Betterview also offers cloud-based software to organize, store and analyze the captured images to support an insurance company’s underwriting inspection, loss control and claims adjustment processes.
Betterview, founded in late 2014, says it has successfully inspected over 15,000 properties for over 90 insurance clients. Some of the capabilities of Betterview’s software & services include full stack software products that work globally, a 4,400-plus on-demand drone pilot network in the U.S., and claims reports generated by in-house adjusters and artificial intelligence.
Sources: Willis Re, Munich Re/Betterview