FICO has a new insurance dashboard designed to help underwriters better understand cybersecurity and other exposures. Greenlight Capital Re debuted a new innovation unit. USI Affinity will offer enhanced lawyer’s professional liability insurance products from The Hanover Insurance Company in several states starting later this year.
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FICO, a Silicon Valley analytics firm, is now offering an insurance dashboard that underwriters can use to understand their cybersecurity exposures and make better pricing and portfolio decisions.
The dashboard tool is part of the FICO Enterprise Security Score cybersecurity rating, and it is designed to help calculate risk metrics, simulate risk scenarios and take on historical data. It can also be helpful to review risks at policy, portfolio and book-of-business level.
With the addition, FICO said that its FICO Enterprise Security Score is the first cybersecurity rating to include “powerful risk assessment and modeling capabilities to help insurers make better underwriting, pricing and portfolio decisions.”
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Greenlight Capital Re, a specialist property/casualty reinsurer, has launched a new innovation unit.
Dubbed Greenlight Re Innovation, the unit will be headed by Greenlight Re Chief Operating Officer Michael Belfatti with a focus on using technology, data and new risk transfer delivery mechanisms to improve the products and services available to the carrier’s insurance company clients, individuals and businesses.
Plans call for working through this division to partner with technology and risk companies to maximize the quality and efficiency of risk management methods. The idea is to use a more holistic risk management approach that blends leading technologies for prevention with preparedness, risk finance and post-loss mitigation.
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USI Affinity will offer enhanced lawyer’s professional liability insurance products from The Hanover Insurance Company in several states starting on Sept. 1, 2018.
Customers in New Jersey, Massachusetts, Maryland, Connecticut, Virginia and Washington, D.C. will be able to purchase the coverage as part of its initial rollout.
The USI Affinity Lawyers Liability cover via The Hanover will insure both small and large law firms, offering attorneys and law firms coverage through a risk purchasing group within the stated market area. The USI Affinity “Attorney’s Preferred” Insurance Program is endorsed by state and local bar associations, including the DC Bar, New Jersey State Bar Association and Boston Bar Association.
Sources: FICO, Greenlight Capital Re, USI Affinity/The Hanover