Zurich Insurance said it is expanding the rollout of a new product after early successes in select global markets. Carpenter & Co. will team with RiskGenius to expand the detection and qualitative analysis of silent cyber exposure across various lines of business.
Zurich Insurance Group said it is expanding the rollout of a new marine insurance platform for small and medium cargo, following its successful introduction in selected markets around the world.
The Zurich Swift Insurance Platform provides intuitive, web-based access to insurance that users can tailor to their needs, said the company.
The Zurich Swift Insurance Platform uses automation technologies to allow marine insurance brokers and intermediaries to manage the full policy life cycle for single shipment and annual cargo insurance policies. This includes receiving quotes, checking existing trade & economic sanctions, binding and renewing policies, making mid-term adjustments, and issuing certificates.
The platform was launched in selected markets in 2019, including Spain, Germany, Singapore and Mexico. As a result of the very positive feedback, Zurich plans to make it available in additional countries and regions, including North America, the Nordics and further countries in Latin America later this year.
Reinsurance broker Guy Carpenter & Co. will work with RiskGenius to expand the detection and qualitative analysis of silent cyber exposure across various lines of business.
RiskGenius uses artificial intelligence to evaluate a variety of emerging risks across an entire portfolio of insurance policies. Using RiskGenius, Guy Carpenter is able to test policies to assess silent cyber exposure across insurance products. Clients will be able to develop underwriting strategies and establish silent cyber risk road maps.
The collaboration will also allow Guy Carpenter to populate RiskGenius outputs and deploy exposure signals directly into Guy Carpenter’s existing silent cyber modeling methodology.
Sources: Zurich Insurance Group, Guy Carpenter