Insurity, a provider of cloud-based software for insurance carriers, brokers, and managing general agencies, announced its Sure Underwriting Workbench solution is the first of its cloud-based products now available in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure.
Insurity’s customers and property/casualty carriers with an existing Microsoft Azure Consumption Commitment can now initiate their purchase of Sure Underwriting Workbench through their Azure account.
Sure Underwriting Workbench aims to facilitate collaboration, allowing underwriters to streamline risk assessment and improve decision-making through automation and self-service configuration tools. The low-code, API-enabled solution consolidates all data, documents, and decisions into a single cloud-native workbench.
The Azure Marketplace is an online market for buying and selling cloud solutions certified to run on Azure. It helps connect companies seeking cloud-based solutions with partners who have developed solutions that are ready to use.
Coalition, an active Insurance provider designed to prevent digital risk, released the all-new Active Cyber Risk Model, a framework for understanding cyber risk aggregation that provides an ongoing view into organizations’ cyber risks and identifies preventive measures to protect against new threats.
The model – which simulates how a singular cyber risk event can trigger a chain reaction resulting in substantial economic losses – illustrated the possibility of nearly $30 billion in total insured losses if an aggregated cyber event occurred.
In a simulation modeled against a sampling of 5,000 American companies, Coalition found that a one-in-250-year cyber event could cost more than $370 million in losses. When extrapolated across the entire U.S. economy, a catastrophic cyber event could cost an estimated $29.8 billion in total losses, according to Coalition’s research.
The Active Cyber Risk Model leverages Coalition’s technology platform that actively monitors both the internet and the ever-changing landscape of vulnerabilities and attack vectors across hundreds of thousands of companies.
Coalition monitors the digital technologies and third-party vendors that its policyholders use to inform its model. These shared technology dependencies, which Coalition calls aggregation technologies and vendors, create aggregate cyber risk. Coalition uses its aggregation technologies and vendors data to track and measure the interconnectedness of technologies and identify where cyber risk aggregates. Going forward, Coalition will use its model to determine which companies in its portfolio could be impacted by a cyber event, according to a company press release.
Draftrs, an InsurTech focused on modernizing small business professional liability insurance, announced that it has fully automated all aspects of its professional liability insurance offering.
Partner agents use the automated Draftrs platform to offer their clients instant quotes, billing, and policy binding. During the policy term, insureds and their agents use the Draftrs platform to make instant updates to their policy, issue endorsements, and download certificates of insurance.
Draftrs offers professional liability insurance for design professionals, including architects and engineers. The product is available in 49 states. The company expects to launch additional professional liability insurance products throughout 2023, according to a company press release.
Sources: Insurity, Coalition, Draftrs