Cyberwrite on REDY: Helping Clients Understand & Quantify Cyber Risks
CRC Group has partnered with Cyberwrite to layer their technology into the REDY platform, enabling brokers and agents to better quantify the financial impact of cyberattacks for their clients and help companies optimize cybersecurity and insurance decisions.
The Problem
Companies around the globe rely on websites, computer systems, and digital connections to do business. While organizations may have varying degrees of digital presence, every business is exposed to cybersecurity risks that can result in devastating financial loss. Unfortunately, many companies struggle with understanding, quantifying, and mitigating their cyber exposure. Over 40% of businesses surveyed in a recent Hanover Cyber Risk Report indicated they had no cyber insurance or limits of $1M or less — which may not adequately cover the cost of a cyberattack.
It can be difficult to close the cyber coverage deal because many organizations still don't understand their need for cyber insurance. The tools available to quantify risk often generate complex, difficult-to-understand reports. Lengthy applications can also inspire clients to avoid seeking coverage.
What is Cyberwrite?
Seeing an opportunity to make it easier for clients to know how much coverage to buy and why, a group of former Accenture, RSA, and insurance industry veterans founded Cyberwrite in 2017. Cyberwrite is a trailblazer in cyber risk quantification, aimed at empowering companies in addressing cyber exposure.
CyberProfile™, an award-winning, proprietary AI risk quantification algorithm responsible for generating the reports, helps address the cyber exposure knowledge gap by succinctly summarizing each client's unique risks.
"From a client perspective Cyberwrite provides very informative, actionable intelligence. It also benefits carriers because clients have more information about how to reduce risk and avoid a claim. Additionally, underwriters can better underwrite cyber coverage because of this kind of information mapping." — Tyler O'Connor, CRC broker and cyber risk specialist
The REDY Integration
Through the REDY platform integration, CRC brokers and agents can now instantly generate a Cyberwrite risk assessment for any client — delivering a one-page risk summary, financial impact assessment, underwriting recommendations, and risk reduction guidance. The integration enables brokers to have more confident, data-backed client conversations and helps carriers better underwrite cyber exposure across the CRC book of business.