Aon Selects Kovrr to Enhance Cyber Risk Quantification, Aggregation Management

Kovrr’s technology lets Aon factor cyber risk quantification and analyze reinsurance treaties, fully integrated into its ReMetrica Capital Modeling software.

(Image source: Aon homepage.)

Aon plc (London), a global professional services firm providing professional services range of insurance and other financial risk-mitigation products, has adopted  Kovrr’s (Tel Aviv) impact-based modeling framework and Portfolio Exposure Management solution to analyze insurance portfolios and reinsurance treaties. The tools also help to improve cyber risk quantification within Aon’s capital models, offering direct integration to the firm’s ReMetrica capital modeling software.

Jon Laux, Head of Cyber Analytics, Reinsurance Solutions, Aon.

“The cyber insurance sector faces a challenging time, characterised by generally high rate increases and ransomware claims,” comments Jon Laux, Head of Cyber Analytics, Reinsurance Solutions, Aon. “A robust impact-based modeling framework is key for assessing future events, and so we are excited to partner with Kovrr and leverage its proprietary view of cyber risk within our ReMetrica dynamic financial analysis [DFA] tool with the aim of helping our clients manage volatility and make better business decisions.”

Kovrr describes its portfolio exposure management solution as empowering (re)insurers to better assess pricing strategy, meet compliance requirements, validate or modify underwriting guidelines, inform risk transfer strategies and free up capital by improving reserve management. The solution is based on an extensive analysis of the characteristics of historical cyber risk events including triggers, propagation and impact, according to the vendor.

Nuanced, Sophisticated Insights

“We are thrilled to join forces with a market leader like Aon and tackle the growing importance of managing cyber risk accumulations and pricing,” comments Yakir Golan, CEO of Kovrr. “Our unique approach to cyber risk modeling provides Aon with nuanced and sophisticated insights that will enhance their services to their clients and help them navigate this challenging cyber landscape.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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