Verisk (Nasdaq:VRSK), a leading data and analytics company, announced today that Nationwide has joined the Verisk Cyber Data Exchange as part of a growing effort across the insurance industry to gain new insights into the rapidly changing world of cyber risk.
By joining the Verisk Cyber Data Exchange, Nationwide will contribute premium and loss records to an expanding pool of aggregated, anonymized insurance data from participating cyber insurers around the world. In return, Nationwide will obtain access to an interactive platform powered by the Exchange and be able to use its robust analytics to better manage risks, develop products, build models, and guide strategic planning.
“Understanding industry-wide cyber exposure and developing insights into pricing and loss trends is a major challenge in today’s dynamic cyber risk landscape,” said Catherine Rudow, Nationwide’s E&S/Specialty vice president of cyber insurance. “Joining the Verisk Cyber Data Exchange will improve our access to critical cyber insurance data and risk information, enabling us to deliver more robust cyber protections and further expand our leading risk solutions for consumers and businesses of all sizes.”
“Improving the collective understanding of cyber risk is a critical step toward building a thriving marketplace for cyber insurance coverages that ultimately protect consumers and businesses alike,” said Prashant Pai, vice president and general manager, Verisk Cyber Solutions. “With leading insurers like Nationwide participating in this important initiative, we can provide one-of-a-kind market intelligence to insurers looking to provide or enhance their cyber risk solutions.”
The Cyber Data Exchange is a part of Verisk’s Cyber Solutions Suite, an end-to-end ecosystem that can help insurers and reinsurers more quickly deliver new cyber programs or enhance existing solutions. Powered by data on more than 100 million organizations worldwide, the suite provides a wide range of products and services, including a pricing, underwriting, and distribution platform; advisory policy language and loss costs; an applicant analytics and scoring solution; a portfolio visualization engine; and aggregation management modeling for cyber risk.
Source: Globe Newswire
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