Data analytics firm EXL has collaborated with cyber risk specialist CyberCube to jointly develop cyber insurance solutions for the property and casualty (P&C) insurance industry.

The partnership aims to combine EXL’s insurance industry data, analytics and operations management with CyberCube’s cyber risk signals, scores, and analytics to help insurers scale their cyber insurance offerings to meet growing demand.

The firms say that the combined offering will help standardise cyber risk underwriting by creating a single view of risk that can be applied consistently and tracked across the organisation, creating a common framework across pricing, actuarial, reinsurance partners and the CUO. The partnership launch offering will centre on underwriting optimisation leveraging CyberCube’s single-risk product Account Manager.

Raghav Maheshwari, global head of P&C commercial insurance and insurtech at EXL, said: “Cyber is a tough class of business and we are seeing an uptick in both frequency and severity of loss activity. The biggest challenge we see insurers facing in this space is the lack of continuity and consistency in the way cyber risk is measured, tracked and reported.

“By working together with CyberCube, we will create a proprietary view of cyber risk that standardizes how underwriters will evaluate and underwrite cyber risks, simplify the way underwriting teams can ingest data and assess cyber risks, and ultimately provide a support model for cyber underwriters.”

Ross Wirth, head of client account management and technology services at CyberCube, added: “The best insurtech analytics in the world are meaningless if they can’t be integrated seamlessly into the enterprise-wide workflows of the major P&C carriers. Our partnership with EXL is an opportunity for CyberCube to expand support to our clients by developing a customised operating model to best incorporate Account Manager and its scores and signals into their daily workflow in a customisable and repeatable fashion.”

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