City of Columbia
Follow Us
ITA MEMBERSHIP

RISK / SECURITY

RISK / SECURITY

ISO Launches Cyber Program with Enhanced Rating, Coverage Options

Staff Writer | July 13, 2017

ISO announces the launch of a cyber insurance program with enhanced rating variables and coverage options designed to help insurers respond to the rapidly changing world of cyber risk.

The ISO program features advisory loss costs using 17 different rating variables-more than three times the number of variables typically used today-that can help insurers underwrite diverse cyber risks across industries with greater precision.

The ISO advisory rating plan-developed using predictive analytics applied to more than 32,000 historical cases-can help insurers refine pricing by incorporating risk factors that are often overlooked, including years in business and revenue per employee, and by providing cyber-specific rating factors for best practices, such as data encryption and employee training.

To help insurers meet the needs of the growing market, the ISO cyber program features new coverage solutions for small- and midsize businesses—often the most vulnerable to cyber-attacks—as well as coverages for large commercial enterprises, government and nonprofit organizations, and financial services and media companies. The ISO solutions are flexible, enabling insurers to tailor coverages, limits, waiting periods, and deductibles to their individual insureds.

"Many insurers are unequipped to deal with the increasing frequency, complexity, and severity of cyber claims. They don't have the rating information and policy language needed to serve the diverse cyber insurance market," says Maroun Mourad, president of ISO Commercial Lines. "Our cyber insurance program features advisory loss costs and a comprehensive set of rating variables to enable unprecedented levels of detail in primary and excess pricing. Our flexible coverage solutions are aimed to help insurers protect businesses from the rapidly changing world of cyber risk in a timely, insightful, and operationally efficient manner."   


Featured articles

MT RHS Rotating 4 10 2018

Hyland RHS 9 7 2018

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

ITA LIVE 2019

The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.

ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.

Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News