HOLON, Israel, June 12, 2019 /PRNewswire/
-- Sapiens International Corporation, (NASDAQ:
SPNS) (TASE: SPNS), a leading global provider of software
solutions for the insurance industry, today announced it has
expanded its growing ecosystem by partnering with Kovrr, a
predictive cyber risk modeling firm, as part of Sapiens' strategy
to maximise its open-API architecture and make innovative
third-party and insuretech solutions available to its
customers.
Kovrr's predictive cyber risk modeling platform delivers
transparent, real-time, data-driven insights to global insurers and
reinsurers regarding their affirmative and non-affirmative single,
accumulated and catastrophic cyber risk exposures.
Non-affirmative (silent) cyber risk occurs when insurance
policies do not explicitly factor cyber risk. This creates
potential exposure for a cyber event to "silently" trigger policy
losses through a large-scale, catastrophic cyber event.
After previously setting out expectations for insurers on the
prudent management of cyber underwriting risk in its "Supervisory
Statement SS4/17: Cyber Insurance Underwriting Risk" communication,
the Bank of England's Prudential
Regulation Authority (PRA) followed up by publicising the
results of an insurer survey. Insurers were instructed by the PRA
to reduce the unintended exposure to non-affirmative cyber
risk.
To help its clients meet these new requirements and develop the
requested action plans, Sapiens will offer its relevant solutions,
including Sapiens IDITSuite for Property & Casualty, with
Kovrr's industry-leading cyber risk modeling platform. This will
empower (re)insurer underwriters, exposure managers and catastrophe
modelers to meet the PRA's new standards.
The platform provides insurance professionals with loss
predictions based on diverse cyber risk scenarios that can affect
businesses within an insurer's portfolio, or companies they wish to
insure. Insurers can make decisions about coverages and pricing,
and ensure decisions are aligned with their risk appetite, via
tools to manage their cyber risk accumulations.
"Today's insurers are increasingly exposed to cyber risk," said
Yakir Golan, CEO, Kovrr. "Cyber risk
now affects all lines of insurance. Potentially catastrophic events
– such as an oil tanker or cargo ship crashing after its navigation
system was hacked, or the national electricity grid becoming
compromised – may lead to numerous cyber-triggered insurance
claims. The Kovrr-Sapiens partnership will help existing and
potential Sapiens customers obtain real visibility into the full
spectrum of cyber risk they face, as well as helping them comply
with the PRA's requirements, both now and in the future."
"Sapiens is proud of our expansive network of partnerships and
we view it as a strategic imperative to constantly search for the
latest innovations," said Roni
Al-Dor, Sapiens president and CEO. "Cyber risk is a crucial
issue for insurers and this partnership will help them better
protect themselves and their customers."
About Kovrr
Kovrr is a predictive cyber risk modeling company whose platform
delivers transparent, real-time data-driven insights to global
(re)insurers regarding their affirmative and non-affirmative
single, accumulated and catastrophic cyber risk exposures. The
Kovrr platform is designed to help underwriters, exposure managers
and catastrophe modelers understand, quantify and manage cyber risk
at scale, by utilizing AI-powered predictive risk models that
evolve in real-time to continuously reflect new cyber threats.
For more information: www.kovrr.com.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property and casualty,
life, pension and annuity, reinsurance, financial and
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 450
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com
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SOURCE Sapiens International Corporation