Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a partnership with CyberCube, a global provider of advanced solutions for cyber insurance risk modeling, rating and underwriting. The partnership will accelerate the use of expanded sources of data, signals, and models to support the growing demand of cyber (re)insurance in the market across various stakeholders. CyberCube will be creating a marketplace application that will be available in the Majesco EcoExchange to be used dynamically with Majesco’s Policy for P&C.
“The partnership with CyberCube brings together two leading solutions to meet the growing complexity and demands of cyber (re)insurance which is seeing increased market demand and profitability challenges,” stated Ed Ossie, Chief Operating Officer of Majesco. “The combined innovative capabilities and access within our EcoExchange makes it available to anyone immediately, creating speed and agility to adapt to the changing cyber insurance market. We look forward to an exciting partnership that delivers market-leading capabilities for all our customers focused on the cyber line of business.”
Together, the market-leading platforms provide an on-demand Software as a Service (SaaS) solution using CyberCube’s platform and Majesco’s Policy for P&C to integrate expanded sources of data, signals and models during the risk modeling, rating, and underwriting process for cyber insurance. It will also be utilized for cyber risks bundled with other offerings such as Business Owner’s Policy (BOP).
Ross Wirth, CyberCube’s Head of Client Account Management and Technology Services, said: “Carriers using Majesco’s platform can quickly enhance their cyber practices and enable CyberCube’s risk scoring analysis to triage their underwriting workflows and identify high-risk accounts. This partnership puts critical information into the hands of the underwriter at the point of decision, in an evolving market and threat landscape.”
Majesco’s recent SMB research reflects how SMBs have rapidly adapted to new business strategies and digital models, creating an increased need for cyber insurance with over 85% indicating a need for automated monitoring and alerts to potential security incidents.