Samsung Fire & Marine Insurance collaborates with Cyberwrite
Samsung Fire & Marine Insurance (SFMI) has joined up with cyber insurer Cyberwrite to bolster its cyber insurance underwriting and risk management processes.
The alliance aims to enhance SFMI’s assessment of the probability and financial impact of cyber threats within its insurance portfolio.
Cyberwrite’s expertise in cyber catastrophe modelling and AI-driven analytics was selected for the partnership following an assessment by Samsung Financial C-Lab Outside.
Cyberwrite’s platform is known for its “patented”, AI-based predictive algorithms, which are designed to estimate the repercussions of cyber incidents on entities ranging from small businesses to large-scale conglomerates.
SFMI, with a history dating back to 1952, provides property and casualty insurance products and services, and has approximately 20 offices in 11 countries.
SFMI Casualty & Specialty Underwriting Team Lead Dongjoo Lee said: “We chose Cyberwrite because it empowers both our sales and underwriting teams with on-demand, real-time intelligence and actionable risk insights that drive smarter decisions and faster responses.”
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By GlobalDataCyberwrite CEO Nir Perry stated: “SFMI’s decision to engage with Cyberwrite demonstrates that our platform has set a new bar for underwriters, risk managers and clients who need real-time clarity on emerging cyber threats.
“Our cyber underwriting AI abilities and next-gen catastrophe modelling platform are already used in over 50 countries and eight languages worldwide and can provide data on over 320 million businesses worldwide in real-time. We are honoured to support Samsung’s cyber insurance initiatives with the highest technology innovation and service standards.”
Cyberwrite’s platform has been providing insights into cyber exposure and portfolio risk management across more than 50 countries since 2017.
In March, Howden broadened its engagement with Cyberwrite to refine its proficiency in evaluating cyber risks.
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