Insurtech innovator of the year, CyberCube
CyberCube came out on top in this highly competitive category because the scope of its offering – spanning underwriting, pricing and aggregation modelling – set it above the rest of the field.
As interconnected technologies change the nature of risk in the 21st century, CyberCube says its mission is to enable society to make better decisions about risks to avoid, mitigate or insure.
CyberCube, which only launched in 2018, delivers software-as-a-service for cyber aggregation modelling and individual risk underwriting. The business was incubated at Symantec, a provider of cybersecurity software and services best known for its Norton antivirus products.
The provider claims to give insurers the ability to take insight-driven risk decisions, see trends before they become claims, and tackle complex and important challenges. CyberCube says its platform supports multiple applications to enable re/insurance placement, underwriting decisions and portfolio management optimisation, all powered by cloud-based technology.
The firm's drive to encourage the re/insurance industry to operate in a less siloed way received the judges' praise.
They also liked the holistic nature of CyberCube's offering. For example, the firm claims to have active engagements with a broad range of stakeholders including regulators, ratings agencies, capital markets, security experts and the threat intelligence community.
The judges noted the firm's impressive list of clients. Among the recent sign-ups is re/insurer Hiscox, which has adopted CyberCube's risk analytics software to gather more insight into potential systemic cyber risk.
The judges also felt CyberCube's insurtech innovation credentials were further supported by the fact that in July 2009 it was recognised as one of the World Economic Forum's "Technology Pioneers" for having a significant impact on business and society. Past recipients include Airbnb, Google, Mozilla and Spotify.