Helvetia & Coinnect Join to Make Cyber Insurance Proactive
As cyber threats become increasingly sophisticated and widespread, the demand for innovative solutions in cyber insurance has never been greater.
Yet, the insurance industry is also struggling to keep insurance viable for many cyber companies, due to the often cascading effect a cyber attack can have on a company and all those it serves.
In response, Helvetia, Switzerland's largest all-lines insurer, has partnered with cyber risk management platform Coinnect to redefine how it approaches cyber insurance underwriting.
Proactive cyber insurance
By integrating Coinnect's technology, Helvetia aims to shift its focus from traditional assessment methods to a more dynamic, data-driven approach.
This collaboration allows Helvetia to monitor and assess cyber risks continuously, positioning it at the forefront of a significant change in the cyber insurance market.
Coinnect’s AI technology provides Helvetia with more sophisticated tools to enhance its underwriting capabilities.
"This partnership underlines Helvetia's commitment to driving innovation in cyber insurance and helping our customers improve their resilience to these threats," says Andrea Genini Helvetia’s Senior Underwriter and Project Manager.
The platform combines cyber intelligence data with advanced AI algorithms to deliver technical risk assessments, giving Helvetia deeper insights into an organisation’s cyber vulnerabilities.
This integration allows Helvetia to replace traditional assessment methods with more precise evaluations based on real-time data and advanced technical parameters.
With these new capabilities, Helvetia can more accurately price policies, tailoring coverage and premiums to reflect each client’s specific risk profile.
This marks a significant advancement in cyber insurance underwriting, as the data-driven approach empowers Helvetia to manage its portfolio’s risk more effectively, supporting a more sustainable business model in an era of heightened cyber threat.
Traditionally, insurers rely on questionnaires and periodic risk assessments.
In contrast, Coinnect’s platform, powered by AI, continuously monitors and evaluates cyber risks, providing real-time insights that can help mitigate vulnerabilities before they become costly issues.
This proactive model not only benefits Helvetia by enhancing the accuracy of its risk assessments but also allows clients to detect and address cyber risks early, potentially reducing the likelihood and impact of security incidents.
Under the new partnership, Helvetia’s clients have access to Coinnect’s cyber risk assessment services, including ongoing vulnerability monitoring and incident response capabilities.
Clients who opt for extended services receive preferential insurance terms, rewarding those who actively engage in risk reduction efforts. This development reflects a trend where insurers are encouraging clients to take a hands-on approach to cyber security.
Expanding insurtech integration
Helvetia’s partnership with Coinnect will open up the AI-powered platform to its over seven million clients across Europe, joining a wave of insurers leveraging technology to improve risk management and underwriting.
“In addition to the undeniable benefits for our customers, the collaboration with Coinnect also helps us to further improve the cyber resilience of Switzerland as a business location and the quality of our portfolio,” says says Andrea.
By moving beyond traditional underwriting and adopting advanced AI-driven tools, the partnership underscores how insurers are taking proactive steps to offer not only insurance, but better security to their clients.
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