Envelop Risk Announces Launch of Cyber Insurance Underwriting Firm
April 16, 2018 --
Intelligent next gen cyber insurance products propelled by Envelop's advanced data analytics
Envelop Risk, a global specialty cyber insurance analytics and underwriting firm, announced the launch of its business at the RSA Conference in San Francisco. Envelop Risk provides cyber underwriting to insurers and reinsurers; and partners with cyber security firms to deliver custom cyber insurance products for their customers.
With unique insight into cyber risk driven by a proprietary, artificial intelligence-based simulation model, Envelop provides customers with greater economic value through more-accurate policy and portfolio pricing with increased access to capital markets, while reducing overall risk exposure. Envelop Risk's founding management team combines decades of insurance industry expertise with sophisticated cyber software and artificial intelligence-based analytics.
CEO Jonathan Spry stated, "We are excited to launch new insurance offerings that address gaps in the rapidly-growing and increasingly complex world of cyber insurance. Our innovative, proprietary technology allows us to better determine risk and therefore price accurately. With the close of an initial seed funding round, we are in a position to expand and build upon our extraordinary team."
Envelop was founded on the belief that the security of information systems is critical for ensuring economic progress. Leveraging the collective knowledge and experience of its founders, Envelop's proprietary model addresses the complexity of cyber risk by combining artificial intelligence; security analytics; intelligence gathering; economic, financial, and behavioral analysis; and modelling and simulation. Envelop applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cyber security.
The company also announced that Dr. Ray O. Johnson (QxBranch), former Senior Vice President and Chief Technology Officer of the Lockheed Martin Corporation has joined the Board of Directors with existing members Jinesh Patel (QxBranch, Dymon Asia Ventures) and Nicolai Hansen (New Nordic Advisors).
Dr. Johnson, the newest member of Envelop's Board, commented, "Coming from Lockheed Martin, I recognize that cybersecurity represents one of the greatest threats facing our global economy, private corporations, and national sovereignty. Envelop's augmented intelligence approach not only changes the game in risk factor analysis, it provides a more complete solution for pricing and providing insurance policy protection through our partners."