Helvetia Taps Coinnect to Boost Cybersecurity Underwriting
Helvetia, Switzerland’s leading all-lines insurer, has partnered with cyber risk management platform Coinnect to strengthen its cyber insurance underwriting process and expand its risk assessment capabilities in response to growing cyber threats in the European market.
The collaboration, set to launch by the end of 2024, will see Helvetia Switzerland implement Coinnect’s cyber insurance platform to evaluate cyber risks for both existing clients and prospective customers. Coinnect’s platform combines cyber intelligence data with artificial intelligence to generate technical risk assessments, a process that has become central to modern cyber insurance underwriting.
Risk assessment integration
Under the partnership, Helvetia will provide complementary vulnerability assessments to clients, marking a shift towards more data-driven underwriting in the cyber insurance sector. The platform will supplement Helvetia's existing underwriting frameworks with additional technical parameters, enabling more precise risk evaluation.
The integration comes at a time when cyber insurance providers are seeking more sophisticated ways to assess and price risk, moving away from traditional questionnaire-based assessments towards real-time monitoring and data-driven analysis.
Andrea Genini, Senior Underwriter and project manager at Helvetia, says: "This partnership underlines Helvetia's commitment to driving innovation in cyber insurance and helping our customers improve their resilience to these threats."
Client benefits and monitoring
The arrangement enables Helvetia's clients to access Coinnect's cyber risk assessment services, which include continuous monitoring capabilities. Clients who opt for Coinnect's extended services will receive preferential insurance terms, reflecting the reduced risk profile associated with active monitoring.
Clients using the platform can identify potential security vulnerabilities before they become significant issues. The system provides ongoing assessment of cyber risks, allowing organisations to adapt their security measures in response to emerging threats.
The partnership represents a shift in the cyber insurance market, where insurers increasingly focus on prevention and continuous risk assessment rather than purely providing cover for incidents after they occur.
Technology and implementation
Coinnect's platform utilises AI to analyse cyber threats and vulnerabilities across an organisation's digital infrastructure. The technology monitors both internal systems and third-party vendors, providing a comprehensive view of potential cyber risks.
The platform includes incident response capabilities, designed to support organisations during cyber attacks, including ransomware incidents. This integration allows Helvetia to offer clients both preventative measures and response support through a single platform.
Massimiliano Rijllo, CEO of Coinnect, says: “Our platform will provide Helvetia’s customers with better cyber risk assessment, AI and mitigation capabilities. We look forward to continuing to work together to bring this innovative platform to the Swiss market.”
Integration of insurtech technologies into insurance operations
Helvetia, which manages CHF 11.3 billion in business volume and reported IFRS net income of CHF 301.3 million in 2023, operates across Switzerland, Spain and the German, Italian and Austrian markets. The group serves 7.2 million customers and employs 13,800 staff.
The insurer’s move reflects broader industry trends towards integration of insurtech solutions in traditional insurance operations. Cyber insurance providers are increasingly partnering with technology firms to enhance their underwriting capabilities and provide additional services to clients.
Coinnect specialises in cyber risk control technology for insurers, managed service providers, enterprises and government organisations. The company's platform incorporates AI for risk assessment and provides incident response services for cyber attacks, including ransomware incidents.
This type of partnership between insurers and technology providers represents an evolution in the cyber insurance market, where the line between insurance provision and risk management services continues to blur.
Andrea Genini adds: “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.”
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