Relm to leverage sophisticated technology platforms
Relm Insurance Ltd, the Bermudian-based specialty insurance carrier serving emerging industries, has inked a strategic partnership with cyber-risk analytics firm CyberCube to bolster its cyber underwriting business with advanced analytics, artificial intelligence and advanced risk modelling and assessment capabilities.
Launched in 2019 as the first commercial insurer licensed under the Bermuda Monetary Authority’s “innovative insurer general business” (Class IIGB) regulatory framework, Relm partners with a global distribution network of brokers to develop insurance solutions for businesses and institutions operating at the forefront of emerging industries, with a focus on digital assets/Web3.0, cannabis and psychedelics.
Relm said it will leverage CyberCube’s sophisticated technology platforms, including account manager and portfolio manager, to enhance underwriting decision-making with industry-specific threat risk scores, financial loss frameworks, and real-time data and insights.
Donavan Burgess, Relm senior vice-president – digital assets, cyber & professional lines, said: “The advent of crypto currency and the utilisation of blockchain technology have created a new set of cyber exposures.
“CyberCube’s mix of data, actionable insights, team of experts and footprint across the insurance value chain will provide us with the best springboard to grow our business over the coming years.”
Sean Omar, CyberCube’s sales manager – Americas, said: “This partnership with Relm demonstrates we are continuing to broaden our reach within other, non-traditional insurance markets.
“It will allow us to further demonstrate that our data accuracy, methodology and expert personnel can be utilised effectively to help create a profitable framework, regardless of industry.
“By licensing our products, Relm finds itself in a position for rapid success as it rolls out more in-depth risk selection protocols.”
Portfolio manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and underwriting teams.
It also allows stress testing of portfolios of insurance risk so that loss drivers and areas of accumulation risk can be identified.
Account manager is designed for risk carriers and is used by leading companies across the insurance ecosystem.
It enables underwriters to make efficient, data-driven risk selection decisions.