Cyber insurance is under pressure to evolve as threats grow more complex and frequent. The U.S. Federal Bureau of Investigation reported that damages from cybercrime exceeded $16 billion USD in 2024, marking a 33% increase from 2023.
In a recent feature, Risk.net explored how Evalueserve is helping insurers meet this challenge by deploying generative AI and probabilistic modeling to streamline cyber underwriting and improve risk assessment.
Traditional underwriting was slow and manual, often taking over a week to complete. Evalueserve’s gen AI-powered platform helped a specialty excess insurer reduce that time to minutes by automating data extraction and analysis. The system processes both structured and unstructured data, including PDFs, spreadsheets, and questionnaires, enabling faster and more consistent decision-making.
Three Strategic Lessons from Evalueserve’s Partnership
Anna Slodka-Turner, Global Leader for Risk and Quant Solutions at Evalueserve, shared several key insights from this partnership:
1. Building Investor Confidence is Key
Evalueserve partnered with a specialty excess insurer whose investors were initially skeptical about the viability of cyber insurance. The firm needed a more scientific, scalable approach to cyber underwriting that could demonstrate credibility. Anna explained how Evalueserve’s solution helped the insurer quantify risk more rigorously, giving investors greater confidence in the business model.
2. Importance of Balancing AI with Human Oversight
While the platform automates much of the heavy lifting, Anna emphasized that human underwriters remain in control. The system includes safeguards to prevent over-reliance on AI, with certain sensitive questions deliberately excluded from automation. This ensures decisions are informed by both data and domain expertise, with a full audit trail for transparency.
3. Adaptability Beyond Cyber Insurance
Although designed for cyber underwriting, the platform’s core framework is adaptable to other insurance lines and financial services applications. Anna noted that a banking client immediately saw its relevance for IFRS 9 staging, highlighting the broader potential of gen AI in risk management.
Ready to explore how gen AI can transform your underwriting?
Evalueserve’s approach is already helping insurers and financial institutions make smarter, faster, and more scalable decisions. If you're curious about how this solution could apply to your business, talk to an expert today and discover what’s possible.
