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Corax announces new customer: QBE

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Corax provides data and analytics to QBE

London - 16th October 2019 - Corax, the world’s leading and largest source of cyber exposure data and loss analytics for insurance, is pleased to announce its newest customer QBE European Operations. QBE will use the Corax platform to underwrite and manage cyber risk exposure with increased accuracy.

CEO of Corax, Jonathan Pope, said “Carriers want more transparency, they are increasingly looking for the depth of data on individual organisations and the granularity that Corax specialises in. Our rich data foundation is the world's largest detailed unique dataset of companies modelled for cyber and we’re delighted that QBE has chosen us as the cutting edge vendor of detailed cyber data and analytics”.

Erica Constance, Cyber Portfolio Manager at QBE adds “In the nascent cyber market we value data sources that supplement our underwriting. The Corax platform helps us assess the overall exposure of a risk to the QBE portfolio and enables us to provide a more stable and consistent product to our customers.”

Corax has experienced rapid market adoption since becoming commercially available to the insurance industry in late 2017. It now has over 200 users worldwide, including reinsurers, insurers, MGAs, wholesale and retail brokers.

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MORE ABOUT CORAX
Corax is a cyber risk modelling and prediction platform which leverages its proprietary data on the security and technology resilience of more than 10 million interconnected companies to provide faster and more accurate benchmarking, predictions and expected loss costs of cyber events to individual and groups of companies worldwide. By using predictive cyber models that are validated by the insurance industry and driven by the most extensive data available, Corax is a leading provider of financial and probabilistic quantification of cyber risk at micro and macro economic levels and in identifying potential ‘points of failure’ in services, service providers and service locations across portfolios and across the internet.

Corax is used by (re)insurance carriers to accurately underwrite and manage cyber risk exposure, and by insurance brokers and agents to provide clients with precise cyber risk assessment and cover recommendations. Corax also unlocks value in cyber for insurers, brokers and information security consultancies seeking targeted B2B lead generation. Corax supports a wide range of other business challenges requiring cyber insights, such as cyber risk management, compliance and third party assessment, investment due diligence and corporate credit rating.

Corax is the leading and largest source of cyber exposure data and predicted loss costs of breach and network outage events. Corax’s rich data foundation is created through expert selection, ingestion and analysis of third party datasets, including threat intelligence, internet performance data and loss data, and using proprietary automated discovery tools that identify detailed characteristics of the technology and security environment on individual companies and their interconnections with other companies. Modelled data is developed within a proprietary AI probabilistic engine to predict the expected cost of data compromise and IT disruption with unprecedented accuracy.

Founded in 2014 in London and San Francisco to be at the heart of insurance and technology, Corax has grown to over 200 users worldwide since being commercially available to the insurance industry in late 2017. To find out more about the Corax platform please visit coraxcyber.com.

About QBE
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018, was US$13.7 billion.

As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.

We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.