Exari Improves Compliance with Cyber Exposure Solution for the Insurance Industry

BOSTON, Nov. 6, 2018 /PRNewswire/ -- Exari, the leading provider of enterprise contract management software, announced today its solution for identifying non-affirmative ("silent") cyber exposure in corporate insurance policies and protecting against unnecessary risk when underwriting new and renewal policies. The solution will reduce risk by identifying unwanted exposures early in the underwriting process and ensuring that the drafting of policies is consistent and compliant.

Without a robust platform for identifying and mitigating risk, the consequences of an insured incurring a cyber breach can cost millions in unnecessary claims and legal fees. Insurance underwriting standards need to ensure that a recognized cyber exclusion wording is included in every policy.

With the Exari solution, insurers benefit from:

• Reducing the time it takes to compare renewal documents against expiring, so ensuring nothing has been accidentally added or deleted.
• Reducing the time it takes to compare renewal documents against expiring, so ensuring nothing has been accidentally added or deleted.
• Protecting against unintentional coverage by including correct endorsements, when drafting quotes and policies and quickly identifying exposure while eliminating current manual, time-consuming processes.

Through its advanced artificial intelligence engine, Exari automatically scans every Market Reform Contract ("slip") to identify missed exclusions and provides a comprehensive list of high-risk policies to help mitigate exposures faster than before. Additionally, Exari's policy creation solution leverages pre-approved templates and a clause library to ensure every quote and policy is drafted in a compliant manner, eliminating rogue policies and unintended risk.  

Exari's proven solution will reveal current exposures, identify discrepancies between renewal and expiring documents as well as generate compliant agreements moving forward. The Exari platform delivers a reliable method for underwriters to protect against the consequences of unintentional cyber exposure buried deep within their portfolio.

"Cyber losses are growing in size and frequency and avoiding unnecessary exposure has become a major issue in the insurance industry," said Martin Kett, VP of Insurance Solutions at Exari. "Our methodology for protecting against non-affirmative cyber exposure ensures compliant policies are being generated and analyzed before a crisis arises."

For more information, please visit us at www.exari.com.

About Exari
Exari delivers the most complete Enterprise Contract Lifecycle Management platform, used every day by market-leading companies to understand all aspects of their contract ecosystem worldwide. With Exari, customers can reduce contract risk and improve operating efficiency with 100% Contract Certainty™. Learn more at www.Exari.com.

Media contact: Dahna Ori, 1-617-938-3777, [email protected]

SOURCE Exari

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