Insurance + advanced analytics

Paul Guthrie, CTO Envelop Risk

Envelop started with a simple premise – build a new kind of insurance firm that embraces advanced data analytics and uses advanced modeling capabilities to build the next generation of insurance products. The idea is simple, but it is as much an exercise in cross-cultural communication as it is in complex technology development.

When we became interested in cyber insurance, my company QxBranch Inc, co-founded with aerospace / defense and finance professionals in 2014, was building artificial intelligence and quantum computing software systems for some of the largest banks in the world. We saw the transformational power these technologies could bring in asset pricing and operational efficiencies. Cyber insurance was particularly interesting because it sat at the intersections of the defense and finance world, was a critical risk that threatens contemporary economic activity to its core, and; required bridges to be built between different business cultures.

We were also attracted to the massive technical challenge. Cyber risk is a complex, adaptive, fundamentally human system. It can change overnight when vulnerabilities are revealed, or new software-based hacking tools disseminated. Economic incentives drive behavior, and cutting-edge technologies are deployed on both sides. This is an interdisciplinary problem. We’ve chosen to model the entire ecosystem as a complex, almost biological system, using simulation and modeling approaches enabled by artificial intelligence tools.

Our overall business approach stems from our desire to build a company from within the insurance industry, to find niches and blockages within the insurance ecosystem, and enable true value creation for both insurance providers and their clients. This vision has helped us attract extraordinary technical, executive and underwriting talent to our team, and partners to execute our go-to-market strategy.

We look forward to working with you to build the next generation of cyber insurance!