SOURCE: Oceanwide, Inc.

Oceanwide, Inc.

June 08, 2015 12:30 ET

Oceanwide Announces Availability of Cyber Risk Assessment Tool

Insurance Companies Can Now Easily Identify High-Risk Processes, Policies, Systems and Third-Party Provider Relationships in Order to Better Mitigate Intrusions and Data Breaches

MONTREAL, QC--(Marketwired - Jun 8, 2015) -  Oceanwide, an Insurity company and a developer of industry-leading, completely configurable, SaaS insurance software, is pleased to announce the availability of the company's new Cyber Risk Assessment Tool, which will help insurers identify and mitigate company-specific risks to data and privacy. 

"With cyber risk on the rise and insurance data increasingly targeted, insurers obviously need to be able to assess the cyber vulnerabilities of clients," said Mark Orosz, CSO/CIO for Oceanwide. "Oceanwide's comprehensive Cyber Risk Assessment Tool can be easily integrated into an insurer's rating and policy issuance process to provide the insight needed."

Oceanwide's Cyber Risk Assessment Tool is web-based solution which can be customized to accommodate country-specific regulatory standards and language requirements to make it easier for insurers improve cybersecurity posture in real-time. Leveraging Oceanwide Bridge®, the company's highly-configurable insurance processing solution, insurance companies can effectively assess any insured's critical vulnerabilities and exposures to cyber-attacks via a clear, comprehensive executive summary presented after the initial assessment.

"As new coverages such as cyber risk are introduced to the market, there need to be continuing ways for assessing the exposure presented," said Karen Furtado, partner for Strategy Meets Action (SMA). "A tool such as Oceanwide's Cyber Risk Assessment tool can present the insights needed to accurately assess the risk."

Oceanwide Bridge is a SaaS-based, core administration (policy, billing and claims) suite specifically designed to streamline processing for property and casualty (P&C) insurers, brokers, and MGAs. Easily configured by business users and featuring an intuitive user interface (UI), Oceanwide Bridge modules easily handle rating, document/policy production, workflow management, and reporting and analytics, as well as agent and consumer portal functionality. Oceanwide Bridge enables a high degree of security and self-sufficiency, and features support for insurers doing business globally, including multi-lingual and multi-currency transactions.

About Oceanwide
Oceanwide, an Insurity company, delivers SaaS core processing solutions to property and casualty (P&C) insurers of all sizes to enable faster reactions to market changes, easy configuration and management of new and existing products for increased speed and lower costs across all lines of business, virtually eliminating professional service fees. Web-enabled and fully-configurable by end users without custom programming, Oceanwide's insurance software solutions automate core administration (policy, billing, and claims), as well as underwriting, document generation, agent/consumer portals and reporting. Globally, Oceanwide's software fills gaps in existing legacy systems and provides a modern, end-to-end solution for insurers. For additional information, please visit the Oceanwide website at www.oceanwide.com, or call (888) 289-7744.

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