ISARR launches new risk management tool CORTEX
ISARR, which develops intelligence and operational technology for security, risk and resilience, has launched CORTEX, its intelligence infrastructure for geopolitical and security risk, at Lloyd's of London. Developed through the Lloyd's Lab, it is available now.
Around 100 guests from across the Lloyd's market and the wider risk community attended the launch in the Old Library, including underwriters, brokers, and security, risk, resilience, data and technology leaders. The programme opened with a discussion of the current geopolitical and security environment, led by David Miller OBE, a former senior official at the Foreign, Commonwealth and Development Office (FCDO). This was followed by live demonstrations of CORTEX and a Q&A session.
CORTEX delivers an evidenced intelligence picture that helps organisations understand what is happening and how it may affect the places, assets and operations that matter to them. It combines intelligence on geopolitical and security developments, disruptive incidents and natural hazards with hundreds of contextual and reference datasets, and can produce in minutes an intelligence baseline that might otherwise take a team of analysts days or weeks to assemble. Each new baseline is compared with the last, showing what has materially changed and whether a change is real or the result of new source coverage.
Typical uses include:
• Underwriters and brokers: examining the evidence behind a risk before placing it or committing capacity, and seeing what has materially changed since the last review.
• Corporate security and resilience teams: monitoring developments affecting their people, sites and supply chains, and recognising when a change calls for a review of plans or a response.
• Risk consultancies: building an evidenced picture of a client's location or area of interest in minutes, leaving analysts more time for the assessment and advice.
Nick Beale, founder and chief executive of ISARR, said: "Launching CORTEX at Lloyd's, where it was developed, mattered to us. Whether people in the room underwrite risk, advise on it or manage it, they were asking the same questions: what is happening, what has changed, and what does it mean for us? CORTEX is built to answer them with evidence people can examine, while interpretation and judgement stay with the professionals whose decision it is."
Rosie Denée, director of innovation and commercial education, Lloyd's, said: "It’s great to see ISARR build on its time in Cohort 15 and bring CORTEX to the Lloyd’s market. Geopolitical and security risks are evolving quickly, and giving organisations, brokers and underwriters better intelligence to understand those changes is increasingly important. ISARR’s progress is a good example of what the Lloyd’s Lab is designed to do: bring innovators and market expertise together to test and develop solutions against real-world challenges, building the evidence and confidence needed to move them towards adoption.”
Did you get value from this story? Sign up to our free newsletters and get stories like this sent straight to your inbox.
