Insurance Underwriting
high impact, value-center
Tags:
Type
3rd-Party
Key Roles
Risk Manager, VP Cyber
Key Feature Aspects:
hyper-scalable, accurate, fair, continuous, rigorous, easy
About this Use Case
LIVING DOCUMENT
Progress Updated Periodically
Cyber insurance providers need accurate, continuous monitoring of policyholders to provide the best rates at the best price. This has become increasingly true since 2019 as ransom attacks have increased worldwide, including among mid market and small to medium sized businesses.
Success Summary
Why BreachRisk™ is a good fit
Similar to that thing you might plug into your car that tells your car insurance company that you are a good driver, insurance needs better actuarial risk insights to provide relevant products in an era of fast and dynamic cyber attackers. We make that a reality with highly automated and cost efficient continuous analysis that is easy for policyholders.
Barriers or misconceptions
One of the oldest industries on the planet, traditional insurance carriers can be hesitant to "be the first one" to try something new. But we are working with key visionaries that see the same possibilities we do. It can also be difficult to navigate the mid and SMB landscape. As a trusted third-party, we've got to be approachable to start, and reliably fair in our assessments. We greatly excel here, too.
Key outcomes
As a policyholder, imagine a world where your cyber insurance premium stopped doubling every term. And where you could get high limits on dangerous ransom events without exclusions that erode your business value. As a carrier, imagine risk pools that are time-relevant to the capabilities of attackers, which helps you deliver a better product at better margins. As a broker, imagine helping policyholders know where they actually stand so that you can connect them with the best fit of products. That's what we see.
Discussion
We currently have initiatives underway in this space. We'll provide more information soon.