Case study: DataStream Cyber Insurance
California-based start-up DataStream Cyber Insurance was born out of a desire to protect small and medium-sized businesses from cyber-attacks. After all, 88% of small business owners polled by the Small Business Administration in the US felt their business was vulnerable to a cyber-attack. Moreover, no company was ever too small to be targeted by hackers and the impact of untargeted attacks i.e. the ‘scattergun’ approach could not be underestimated.
The timing of the company’s launch coincided with the COVID-19 pandemic, a once-in-a-lifetime ‘black swan’ event which jump started digitalization around the world. The big shift in consumer and business behaviour coupled with the unpredictability of the outbreak fast tracked CEO and co-founder Andy Anderson’s plans to make his entire sales and servicing solution digital.
However, there was not one but a few stumbling blocks. Employing an engineering team to integrate their insurance products with the carrier’s outdated technology platform was not a viable option. For starters, the process would take more than six months. Secondly, the cost was prohibitive. Thirdly, no real-time business monitoring was possible.
Having spent close to a decade in cybersecurity and technology roles, Andy knew there had to be better solutions in the market. Andy’s contacts brought him in touch with PolicyDock, an insurtech start-up with AI and machine learning-trained APIs that could digitalize and harmonize insurance data quickly and accurately.
Within two weeks, the insurance products were digitized and securely integrated with the legacy insurer system. And at 90% of the cost. Not only did DataStream Insurance now have a faster, more efficient customer portal for its customers, their staff could spend less time on manual work and more time analysing real time data.
“PolicyDock allowed us to launch our insurance products ahead of schedule and under budget. I was amazed!” said Andy.
For more information, please contact PolicyDock here.