Over the years, IT professionals have repeatedly urged people to have strong passwords and enable two-factor authentication to protect themselves from cyber threats. Yet in their August 2021 report on cybercrime, AtlasVPN says people rarely implement what they read.
As a result of the consumer inertia and enhanced sophistication of cyber criminals, AtlasVPN estimates over $25 billion in damages were sustained between 2015 and 2020. These security breaches which involved some of the world’s well-known brands inevitably attract media attention, a spotlight which feeds public concern.
Businesses have spotted an opportunity to meet those consumer demands. Recent headliners include MGAs like Cowbell Cyber and Corvus which raised $20 million and $100 million respectively from venture capitalists to push ahead with their cyber insurance offerings.
While other MGAs, brokers, insurers, and re-insurers discuss adding cyber insurance to their portfolio, consider implementing this offering using PolicyDock’s platform. Here are a few reasons why:
Our technology gives insurers the speed needed to process applications quickly via direct links with digital partners such as cyber security firms and digital ecosystems, removing the need for long winded PDF questionnaires emailed back and forth.
With data at your fingertips, businesses will be able to identify trends such as the types of claims that are being filed. Determine if customers face credential attacks, backdoor malware, vulnerability exploits or others before adjusting policies to meet market demand.
Our configurator and powerful dynamic data model can incorporate 3rd party data services and other types of data from channel and underwriting partners to be incorporated and built-in, creating one system of record that can be updated easily via our APIs. No more grueling time spent manually aggregating and cleaning data.
Our APIs can be integrated with cyber security firms; re-insurers can offer insurance-as-a-service to their insurance partners; insurers to offer an online platform to brokers and direct-to-consumer; MGAs and brokers can integrate with insurer’s APIs to provide a direct-to-consumer platform and retail brokers. In other words, our microservice can be customized for each stage of the cycle.
Our microservices allow for dynamic updating and versioning, meaning as the market changes, you can update the product and change coverages and benefits; older policies will still be on the older product version and newer policies on the later product version.
If you would like to know more about how PolicyDock can be your partner in cyber insurance and insurance innovation, contact us here.
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