InsurTech Paladin Cyber: Industry-leader Verisk offers best pathway to success for breakthrough insurance solutionBy Josh Riley | November 14, 2018
Although the disruptive nature of many insurtech startups often has led them to seek alternative routes to market, Paladin Cyber has found a distinctive template that effectively builds its new solution on a solid foundation.
ISO forms create solid foundation
Its comprehensive cyber-risk management program for small- and mid-sized businesses combines new advances in cyber security, pre-breach system protection, and incident response services with an innovative insurance solution that’s built on the solid foundation of standardized ISO forms from Verisk.
Faster to market
Using an industry-leading platform, such as Verisk, enabled Paladin Cyber to streamline the underwriting process and accelerate the roll-out of its new cyber-risk insurance policy. The standardized language of the ISO cyber-risk insurance form offers underwriters a comfort level with respect to the coverage they’re providing and helps Paladin to deliver contract certainty sought by agents, brokers and their insurance buying clients.
Further, because the ISO cyber forms have already been subject to regulatory review in many jurisdictions, Paladin Cyber and Boost, its MGA, were able to fast-track the product launch by eliminating the otherwise arduous process of creating new policy forms on their own.
Reinvigorating insurance industry
Quality relationships make a difference. While there’s certainly a place for disruption in property/casualty insurance – and many insurtechs have found opportunities to reinvigorate the industry with alternative approaches – aligning with an industry leader, such as Verisk, can help expedite Paladin’s development of new solutions as well as help increase Verisk’s industry presence and enhance their marketability.
In rolling out its new cyber insurance solution, Paladin Cyber is also following another industry best practice, which is to offer the product through a growing network of partner insurance agencies and brokerages. We recognize that cyber can no longer be considered a specialty risk, but is rather an enterprise exposure that affects all businesses.
Agent/broker confidence. As the team at Paladin Cyber continues to build relationships and expand the distribution of targeted new solutions for small and mid-sized businesses, they understand the value Verisk brings with its robust suite of ISO Cyber forms. Indeed, property/casualty agents and brokers throughout the country that participate with ISO can have the added confidence in our new cyber insurance solution because it includes ISO Cyber policy form wording.
Cyber risk: The new normal
At the same time, the ISO wording helps to validate that cyber is now is a widely recognized exposure, which businesses of all sizes and in every sector need to evaluate – ideally with the assistance of their insurance advisors – and determine their needs for related protection, including insurance.
This article initially appeared on the Paladin Cyber blog and is republished with permission.
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