The Unparalleled Innovation of Cyberwrite!
Cyber attacks pose a significant risk to businesses in the digital age. Cyber insurance has become a crucial part of risk management strategies, but finding the right policy can be challenging.
Cyberwrite, an AI cyber insurance firm, offers a unique solution that predicts, quantifies, and mitigates the financial impact of cyber attacks. Their patented 4SEEN™ algorithm uses advanced analytics and artificial intelligence to assess risk levels and potential economic impact on businesses worldwide.
Cyberwrite has gained global recognition for its groundbreaking technology, becoming the go-to resource for leading insurance companies and brokers seeking to streamline cyber insurance sales, underwriting, and risk management. Its platform manages the entire lifecycle of a cyber policy, from customer interaction to reinsurance. Cyberwrite has earned the prestigious honor of being named a Gartner Cool Vendor for its innovative approach to technological advancement.
The company’s CEO and Co-founder, Nir Perry, has been instrumental in driving the company’s success and solidifying its position as a trailblazer in the cyber insurance landscape. Cyberwrite’s transformative solutions not only protect businesses but also foster a safer digital ecosystem, ensuring that individuals and enterprises alike can thrive in an increasingly interconnected world.
Through their unwavering dedication to excellence, Cyberwrite empowers organizations to navigate the complex world of cyber risk with confidence.
Let us delve into their journey!
The Visionary
The CEO and founder of Cyberwrite is Nir, who heads an AI-based cyber insurance firm. The company offers a unique service that predicts, quantifies, and mitigates the financial impact of cyberattacks on businesses. Cyberwrite assists in the purchase of the correct cyber insurance policy through its network of brokers, which spans across 50 states and includes hundreds of agencies and thousands of brokers. The company’s patented risk analysis platform simplifies cyber risk by translating it into easily understandable terms for brokers and business owners.
Established in 2017, Cyberwrite provides more than a quarter of a million cyber risk reports annually and operates in over 20 countries, with products available in six different languages. Nir has an LLB and MBA from the MIP Business School at the Politecnico di Milano in Italy, and he has been working in the cyber risk management industry for over 22 years, consulting with industry leaders such as Allianz and Deutsche Bank for global insurance companies and banks.
Closing the Cyber Security Gap
In 2016, Nir received a phone call from his father, who had been working as an insurance broker for over 50 years. He requested Nir’s help to assist his team in finding ways to increase sales of cyber insurance to small and medium sized businesses (SMBs). The problem was that cyber insurance was a new concept, and neither the brokers nor the customers had enough knowledge on the subject to maximize the opportunity. There was a gap between the brokers and the customers created by the fact that neither party was usually a cyber security expert. Even if they were, collecting and analyzing the vast amount of data was a cumbersome task. During his journey back to the office, Nir realized that while the corporate world had invested millions of dollars annually into cyber security, SMBs were underserved.
This presented a significant opportunity for brokers to monetize. This realization led Nir to create Cyberwrite. Its purpose was to assist brokers in selling more cyber insurance and help businesses obtain suitable cyber policies while reducing their cyber risk. Today, using the platform, brokers can offer risk reports to any business within a few minutes, as well as quote and bind policies from their carrier partners.The need for cyber insurance began to increase at a faster rate in 2016, with a growth rate of about 25% annually.
Cyber insurance is expected to be the single largest insurance opportunity in the foreseeable future. Every business will eventually purchase some form of cyber insurance, as assets and businesses are becoming increasingly dependent on digital technology. Cyberwrite has insured different companies from different sectors, from cupcake factories to large legal firms and construction companies. The trend toward purchasing cyber insurance is growing and is expected to continue.
Moreover, the current technology allows underwriters to make an underwriting decision in real-time based on Cyberwrite’s cyber security findings and AI-driven risk predictions. Additionally, Cyberwrite provides a financial impact analysis to give businesses an indication of the potential damage caused by a breach. Carriers that share Cyberwrite’s reports with their customers have seen lower loss ratios of below 25%, compared to the average of over 56% in the US.
Cyber Attacks and Downtime
With the rise of remote workforces, businesses are increasingly vulnerable to cyber-attacks, ransomware attacks, and downtime, resulting in regulatory fines. Cyberwrite has developed technology that offers cyber risk reports to over 250,000 businesses annually. The technology not only helps businesses understand their cyber risk but also aids in reducing it through the implementation of cyber security measures and acquiring the necessary cyber insurance policies. Unfortunately, small businesses often lack access to effective cybersecurity measures. Its platform enables small businesses to obtain critical data and risk analysis that would otherwise be unavailable. As the remote workforce continues to grow, small businesses are even more exposed, highlighting the need for them to protect themselves through cyber technology and insurance policies. Companies that purchase policies through Cyberwrite’s broker network benefit from ongoing monitoring throughout the policy’s lifespan and real-time alerts if an issue arises. It is essential to prevent a breach from happening whenever feasible, as making a claim can make it difficult to renew the policy, resulting in higher premiums. It should be noted that insurance is not a substitute for protection.
End-to-End Cyber Insurance Experience
Their capabilities go beyond merely gathering data and exhibiting intelligence. They offer a complete insurance experience that interconnects carriers, brokers, and businesses. This results in a more efficient and less risky process for all parties involved. Their platform provides a detailed cyber risk report, a quote, and a quick and straightforward binding process. Additionally, they provide a specialized portal for each insured and continuous monitoring throughout the policy’s lifecycle, preventing cyber breaches. This end-to-end service benefits everyone, including reinsurance companies, who gain full visibility into their book of business and have the ability to make informed decisions aligned with their risk appetite and manage accumulation risk with greater granularity.
Insurtech’s Innovation Dilemma
In the realm of Insurtech, there remains significant potential for innovation. Although a few companies have introduced impressive technologies, a significant number of established Insurtech providers continue to offer outdated and cumbersome solutions. Despite their lack of appeal, it proves challenging to displace these solutions due to ingrained industry practices. However, as history has shown, companies that fail to embrace innovation in their respective fields will ultimately be replaced, with some disappearing altogether. Nir, for instance, still holds onto his old Blockbuster membership card as a reminder of the consequences of failing to innovate in a timely manner.
Customer Satisfaction Takes Center Stage
Cyberwrite prioritizes customer satisfaction by placing them at the center of their operations. They strive for mutually beneficial agreements and continuously work towards enhancing their product’s value proposition. These values are ingrained in the organization, enabling them to deliver top-notch technology and services to their customers and partners. They strongly believe that their clients and partners deserve access to the best solutions available on the market.
