Resilience Raises Bar on Cyber Insurance Innovation

Resilience, a market leader in cyber security and insurance solutions, announced the launch a new process for producing modular policies. It is the first to adopt modularity in cyber insurance. Resilience is now able to issue flexible and impactful insurance policies to meet the changing demands of cyber risk.

Unlike traditional cyber insurance policies, which are complicated and difficult to amend, modularity lets brokers present tailored policies with negotiated coverages specific to a client’s exposure. Customizing coverages in a traditional cyber policy requires either full redrafting or endorsements that make it hard to understand what the policy actually covers.

Because amendments cannot be made without complex endorsements, it can take days to make changes. This leaves many insureds with outmoded policies that don’t protect them from the risks they’re worried about today.

Modularity allows policy amendments to be made immediately and reflect the policy. This allows brokers to create broker-specific versions, which are both endorsement-free and can be amended easily. Clear language, fewer pages, tracked changes.

“Cyber risk is complex and can be complicated, but the policy document doesn’t need to be. This modular policy provides not only clarity for the insured who is reading the policy, but contract certainty for our brokers and their clients in the ever-changing cyber risk environment,”  Sam Lisi, Product Director at Resilience.

Resilience’s process for modularity includes three critical layers:

  1. Smart Assembly of Policy Content – Based on the underwriter’s insuring agreement selections, only the content that is relevant will be added to the policy. Resilience can continuously add new insuring arrangements to meet changing market conditions, without having to revise or amend existing endorsements.
  2. Amendments to the In-line Policy – This layer allows the underwriter to make selections from a pool of existing amendments without suffering through confusion or bulk that comes with higher volumes of amendatory endorsements. Resilience’s pool of in-line policy amendments can be expanded easily and endlessly.
  3. Dynamic Text Fields – Dynamic fields are essentially open text fields that can be populated with a variety of inputs. They are amended with such frequency that it’s more sensible to leave them open for underwriter input, rather than hardcoded with fixed options that are likely insufficient.

“Every risk is unique. Our modular policy streamlines the process for brokers and their clients, allowing for a clear, easy-to-read policy document,” commented CJ Pruzinsky, Resilience’s Chief Underwriting Officer for North America. “It sounds simple, but this is game-changing.”

8f2eec56 4978 40cf 903d 4d7742cd5d11

“We’ve partnered with some of the world’s most premier cyber brokers over the last year of growth, and trust is at the center of all that we do,”  Tom Gamble, EVP, Global Distribution Officer for Resilience. “We’re thrilled to bring this innovative development to market with our network.”

Get latest news from African Startup ecosystem

Latest stories

You might also like...