Mosaic Insurance has launched a platform powered by California-based Safe Security, in a bid to help underwriters evaluate cyber risk for brokers and insureds.
Mosaic is a next-generation, global specialty insurer with a focus on complex product lines, and a digitised operating model.
Safe Security is on a mission to build a safer digital future. Safe’s cyber risk quantification and management (CRQM) platform enables organisations to manage cyber risks in real-time.
Its platform automatically collects signals from inside and outside a company’s environment to give the company-specific cyber risk rating, or SAFE Score, the financial impact of a potential breach, and an action plan.
The partnership will see Mosaic leverage Safe Security’s cyber risk assessment platform, SAFE.
The platform offers a real-time view of the extent and nature of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and pricing for brokers and insureds.
Pankaj Goyal, senior vice president of artificial intelligence and cyber insurance at Safe Security, said, “Cyber is the most technical risk globally, but the underwriting process remains largely unscientific today. Safe Security is evolving cyber insurance underwriting, making it data-driven through an inside-out analysis. We link security controls to financial exposure, helping underwriters make faster and better insurance decisions. Mosaic has been pushing the boundaries of innovation in insurance. We are glad to partner with Mosaic’s team to help insureds become more secure.â€
Yosha DeLong, Mosaic’s global head of cyber, added “The insurance industry has long been encumbered by legacy systems and an underwriting process that lacks technical quantification,†said “Now, we have the opportunity to push innovation into all aspects of our cyber underwriting for the benefit of brokers and customer partners. We look forward to working with Safe Security to help cyber underwriting evolve, and accurately account for the investment our insureds are making into their cybersecurity culture.â€
Earlier this month, SensCy, which is helping SMEs bolster their cybersecurity health, secured $4m in its seed funding round.
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