BitSight announced the availability of a new capability for insurers by delivering accurate, trusted security performance information on millions of small- and medium-sized insurance applicants in just seconds, enabling underwriters to rapidly evaluate and price cyber risk for the growing SMB market.
Image: BitSight unveils efficient way for insurers to evaluate cyber risk. Photo: Courtesy of Pete Linforth/Pixabay.
This new rapid underwriting assessment leverages BitSight’s market-leading security ratings platform and provides the most comprehensive, trustworthy security performance information available in the marketplace today.
“Nearly half of the global cyber premium is written by BitSight’s insurance customers, so we understand the unique challenges facing this community,” said Samit Shah, Insurance Strategy and Operations Manager at BitSight. “As insurers expand their cyber coverage to small and medium-sized businesses, they must quickly obtain high quality, accurate, meaningful security performance data in order to assess the risk of an applicant and determine pricing. BitSight is making it easier, faster and more cost-effective than ever for insurers to evaluate SMB cyber risk and issue policies.”
Given the resource and cost sensitivity associated with underwriting small- and medium-sized cyber insurance policies, insurers are increasingly seeking ways to underwrite in an automated yet risk-driven way. SMB customers expect to receive a cyber insurance policy quote during their first online experience or office visit, meaning brokers and agents need solutions that can evaluate cyber risk in real time. With BitSight’s newest capability, underwriters can gain visibility into the cybersecurity performance of millions of companies across the globe in just seconds, giving them increased speed and confidence in their underwriting decisions.
“The SMB cyber insurance market is growing rapidly and BitSight’s new offering presents a great opportunity for Tarian to help our customers,” said Geoff Pryor-White, Chief Executive Officer, Tarian Underwriting Limited, an insurer focused on entrepreneurial and tailored solutions for Cyber and Technology risks. “We have used BitSight’s large corporate offering over the last year and a half and have seen great benefit both in our underwriting process and in helping our customers better understand their own risk profiles. Utilizing BitSight’s new offering means that we can more accurately assess a SMB customer’s risk at the time of quoting, which in turn will benefit the customer. We also can provide an exterior perimeter view of risk to an SMB customer so that they have a tangible view of their digital footprint. BitSight is a great partner to help us meet the challenges we face in cyber insurance.”
BitSight is a leading provider of security performance data to the insurance industry. Seventeen of the largest cyber insurance carriers in the world are BitSight customers. Approximately half of all global cyber insurance premium is written by BitSight’s customers. In 2017, BitSight was named “Cyber Service Vendor of the Year” by Advisen.
Source: Company Press Release