Boost Insurance, a recently established InsurTech development platform, has announced the launch of its first InsurTech program, Paladin Cyber.
Boost said that, by utilising its technology and end-to-end insurance infrastructure, Paladin’s admitted, multi-state SMB cyber program was brought to market in just four and a half months, which compares with an industry average of 18 to 24 months.
The development platform aims to provide an efficient pathway for InsurTech start-ups to create innovative insurance programs, supporting a digital approach to Insurance-as-a-Service and avoiding the complex processes that often hamper traditional incumbents.
“Paladin Cyber not only helps protect businesses against devastating hacks but makes sure that they’re financially secure if something does get through,” said Alex Maffeo, Chief Executive Officer (CEO) and founder of Boost.
“This innovative approach offers enormous value to SMBs and aligns perfectly with Boost’s thesis; it’s a sign of a greater change in insurance distribution. Companies and customers alike need a one-stop-shop for both valuable products and the necessary insurance coverage to go with it. That’s where Boost comes in.”
“Boost is the ideal insurance partner for high-growth, high-tech startups,” added Han Wang, CEO and co-founder of Paladin Cyber. “They bring the necessary insurance resources combined with the speed and efficiency of startup that has allowed us to launch our product much more quickly and easily than what would have been possible had we worked directly with industry incumbents.”
Boost announced in May 2018 that it had secured a dedicated reinsurance facility to support its B2B InsurTech development platform, led by re/insurance investment manager Nephila Capital with participation from Markel Digital and RenaissanceRe Holdings.
In the coming months, Boost plans to launch several new programs, with personal and commercial P&C lines products developed bespoke for both InsurTech start-ups and other high-profile tech brands acting as Boost’s distribution partners.