Provider of risk analytics for the cyber insurance and reinsurance market, Arceo.ai, has named Mario Vitale as its President, effective September 3rd, 2019.
As President of Arceo, which is a newly created position, Vitale will bring his extensive insurance industry experience to lead the firm in blending cyber security expertise, credible risk assessment, and risk transfer experience.
At the time of Arceo’s launch in February of this year, it was revealed that Vitale was a member of the cyber analytics InsurTech’s Advisory Board.
Cyber risk remains one of the insurance and reinsurance industry’s largest challenges and opportunities, with a lack in the availability of historical datasets and advanced modelling clashing with rising demand for adequate, effective, and affordable cyber protection, as the world becomes ever more interconnected and digitalised.
Arceo argues that current policies do not have the required breadth and depth of coverage that insureds desire, ultimately leaving them with inadequate risk transfer.
By combining experience across insurance, cybersecurity, and data science, Arceo says that it brings a fresh perspective to cyber insurance and is unlocking the shared potential of these two markets, security and insurance, for the ultimate benefit of the insured.
Vitale is the Chief Executive Officer (CEO) of Vitality Risk, LLC and has previously held executive positions with Kemper Risk Management, Willis Towers Watson, Zurich Insurance Company, Aspen Insurance Group, Blue Marble Microinsurance, Cyber Specialty, and also WNS Global Services.
Commenting on his new role, Vitale said: “This opportunity really lit a fire under me. In 1835, a group of factory owners disrupted the standard way of thinking about property insurance. Factory Mutual, today FM Global, was started because a few people took a revolutionary approach.
“Today, Arceo, with our cyber risk analytics capabilities combined with our understanding of the complexities of the insurance market, has that same opportunity to bring a fresh perspective to cyber insurance. Personally, it’s exciting for me to be working with such a talented group of people who have shown me an entirely new way in a field I’ve been working in my entire professional life.”