Underwriting company, Mosaic Insurance has partnered with Safe Security to use its award winning SAFE platform to help underwrites evaluate cyber risks for brokers and insureds.
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.
SAFE’s machine-learning models predict the likelihood of cyber breaches across a corporate environment. At the same time, it accumulates signals – using APIs – from existing cybersecurity products, external threat intelligence, and business context to provide unprecedented visibility into possible cyber exposure.
By using Safe Insurance’s platform, Mosaic underwriters will also be able to see a company’s comprehensive cybersecurity score, along with industry benchmarks.
Additionally, it also provides insights on related financial exposure, enabling underwriters to determine adequate coverage limits, and ultimately design appropriate coverage and pricing for the insured.
Liam Jones, Head of Business Development at Mosaic, commented: “We’re truly excited about the cyber risk assessment capabilities we now have, thanks to our partnership with Safe Security.
“The technology gives us deep network visibility and puts the focus on cyber risk controls and culture. It’s a powerful differentiator to be able to link cybersecurity measures to insurance coverage in this way.”
Mosaic’s Global Head of Cyber, Yosha DeLong said: “The insurance industry has long been encumbered by legacy systems and an underwriting process that lacks technical quantification.”
“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.”
