INSUREtrust, a specialized cyber insurance and risk management broker under Starwind Specialty, has introduced Cyber Pre-Check, a product aimed at simplifying application processes, vulnerability scanning, and IT and insurance budgeting for policyholders (see Cyber Insurance Trends in 2023).
INSUREtrust is able to offer the product by leveraging its own data and analytics, combined with artificial intelligence from SecondSight
The Cyber Pre-Check product conducts a comprehensive scan of a client’s environment prior to entering the market, providing valuable data that supports thorough submissions.
It also assists clients in creating a prioritized roadmap for their IT security spending and facilitates financial planning around increased limits. These measures help clients establish themselves as top-tier risks in the eyes of the insurance marketplace.
Cyber Pre-Check utilizes third-party risk modeling to confirm the adequacy of coverage limits by comparing the percentage of losses insured by a client’s current limit against their peers (see Cyber Insurance Market: Underwriting Strategies & Cybercapacity).
Cyber Pre-Check’s digital asset inventory allows clients to share their inventory findings, which can lead to preferential treatment from cyber insurance markets.
The completed repository preserves the client’s application, streamlining the renewal process and eliminating the need for a completely new ransomware application every year.
In 1997, INSUREtrust pioneered the Cyber Insurance Industry by manuscripting a unique policy form designed to explicitly cover exposures associated with the internet’s emerging, digital risks. Since then, our team has focused on tailoring solutions for the Cyber Liability, Technology Errors & Omissions issues, and Miscellaneous Professional Liability marketplace.
by Peter Sonner
