Mulberri, an AI-driven insurance platform, has officially introduced its innovative Cyber Insurance MGA (Managing General Agent).
Mulberri’s approach is designed to help embedded insurance partners and their small and medium-size business clients safeguard against crippling financial consequences caused by cyberattacks while boosting revenue.
The Mulberri Cyber Insurance MGA represents a significant step forward in the market, which has struggled to streamline insurance for SMBs.
Today, less than 5 percent of SMBs buy cyber insurance – despite the fact that nearly 43% of cyberattacks are waged on small businesses. Mulberri and its partners are seeking to change this by addressing contributing factors like extensive and complex underwriting questions paired with cumbersome enrollment steps.
Mulberri Cyber Insurance is underwritten by Lloyd’s of London with Park National Insurance Company as the carrier, and placed by Acrisure Re, the reinsurance division of top-10 global fintech provider Acrisure.
It is the first of its kind to remove the need for manual data-gathering for underwriting purposes. This allows Mulberri Cyber Insurance to be seamlessly embedded into the sales process without any friction.
Moreover, it is a unique product – a stand-alone policy, with $250,000 and $500,000 policy limits and fixed premiums – that is approved and regulated by state insurance authorities. The low premium and policy limit provides important base coverage while being affordable to any SMB.
The embedded partners are used to having to think twice about selling cyber insurance to SMBs as it slows down the sales process with questions and due diligenceHamesh Chawla, co-founder and CEO at Mulberri
“We have removed these barriers and lowered the policy limit, creating an entry level program meant to provide cyber insurance coverage to businesses that have not had it in the past”.
SMB customers are spread thin when it comes to time and resources, and they don’t always have all the details about their infrastructure at their fingertips. This often causes cyber insurance to fall off their priority list — even though it is increasingly essentialPhil Urso, Chief Sales Officer at Vensure Employer Solutions
“Thanks to Mulberri we can finally offer affordable coverage to businesses without a huge time investment on their part, so they can stop worrying about cyber attacks and focus on other issues needing their attention.”
by Peter Sonner