Hamilton, Bermuda and Palo Alto, CA—Mosaic Insurance and Safe Security today launched an industry-first initiative, incentivizing clients with broader coverage and premium rating credits of up to 30 percent for sharing cutting-edge assessments of their cyber-risk profile.
Mosaic x SAFEinside customers will benefit from insurance premiums directly linked to their respective, quantified cyber status—their ‘SAFE Score.’ SAFE’s ground-breaking technology non-intrusively assesses cyber risk on an ‘inside-out’ basis to better understand an organization’s real-time breach likelihood across a variety of cyberattacks, the transparent dollar-value risk per attack, plus any specific security gaps that could impact the customer’s overall cyber-risk exposure and underwriting.
“Data and analytics provided by SAFE create unique advantages for us and our syndicated underwriting partners,” said Mosaic’s Co-Founder and Co-CEO Mark Wheeler. “These valuable insights enable discerning risk selection, while allowing companies investing in cybersecurity to be recognized accordingly, and are reflected in their risk-transfer pricing. As we continue to innovate with SAFE, we look forward to bringing more capacity and relevant coverage to market.”
Incentives to Mosaic primary cyber customers that choose to share SAFE Score data with their Mosaic underwriter, include:
- Credit of up to 30 percent on standard premium rating model
- Credit of up to 25 percent on usual retention/deductible levels
- Reduction in business-interruption waiting period
- More comprehensive, broader coverage
- Access to SAFE platform at no cost for three months post-bind
The assessment process employs ‘read-only’ APIs. Customers own their credentials and access to SAFE risk-analysis details, and, by opting in, can integrate SAFE’s telemetry with their own public cloud service providers along with more than 50 industry-leading cloud, SaaS, and cybersecurity solutions.
Mosaic x SAFEinside customers also receive access to their unique SAFE environment to perform frictionless insurance renewal applications.
“This is the first time the cyber insurance industry and a cyber-risk management technology provider are joining forces to significantly lower insurance premiums, with the primary customer proving cybersecurity posture based on the SAFE score,” said Saket Modi, CEO and Founder, Safe Security. “As SAFE continues to innovate our cyber-risk quantification and management platform, we are focusing on the insurance sector as a top vehicle to impact change and standardization of this entire ecosystem.”
The launch follows December’s announcement by the two companies of their partnership to offer customers deep network visibility with a focus on cyber-risk controls and culture. Mosaic’s new primary offering builds on the past two years of successful excess coverage in the vital market, and also brings partnership with top-level breach specialists to help insured businesses rapidly recover from cyber events.
To learn more about how Mosaic x SAFEinside can benefit your client or company, connect with Mosaic’s global cyber team: https://www.mosaicinsurance.com/underwriting/cyber/
Mosaic is a next-generation, global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world. We leverage the value of Lloyd’s, along with the market’s global license network and financial-strength ratings: A+, Strong Outlook (Standard & Poor’s); A, Excellent Outlook (AM Best); AA-, Very Strong Outlook (Fitch Ratings). Visit mosaicinsurance.com and follow us at @Mosaic1609.
About Safe Security
Safe Security is the leader in cyber risk management SaaS platforms. It has redefined cyber-risk measurement and management with its real time, data-driven approach that empowers enterprises, boards, regulators and cyber insurance carriers to understand cyber risk in an aggregated and granular manner. Using Safe’s predictive AI-driven data models, co-developed with MIT, customers are now empowered to translate the bits and bytes of cyber risk into dollars and cents so they can prioritize their cyber investments to most effectively mitigate their risk and understand the return on security investments. Having raised over $100M, Safe is growing over 200% year-over-year and serves some of the largest global enterprises. Visit safe.security and follow us at @SafeCRQ.