Author: Dirk Shaw

Pioneering A Digital Transformation of Cyber Insurance

Posted on by Dirk Shaw

The past two decades have witnessed a digital revolution in the travel industry, transforming the way we plan and book journeys. This evolution serves as a perfect analogy for the transformation SecondSight is driving in the cyber insurance industry. SecondSight’s approach is not about replacing brokers but empowering them to evolve from administrative handlers to strategic advisors.

The SecondSight Approach: Emulating the Travel Industry’s Digital Success

Plan: Just as travel sites provide clarity and choice in trip planning, SecondSight offers unparalleled access to cyber insurance market information and pricing. This transparency enables companies to make informed decisions, much like travelers selecting destinations and accommodations.

Place: Reflecting the ease with which travelers book flights and hotels online, SecondSight simplifies the comparison and selection of cyber insurance policies. The process, once cumbersome and opaque, is now as straightforward as booking a hotel room.

Retain: In the vein of travel sites constantly updating with new deals, SecondSight ensures continuous engagement and effective policy management. This approach keeps businesses up-to-date with the latest in cyber risk management, mirroring the dynamic nature of travel deals.

Key Features of SecondSight

Pricing Transparency and Predicted Pricing: SecondSight introduces a level of pricing transparency to cyber insurance akin to what travelers experience when booking trips. The concept of predicted pricing, a novel feature, allows businesses to see a forecasted price for their insurance needs, ensuring there are no surprises.

Rapid Bindable Quotes: Much like the instant booking capabilities of travel sites, SecondSight enables brokers to quickly procure bindable quotes for their clients. This efficiency is a significant leap from the traditional, time-consuming process.

Market and Price Comparison: SecondSight facilitates the comparison of different cyber insurance products with ease. This feature is reminiscent of how travelers compare flight and hotel prices, making informed choices based on their needs and budget.

The Comparative Evolution: Travel and Cyber Insurance

  • Then (20 Years Ago): Travel bookings through agents; cyber insurance mired in manual processing.
  • Intermediate (10 Years Ago): Online travel booking becomes mainstream; initial digital tools in insurance.
  • Now: The travel industry leverages AI for predictive booking; SecondSight revolutionizes cyber insurance with AI and automation.
  • Impact on Professionals: Travel agents evolve into specialized advisors; brokers become strategic risk advisors with SecondSight.

A New Era of Digital Efficiency and Expertise

The transformation brought by SecondSight in the cyber insurance sector is parallel to the digitization of the travel industry. It’s a narrative about the enhancement of professional roles through technology. As SecondSight redefines the procurement and management of cyber insurance, brokers emerge as valued advisors, demonstrating the transformative power of digital innovation in an evolving world.

When Algorithms Advise: The Rise of AI Advisory in Cyber Insurance

Posted on by Dirk Shaw

In the digital era where cyber threats pose an intricate challenge to businesses, artificial intelligence (AI) is not just enhancing the capabilities of cyber insurance brokers—it is transforming generalists into specialists. This metamorphosis is vital in an industry where depth of knowledge can make the difference between a secured enterprise and a vulnerable one.

Generalists in the Age of Specialization

Traditionally, insurance brokers have been generalists, adept at navigating a broad spectrum of insurance products. However, the complexity and specificity of cyber risks have created a demand for specialists—professionals who understand the intricacies of digital threats and the nuances of protective policies. This is where AI advisory tools step in, bridging the gap between general brokerage knowledge and specialized cyber insurance expertise.

AI: The Great Equalizer

SecondSight’s AI-driven tools act as a force multiplier, equipping generalist brokers with specialist-level insights. Through comprehensive segmentation analysis and real-time market pricing integration, AI serves as a 24/7 mentor, providing the deep dive into data that was traditionally the domain of cyber specialists. With this information, generalists can offer tailored advice, anticipate market shifts, and align insurance products with specific cyber threats.

Scenario Modeling: Crafting Experts from Experience

Scenario modeling goes one step further by immersing brokers in a variety of potential market conditions and cyber scenarios. This continuous engagement with ‘what-if’ situations cultivates a broker’s understanding and expertise, akin to the learning curve expected of a specialist.

From Advisory to Advocacy: The New Cyber Specialists

With tools like the Broker Advisory Assistant, brokers are not just advising; they are advocating with an informed voice. They are able to translate complex cyber jargon into actionable strategies, turning the generalist’s breadth of knowledge into the cyber specialist’s depth of expertise. AI does not replace the broker’s role but enhances it, enabling them to confidently guide clients through the cyber risk landscape.

Closing the Knowledge Gap

The AI-driven platform ensures that brokers, regardless of their initial expertise in cyber insurance, can quickly become versed in key digital vulnerabilities and remediation strategies. It empowers them to speak on equal footing with IT experts, risk managers, and cyber security specialists, placing them at the forefront of client education and risk preparedness.

Redefining Brokerage in the Digital World

As AI continues to permeate the cyber insurance field, the distinction between generalist brokers and cyber specialists becomes increasingly blurred. AI equips generalists with specialist-grade tools and insights, allowing them to offer a level of service that was once the exclusive domain of dedicated cyber insurance experts.

This transformation facilitated by AI is more than just a competitive edge; it’s a necessary evolution. As the cyber landscape grows more complex, so too must the skills of those who advise on its perils. AI advisory tools are redefining what it means to be a broker in the digital age, creating a new breed of tech-empowered specialists ready to tackle the cyber challenges of tomorrow.

Plan, Place and Retain: Navigating the Cyber Insurance Lifecycle with AI

Posted on by Dirk Shaw

In the rapidly evolving realm of cyber insurance, brokers face the dual challenge of optimizing their portfolio performance while adapting to an ever-shifting threat landscape. Enter SecondSight, a sophisticated AI-driven platform engineered to empower brokers in amplifying their cyber revenue by seamlessly navigating the insurance lifecycle: Plan, Place, Retain.

Plan: Crafting a Lucrative Roadmap with Precision Analytics

SecondSight’s Commission Alpha is a game-changer for brokers aiming to leave no stone unturned in the cyber insurance market. It arms them with advanced market analysis tools that uncover the most profitable niches and identify gaps in the market that are ripe for growth. With the power of predictive analytics, brokers can set ambitious yet achievable sales targets, effectively turning data into dollars.

Place: Streamlining Insurance Placement with AI Efficiency

The placement phase is where SecondSight truly shines, offering a digital platform that transcends traditional boundaries. Brokers, regardless of their tech savviness, are greeted by an AI Experience that demystifies the insurance placement process. This enables them to conduct swift product comparisons, offer automated quotes, and manage regulatory compliance with unprecedented ease and accuracy.

Retain: Cementing Client Loyalty with Proactive Engagement

Maintaining and growing client relationships is critical in the post-sale journey. SecondSight’s AI toolkit is designed to keep brokers ahead of the curve through continuous risk assessment and targeted risk mitigation strategies. This proactive engagement, coupled with sophisticated renewal management, not only preserves but also deepens the broker-client bond, leading to sustained satisfaction and retention.

Plan Place Retain SecondSight's Commission Alpha paves the way for a strategic approach to the cyber insurance market, providing invaluable analytics and forecasting tools. Brokers are equipped to craft targeted business plans, pinpointing lucrative markets and cross-sell opportunities to maximize their potential earnings without leaving revenue on the table. The 'Place' stage is revolutionized by SecondSight’s user-friendly digital platform, enabling brokers to effortlessly navigate insurance placement. The integration of AI simplifies product comparison, automated quoting, and ensures regulatory compliance, making the insurance transaction process as efficient and accurate as possible. In the 'Retain' phase, SecondSight's AI-driven tools play a critical role in maintaining client relationships through continuous risk assessment and proactive risk mitigation strategies. This level of engagement and the strategic renewal management offered by the platform help to solidify trust, thereby boosting client retention and satisfaction. Market Analysis: Commission Alpha provides in-depth analysis of the cyber insurance market, allowing brokers to identify profitable niches and underserved areas. AI Experience: The platform offers an intuitive, user-friendly interface that simplifies the complex process of insurance placement, making it accessible for brokers of all technological proficiencies. Continuous Monitoring: SecondSight AI offers continuous risk assessment, alerting brokers to new threats that may affect their clients, enabling them to provide timely advice and solutions. Revenue Forecasting: Leveraging predictive analytics, the tool helps forecast potential revenue, enabling brokers to set realistic and ambitious sales targets. Product Comparison: Brokers can compare different cyber insurance products to find the best match for their clients’ needs. Risk Mitigation Strategies: The platform not only identifies risks but also suggests proactive measures that clients can take to mitigate these risks, positioning brokers as trusted advisors. Opportunity Identification: By analyzing existing client portfolios, Commission Alpha identifies cross-selling and upselling opportunities, highlighting where brokers might be leaving money on the table. Automated Quoting: With automated quote generation, brokers can quickly provide clients with accurate insurance options and pricing. Client Engagement: By providing regular risk management updates and insights, brokers can increase touchpoints with clients, thereby enhancing client engagement and satisfaction. Strategic Guidance: It delivers actionable insights and guidance on how to structure their product offerings and tailor their marketing strategies to different customer segments. Documentation and Compliance: The system helps in managing the necessary documentation, ensuring that all regulatory and compliance requirements are met smoothly. Renewal Management: The risk management service helps in demonstrating the value of the cyber insurance policy to the clients, thus aiding in higher retention rates at the time of renewal.

Empowering Brokers with a Suite of Advanced Capabilities

  • Market Analysis: Commission Alpha provides in-depth insights into the cyber insurance arena, ensuring brokers have a finger on the pulse of market trends and opportunities.
  • AI Experience: The user-friendly interface simplifies complex processes, making the art of insurance placement accessible and streamlined.
  • Continuous Monitoring: SecondSight’s AI vigilantly monitors the cyber landscape, alerting brokers to emerging threats that could impact their clients.
  • Revenue Forecasting: The platform’s predictive analytics capability allows brokers to forecast future earnings with a higher degree of confidence.
  • Product Comparison: It facilitates quick and effective comparison across various cyber insurance products, ensuring the best fit for clients.
  • Risk Mitigation Strategies: The platform serves as a beacon, guiding clients through the fog of cyber risk with actionable mitigation strategies.
  • Opportunity Identification: By analyzing client portfolios, it uncovers hidden cross-selling and upselling avenues, thereby maximizing revenue potential.
  • Automated Quoting: Efficiency is at the heart of the platform, with automated quoting that accelerates the policy issuance process.
  • Client Engagement: Regular risk management updates and insights enhance broker-client interactions, fostering deeper relationships.
  • Strategic Guidance: It provides brokers with the strategic acumen to tailor their offerings and marketing strategies effectively.
  • Documentation and Compliance: SecondSight ensures that the tedium of documentation and compliance is handled with precision and ease.
  • Renewal Management: The platform showcases the lasting value of cyber insurance policies, encouraging higher retention rates at renewal time.

SecondSight stands as an indispensable ally for brokers keen on growing their cyber revenue. By integrating cutting-edge AI technology across the insurance lifecycle, SecondSight not only simplifies and refines the insurance process but also positions brokers as forward-thinking leaders in the cyber insurance domain.

CTRL + ALT + Simplify: The Reboot of Cyber Insurance Selling

Posted on by Dirk Shaw

CTRL + ALT + Simplify. These keystrokes can reboot a stalled computer, but what about rebooting the cyber insurance industry’s cumbersome process? Let’s delve into the labyrinth of complexity that brokers have to navigate, and how they are waiting for that magical reboot.


The Silence: Waiting for the Login Prompt

As brokers, your journey starts at the login screen, except the ‘Enter’ key doesn’t seem to work. You send out applications hoping for a prompt response, but your screen remains blank. Is your message lost in cyberspace? After weeks of waiting, it seems like your client’s IT isn’t responding, and you’re left staring at a blinking cursor.

The Cost: Counting the Hidden Economic Impact

Beyond the frustration and time waste, consider the economic toll. What if you could increase the number of renewals you manage in a cycle by 10%, 15%, or even 50% through automation? What would that mean for your commissions, your productivity, and the industry’s growth?

The Deluge: Inboxes Overwhelmed

Once your application is successfully sent, the silence is replaced with a cacophony of follow-ups. Your inbox floods with inquiries and demands for more details. It feels like you’ve opened a dam of endless queries, keeping you constantly juggling multiple threads.

The Jigsaw: Deciphering the Code

Getting a quote feels like receiving an encrypted file without the decryption key. It’s a puzzle of jargon, subjective measures, and enigmatic risk controls that leaves you guessing more than knowing.

The Bind: The Final Hurdles

You’ve come a long way, negotiated, and fought through to see the terms. The ‘Finish’ button seems in sight, but wait, there’s a pop-up. The carrier needs another application form, adding another hurdle before you can click ‘Finish’.

The Problem: Looking at the Source Code

Let’s step back and look at the source code of the problem. The process is outdated, inefficient, and frustrating. It’s like navigating the internet with a dial-up connection – slow, prone to errors, and time-consuming.

The Solution: The SecondSight Upgrade

Then comes SecondSight – the much-needed software update that overhauls the system. It’s a reboot that streamlines the process with digital applications, provides insights, and automates the life cycle. Selling cyber insurance is no longer a painful debugging process but a smooth and efficient operation.

The Differentiator: Why SecondSight Stands Out

Amidst a software solutions market, SecondSight stands out for its integrated approach. While other platforms focus on discrete metrics, SecondSight offers an all-encompassing user experience, managing the full life cycle and transforming cyber insurance brokerage from a jigsaw puzzle into a clear, navigable map.

Case Study: A System Upgrade – From Gridlock to Ready-to-Bind in 48 Hours

Imagine being under the clock, with only 48 hours to transform intricate cybersecurity data into successful insurance applications. Thanks to the upgrade that is SecondSight, this broker managed to do just that, swiftly navigating through the process and gaining invaluable insights into their cybersecurity posture.

The Future: A Vision of Cyber Insurance 2.0

The cyber insurance of tomorrow is not just about ease and efficiency but also transparency and customization. With SecondSight, carriers gain clearer insights into digital risks and their financial implications. This paves the way for pricing that aligns better with business risk, leading to tailor-made products that reflect the digital reality of each business.

Epilogue: CTRL + ALT + Simplify with SecondSight

With SecondSight, selling cyber insurance has been rebooted. It’s a new operating system, offering ease, efficiency, and scale. Now, brokers can press ‘CTRL + ALT + Simplify’, sit back, and easily navigate the cyber insurance landscape. Welcome to a future where selling cyber insurance is rebooted for the better with SecondSight.

How SecondSight’s Automation Empowers Brokers to Manage More Clients Efficiently

Posted on by Dirk Shaw

Cyber insurance has historically been tangled in webs of convoluted paperwork and guesswork. This maze of processes, combined with the fear of inaccurate claims and a lack of understanding of digital risk, has made navigating the industry daunting. SecondSight, a pioneering AI-driven platform, emerges as the knight in shining armor, designed to unravel these knots and streamline the cyber insurance journey.

SecondSight: Harnessing AI to Simplify Cyber Insurance

Traditional cyber insurance practices have been irksome, marked by complexities and the inevitability of human error. SecondSight radically alters this scenario. By leveraging artificial intelligence, it digitizes and automates the otherwise arduous processes, converting days and weeks of labor into a task of mere hours.

Brokers no longer grapple with the perplexity of changing requirements and confusing forms. SecondSight keeps abreast with all carrier specifications, ensuring that the information relayed is up-to-date, accurate, and reliable. It flips the narrative from uncertainty and complexity to one of clarity and simplicity.

More than just an insurance form filler, SecondSight provides much-needed context for digital risk exposure, external vulnerabilities, and privacy considerations. The platform’s advanced AI algorithms demystifies these aspects, turning them into comprehensible data points that brokers can use to guide their clients.

Approach
Medium
Complexity
Time Taken
Up-to-date
Accuracy
Reusability
Digital Asset Context
External Vulnerabilities Context
Privacy Exposure Context
Current Method
100% Manual
Paper-based/PDF
High
Days/Weeks
No
Risky
No
No
No
No
SecondSight
AI-Driven
Digital & Automated
Simplified
A Few Hours
Yes
Claims Certainty
100% Reusable
Yes
Yes
Yes


Empowering Brokers: The Transformation from Intermediary to Advisor

SecondSight heralds a new era for brokers, equipping them with tools to transform from mere intermediaries to trusted advisors. The platform lets them stay informed about their client’s progress and provides constant value through comprehensive market reach.

Armed with SecondSight’s data insights and unique capabilities, brokers have the tools to offer a Broker Advisory Report, effectively becoming knowledgeable risk consultants. They can now shape effective risk transfer strategies, enhancing their client service and solidifying their role in the cyber insurance chain.

Time Efficiency
Perceived Value
Process Visibility
Expert Guidance
Market Reach
Understanding of Digital Risk
Current Method
Low
Limited
Limited
No
Limited
Poor
SecondSight
High
Continual
Always-On
Broker Advisory Report
All Markets
Comprehensive


A Platform for Growth: Scaling to New Heights

The efficient and streamlined process offered by SecondSight doesn’t just make the lives of brokers easier; it opens avenues for growth. Brokers can manage more clients while delivering superior service, no longer limited by the shackles of manual processes and restricted market reach.

They can handle multiple renewals proactively, providing expertise and insight previously out of reach. SecondSight enables brokers to handle a larger portfolio without compromising service quality, allowing for a significant scale-up in operations.

SecondSight isn’t just a revolutionary platform; it’s the dawn of a new paradigm in cyber insurance. It envisions a future where efficiency, in-depth insight, and superior customer service intertwine to create a robust, effective, and user-friendly cyber insurance industry. It’s about transforming the labyrinth of cyber insurance into a smooth, navigable highway.

Come, join the revolution with SecondSight.

 

Navigate Digital Risk Seamlessly with Your AI Co-Pilot, SecondSight

Posted on by Dirk Shaw

Digital risk has long been viewed as a complex, shadowy realm that’s difficult to grasp. Traditional methods for navigating this modern minefield have proven as futile as trying to touch the moon from your bedroom window. That’s where SecondSight enters the narrative, an AI-powered co-pilot that’s not just peeling back the fog of cyber risk, but giving you a lifeline in a perpetually evolving digital landscape.

As we pivot from traditional, one-dimensional, outside-in risk assessment, SecondSight fearlessly disrupts the status quo. This AI co-pilot doesn’t merely think outside the box; it reimagines the box entirely, pioneering a holistic, digital asset-centric approach to risk. It’s not just a new method; it’s a paradigm shift in how you perceive and manage risk.

For companies, SecondSight is more than just a tool—it’s your tireless, personal Chief Information Security Officer (CISO). Imagine a digital accountant that never sleeps, managing your balance sheet and making sure you’re always informed about your digital assets and liabilities. It’s as if you’ve been given an ultra-sophisticated risk radar, actively seeking threats and providing tailored risk mitigation strategies around the clock.

Brokers, on the other hand, will find SecondSight akin to a seasoned analyst working non-stop on their team. It keeps an eye on the client’s renewal process, provides data-driven insights into risk factors and streamlines applications, efficiently completing multiple forms based on the client’s current digital risk profile. This AI co-pilot isn’t just increasing productivity—it’s completely reshaping the workflow, enabling brokers to service more clients than ever before.

Say goodbye to static, outdated risk reports. SecondSight harnesses advanced digital risk telematics to offer real-time risk tracking. It’s no longer about looking at the past; it’s about navigating the here and now. You won’t merely predict the storm; you’ll anticipate every droplet of rain, allowing you to manage your risk environment proactively.

At the cutting edge of cyber underwriting, SecondSight’s AI isn’t just responding to the constantly changing landscape of digital threats—it’s shaping the future of it. With an integrated pipeline of digital risk data, SecondSight paves the way for a new epoch of cyber underwriting.

Who’s along for the ride in this groundbreaking journey? The passenger list is extensive—ranging from C-Suite executives to IT security teams, all benefiting from this trailblazing AI co-pilot. But it’s not just about comprehending your digital landscape; it’s about conquering it.

Fasten your seatbelts for this exhilarating journey through proactive digital risk management. With SecondSight as your AI co-pilot, you’re not just surviving the ride; you’re in control. It’s more than managing risk – it’s about mastering it. SecondSight isn’t just another software; it’s the paradigm shift that’s transforming the insurance value chain, transforming the elusive cyber risk into a tangible, manageable reality. This is the future of digital risk navigation, and it’s here, now.

Embracing the Future of Digital Privacy with SecondSight and Jackson Lewis

Posted on by Dirk Shaw

In the digital era, data has become the new oil. But as the rush to collect and analyze data gains momentum, the risks associated with digital privacy multiply too. For businesses worldwide, navigating the complexities of evolving digital threats and global regulations can seem like a daunting task. Enter SecondSight and Jackson Lewis, two industry leaders who’ve embarked on a revolutionary partnership to demystify digital privacy.

SecondSight, a pioneer in digital risk management and privacy solutions, has joined forces with Jackson Lewis, renowned for its expertise in digital privacy and security law. Together, they’ve crafted an innovative approach to help businesses maintain trust with their customers, protect their reputations, and achieve universal digital privacy compliance.

A Blend of AI and Legal Expertise

The partnership’s strategy combines advanced technology with legal acumen. SecondSight uses an AI-driven platform to assess risks, scanning public-facing domains to identify potential vulnerabilities – from third-party cookies and key loggers to advanced techniques like canvas fingerprinting. Then, leveraging Jackson Lewis’s deep understanding of digital privacy law, they provide detailed recommendations to mitigate these risks.

Year-Long Protection with Privacy Exposure

One of the highlights of this partnership is a year-long subscription to Privacy Exposure, SecondSight’s real-time monitoring service. This proactive tool allows businesses to manage and mitigate digital risk continually, leading the way towards universal digital privacy compliance.

Benefits of the Partnership

Beyond risk identification and mitigation, the SecondSight and Jackson Lewis partnership offers several key benefits.

Businesses can transition from reactive to proactive risk management with SecondSight’s real-time monitoring service. The partnership also prepares businesses for increasing global privacy regulations, helping them avoid non-compliance, hefty fines, and reputational damage.

Trust-building and reputation safeguarding are crucial aspects of the offering. Privacy-first practices protect a business’s data, foster customer trust, and set an industry standard. Additionally, businesses benefit from expert guidance and tailored recommendations, a direct result of the partnership’s combined expertise in AI-driven risk assessment and digital privacy law compliance.

Finally, this partnership aims to future-proof businesses by helping them confidently navigate the complex landscape of evolving digital threats and tightening global regulations.

Taking the First Step Towards Digital Privacy Compliance

The path to universal digital privacy compliance may seem challenging, but this partnership is poised to change that narrative. By leveraging cutting-edge AI technology and legal expertise, SecondSight and Jackson Lewis are not just safeguarding businesses but are also setting new industry standards.

Their combined expertise offers businesses a unique opportunity to secure their future in the digital world. The starting point? Downloading their comprehensive blueprint for website privacy compliance, a guide that every business striving for digital privacy needs.

In conclusion, as privacy regulations become stricter and digital privacy risks continue to evolve, a partnership like SecondSight and Jackson Lewis’s becomes increasingly crucial. It’s time to take the first step towards safeguarding your business’s digital future.

SecondSight and INSUREtrust Partner, Utilize AI to Transform Mid-Market Cyber Insurance

Posted on by Dirk Shaw

INSUREtrust’s new Cyber Pre-Check marks SecondSight’s penetration into wholesale distribution.

BLOOMINGTON, Ind., and ATLANTA (June 30, 2023) — SecondSight has announced a partnership with INSUREtrust, a leading cyber insurance and risk management specialty broker, using its AI to power INSUREtrust’s Cyber Pre-Check product for digital risk management and cyber underwriting. SecondSight’s AI allows mid-market companies to experience a frictionless cyber renewal process by automating the understanding of a company’s exposure and vulnerabilities and mapping it to multiple markets for submission – creating the opportunity for brokers serving these markets to scale as their business grows.

INSUREtrust’s Cyber Pre-Check Provides cyber insurance brokers and their clients a suite of unique online tools that help businesses with an unparalleled understanding of digital risk, simplifying the application and vulnerability scanning as well as IT and insurance budget processes for policyholders. Cyber Pre-Check leverages digital risk quantification tools and enables clients to deploy telematics to help them stay aware of constantly evolving risk conditions in real-time.

“By leveraging SecondSight’s AI with INSUREtrust data and analytics, we’re able to increase our productivity in helping clients understand digital risk and exposure while enabling carriers to evaluate companies with newfound accuracy and confidence,” said Christiaan Durdaller, President & CEO of INSUREtrust. “Cyber Pre-Check optimizes customer satisfaction due to reduced friction across the cyber underwriting process – propelling pre-underwriting and simplifying renewals.”

SecondSight transforms the way digital risk is discovered, quantified, hedged and insured with the insurance industry’s first vertical operating system (OS) that transcends the entire insurance industry data ecosystem with carrier-agnostic interoperability across technology architectures. SecondSight’s vertical OS data transparency creates the largest information catalog in which to analyze data, and when used with its deployable AI agents arms the carrier market with the most effective and efficient way to quantify risk.

“We are thrilled to partner with INSUREtrust to bring forward an innovative product that prioritizes the insured and fosters policy growth in ways previously unimaginable without the implementation of AI. Cyber Pre-Check simplifies the inside-out digital risk quantification for the mid-market, a category that simply has lacked an effective cyber underwriting solution,” said Reuben Vandeventer, CEO and founder of SecondSight. “We look forward to wholesale distribution growth from this partnership both in sales volume and by making INSUREtrust available for all brokers seeking wholesale capacity through our Broker Workbench product.”   

To learn more about INSUREtrust Cyber Pre-Check, visit https://insuretrust.com/ or email CSP@insuretrust.com.

About SecondSight

SecondSight is transforming cyber insurance and preparing organizations for the mounting risks in our digital age. SecondSight AI has for the first time connected and enabled true digital risk transparency across the insurance industry data pipeline, creating a scalable vertical operating system for cyber insurance. SecondSight AI-powered cyber underwriting bridges the gap between the digital world and insurance, re-imagining how digital risk is discovered, quantified, hedged and insured. The company is helmed by a seasoned leadership team with deep experience in data science, insurance and asset management backgrounds from Allstate, Bridgewater Associates, Cloudera and Informatica. SecondSight is expanding its platform roadmap, organization and market penetration following its fall 2022 seed financing. Visit www.secondsight.ai for more information.

About INSUREtrust

INSUREtrust, headquartered in the Atlanta metro area, is the insurance industry’s leading, specialty insurance brokerage for emerging risks. In April 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. This would later become known as the Cyber Insurance Industry. For the past 24 years, INSUREtrust has continued to lead the insurance industry with their unique innovation and expertise focused heavily in cyber insurance and related risk management. INSUREtrust is a subsidiary of Constellation Affiliated Partners, a New York-based insurance consolidator platform that specializes in MGA, program administration and wholesale companies within the United States and Canada.

The Executive’s Guide to Thriving in the Digital Asset Era

Posted on by Dirk Shaw

In the business arena, the phrase “digital assets” has often been pigeonholed into the realm of the abstract – intangible assets, and off-balance-sheet entries. They’ve been confined to discussions around software, applications, and data, often banished to the technical corridors of IT departments. But with the digital economy rapidly unfurling its tentacles, such a narrow definition is losing its grip.

An Asset Class in its Own Right

Digital assets have evolved. They now encompass a broader array of components, straddling customer data, intellectual property, and the software that propels operations. With the ceaseless growth of the digital economy, these assets are emerging from the shadowy corners of the balance sheet to reveal their burgeoning value. Far from being a footnote in the grand scheme of business, digital assets have become vital to the enterprise’s survival in the digital epoch.

Customer data, intellectual property, and software have undergone a paradigm shift. They’re not merely cogs in the business machine but the engine driving productivity, innovation, and competitive advantage. This metamorphosis signals that businesses need to sit up and take notice, understanding that these digital assets warrant substantial investment.

The Labyrinth of Data Regulations

In parallel with this evolution, we’re witnessing an ever-growing maze of data regulations. Governments worldwide are tightening the reins on how businesses can wield and manage data. This burgeoning regulatory panorama compels businesses to pour more resources into data compliance, dramatically influencing their digital asset management.

A Change in Perceptions

This burgeoning value of digital assets, knotted with the complex web of data regulations, signals an urgent need for a change in business leaders’ perspectives. It’s time to shed the view of digital assets as ephemeral commodities. Instead, they must be recognised as tangible, crucial assets that demand significant capital for adept management, robust security, and strategic innovation.

Steering the Conversation

The act of redefining digital assets has the power to steer the conversation from the technical domain to the strategic realms of business. The dialogue surrounding digital assets broadens to encompass core strategic issues such as capital allocation, risk management, strategic investment, and regulatory compliance.

Capital Allocation: The spotlight on digital assets as crucial business resources necessitates a reassessment of capital allocation. Capital becomes a crucial lifeline, not only for the acquisition of new digital assets but also for securing and maintaining existing ones.

Risk Management: The rising importance of digital assets injects risk management with newfound importance. This includes the need to bolster security infrastructure, craft sturdy data management protocols, and comply with regulatory norms.

Regulatory Compliance: The fast-evolving regulatory landscape necessitates businesses to invest resources to stay in compliance with the latest data regulations. It involves understanding new regulations, adjusting business processes, and investing in systems and technologies that enable compliance.

Strategic Investment: Viewing digital assets as a vital business component triggers opportunities for strategic investment. This could involve funnelling investments into advanced analytics to extract insights from data, harnessing AI for innovation, or developing proprietary software to gain a competitive edge.

Plotting the Course for Success

In conclusion, the adept management of digital assets is increasingly becoming a barometer of business success in the digital era. By recognising these assets as tangible, crucial elements of the business infrastructure, there is a compelling need for a shift in executive perspectives and new approaches towards capital allocation, risk management, and strategic investment.

By redefining digital assets and steering the conversation, executives can navigate the labyrinthine regulatory landscape, unlock the latent potential of these resources, secure a competitive advantage, and charter the course for success in our rapidly evolving digital economy.

Brokers, Meet Your New Best Friend: Unpacking SecondSight’s Broker Workbench with CEO Reuben Vandeventer

Posted on by Dirk Shaw

Recently, I, Dirk Shaw, CMO at SecondSight, found myself stepping out of a series of intense onboarding sessions with retail brokers and straight into an enlightening conversation with Reuben Vandeventer. He’s not just a colleague, but also an innovative thinker leading SecondSight as its CEO and Founder.

What we’ve been working on isn’t your average piece of tech—it’s the SecondSight Broker Workbench, and it’s set to redefine the standards of digital risk management. It’s as user-friendly as those handy online tools you use to tackle your taxes, but its focus? Cyber insurance. Not just any old cyber insurance, but a streamlined, intuitive, and interactive experience that hands power back to the brokers.

In our casual chat, Vandeventer and I peeled back the layers on this groundbreaking platform. We delved into how it’s changing the way brokers work, how it keeps a keen eye on digital assets, and how it employs AI to demystify the often-complicated world of cybersecurity. So, kick back, relax, and join us for a behind-the-scenes tour of the future of cyber insurance.

 

Dirk: Hey Reuben, before we dive into the nerdy stuff, let’s give the crowd a clear shot of what SecondSight Broker Workbench is. Can you break it down for us?

Reuben Vandeventer: Sure thing, Dirk. Picture those tools you use to wrangle your taxes or balance your books online, now imagine that but turbocharged for cyber insurance. That’s the SecondSight Broker Workbench in a nutshell. We’re talking analytics, conversion metrics, insights into premiums, and a whole lot more. Plus, it’s got a knack for spotting unused data or apps that could be costing you extra. It’s your one-stop-shop for managing digital risk and streamlining the cyber insurance lifecycle.

Dirk: Nifty, Reuben. Now, what happens after we feed those extra details into the firmographics?

Reuben Vandeventer: After we’ve crunched those details, we put the finishing touches on the rest of the firmographics, and then it’s straight onto the digital environment setup.

Dirk: What’s going on in that setup?

Reuben Vandeventer: Essentially, we’re mapping out the beginnings of cybersecurity and controls. It’s like a shortcut for us to auto-populate the forms that can be shot off to your customer. Efficiency is the name of the game here.

Dirk: Sounds like a treasure trove for brokers.

Reuben Vandeventer: You got it, Dirk. Brokers can juggle multiple forms and shop them around to different markets. It’s like having a personal shopper for the best price and the best coverage for their customers.

Dirk: Let’s switch gears and talk about the user experience.

Reuben Vandeventer: We went out of our way to declutter the language in the forms, icons, graphics, and modal pop-ups. It’s a lot like using popular online tools. Email security is a good example here.

Dirk: How does this process amp up efficiency for brokers?

Reuben Vandeventer: It’s a way for brokers to tackle multiple questions in one go. And here’s the kicker: we’re using AI to dig deeper and broaden what the customer tells us about their organization.

Dirk: Spill the beans on the digital asset inventory.

Reuben Vandeventer: Digital asset inventory is all the rage now. When a customer is getting onboarded, we take their input to guesstimate the digital assets the business is using. We use AI to glean info from their website’s content and metadata, which we then verify through onboarding questions.

Dirk: What goes down after the onboarding?

Reuben Vandeventer: Once we wrap up the onboarding, we roll back the clock a bit to show what’s been happening in parallel, like the evolution of the digital asset inventory.

Dirk: Give us the scoop on the risk tracker feature.

Reuben Vandeventer: Risk Tracker is like your own personal AI sleuth that lets businesses keep tabs on their digital assets. It’s on the lookout for sensitive data, regulatory risk, encryption ratio, and more.

Dirk: How’s this a game-changer in the long haul?

Reuben Vandeventer: Installing Risk Tracker means you’re constantly monitoring your controls. It’s a game-changer for insurability because you’re continually on top of your risk. Think of it as behavioral underwriting.

Dirk: Anything juicy on the horizon?

Reuben Vandeventer: Oh, absolutely. We’re setting the stage for meta-pixel discovery to help carriers manage class action lawsuits and privacy on a larger scale. Plus, we’re spinning up services for continuous vulnerability and threat detection. It’s all about supercharging the digital asset inventory.

Dirk: Lastly, how does this tool help brokers keep tabs on their customers?

Reuben Vandeventer: Our Broker workbench is like a Swiss Army knife for brokers. It helps manage customers and their book, keeping an eye on the cyber insurance lifecycle. Think of it as your control center for portfolio view and productivity tracking.