Mosaic: Pioneering Cyber Incentive Launched
Mosaic Insurance and Safe Security 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.”
A spokesperson said, “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.”
The spokesperson said, “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 spokesperson said, “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 here.”
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