Corvus Insurance and Zywave recently announced updates and launches aimed at speeding cyber insurance renewals and quotes. Another InsurTech, Mulberri, announced an embedded cyber insurance option for small business customers of a cybersecurity company.

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Application-Free Cyber Renewals from Corvus

Cyber underwriter Corvus Insurance, a wholly owned subsidiary of The Travelers Companies Inc., announced updates to its policy renewal process that included an application-free, click and bind option for select accounts.

In general, the updates drastically reduce the time brokers spend on cyber renewals by eliminating repetitive application questions and providing transparency with a customized year-over-year coverage comparison.

Brokers with accounts that will not require an application for renewal will be informed 90 days prior to the renewal effective date. At 45 days prior to the effective date, they will receive the quote with the ability to bind immediately with a click.

“We’re excited to enhance the experience for brokers by streamlining a renewal process that can traditionally be slow and tedious,” said Mike Karbassi, chief underwriting officer, in a media statement.

Zywave Launches New Cyber Quoting Solution. In mid-April, InsurTech provider Zywave announced the launch of Cyber Quoting, a centralized quoting platform bringing global cyber insurers and U.S. distributors together.

The platform, according to Zywave, connects insurers and distributors through a simplified, transparent data collection process that provides key insights into coverage submission and selection.

“Tedious, time-consuming data collection is one of the biggest pain points for cyber insurance brokers and their clients,” said Eric Rentsch, Zywave’s chief product officer, in a media statement. “To make the process easier for all parties, Zywave’s Cyber Quoting solution collects input through a straightforward, standardized questionnaire, resulting in less guesswork and greater efficiency across the insurance distribution chain.”

Benefits to cyber insurers and brokers are expanded market access and a broader selection of coverage available through the quoting platform, Zywave suggests.

Carriers participating on the platform already include AXIS Capital, At-Bay, Coalition and Cowbell. Zywave said that Tokio Marine HCC, Killara Cyber and CFC are expected to join soon.

In the Zywave media statement, Killara Cyber CEO Rick Welch commented on the prospect of expanding his company’s distribution network through Cyber Quoting. “These partners can now experience the simplicity of finding, binding and issuing leading cyber insurance coverage for their clients in a streamlined and easy-to-use platform,” Welch said.

For more information on Zywave, visit www.zywave.com.

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Mulberri, Acronis Launch Embedded Cyber Insurance Partnership. Mulberri, an AI-driven insurance platform, today announced it has partnered with Acronis, a provider of cyber protection, to embed Mulberri’s cyber insurance to Acronis small and medium-sized businesses customers based in the U.S.

Through this partnership, Acronis customers can opt-in for Mulberri’s embedded cyber insurance directly through the Acronis platform, the companies said, adding that the seamless embedded approach will streamline cyber insurance access to Acronis customers in minutes.

Acronis natively integrates cybersecurity, data protection and endpoint management for managed service providers (MSPs) and small and medium businesses (SMBs). Cyber insurance inserts a layer of protection.

According to Mulberri, extensive and complex underwriting questions paired with cumbersome enrollment steps have contributed to the fact that a small percentage of SMBs buy cyber insurance. Mulberri cyber insurance is a standalone policy, with $250,000 and $500,000 policy limits and fixed premiums. The low premium and policy limit provide important base coverage while being affordable to any SMB, Mulberri said.

“Our 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 diligence,” said Hamesh Chawla, Mulberri co-founder and CEO, in a media statement. “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.”

Mulberri’s embedded cyber insurance consists of three main value propositions:

• It’s simple, with the same base coverages provided in all policies, reducing confusion and complexity; pricing structure based on revenues, presented in a straightforward matrix format; requires answering just one question.
• It’s frictionless, with a simplified and streamlined underwriting process minimizing the steps involved in purchasing and binding the policy.
• It’s embedded—seamlessly integrating the cyber insurance policy into the sales cycle.

Mulberri is also exploring other innovations in terms of product offerings and embedded partners as the company continues to create simple and frictionless insurance and risk management solutions for SMBs beyond cyber insurance.