CORE INSURANCE,RISK MANAGEMENT
Coalition | August 16, 2022
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states.
The acquisition will allow Coalition to offer insurance policies through its own admitted insurance carrier. Coalition currently offers cyber, technology errors & omissions, directors and & officers, and other executive risks policies through partnerships with Allianz, Arch Insurance North America, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions, Vantage, and Zurich among others.
"This strategic move empowers Coalition to expand the reach of our market leading active cyber insurance offering together with other admitted insurance products, The acquisition is a natural next step in our evolution and will allow us to better serve our broker partners and customers, while continuing to push the boundaries of innovation in cyber insurance, executive risks insurance, and beyond."
-Shawn Ram, Head of Insurance for Coalition
This acquisition builds on a string of important company milestones in 2022. Most recently Coalition announced a $250M investment in July 2022, boosting the valuation of the company to $5B, and appointed its first ever chief financial officer and general counsel earlier this month ahead of a planned expansion into the UK.
Coalition's Active Insurance combines industry-leading cybersecurity tools, access to around-the-clock digital forensics and incident response, and comprehensive insurance coverage to help organizations identify, mitigate, and insure digital risk. Coalition's technology advantage has allowed the company to build a sustainable, high-performing book of business in a highly-dynamic cyber market, while also helping Coalition customers spot and manage digital risk before it strikes. Coalition now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Through its partnership with leading global insurers Arch Insurance North America, Allianz, Ascot Group, Lloyd's of London, Swiss Re Corporate Solutions and Vantage, Coalition offers its Active Insurance products in the US and Canada and its security products to organizations globally. Coalition's Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates both digitally and in office hubs across the globe.
ISG | July 16, 2022
Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes.
The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA).
Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.
Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation.
“More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research.
“More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.”
ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are:
Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits.
Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe.
BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator.
Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience.
Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report.
An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study.
All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
CyberCube | May 31, 2022
CyberCube, a provider of cyber risk analytics, has announced the debut of CAERS, a new cyber incident response service for customers of the company's SaaS products.
CyberCube will join with Kroll, a renowned provider of data, technology, and insights linked to risk, governance, and growth, to deliver information and assistance on important cyber aggregation events to CyberCube's clients through the Cyber Aggregation Event Response Service (CAERS). Kroll will give frontline threat intelligence derived from its tens of thousands of incident response cases each year.
After a big cyber event, the CAERS team will give CyberCube's clients the most up-to-date information, and CyberCube's SaaS solutions, such as Broker Manager, Account Manager, and Portfolio Manager, will help with any impending cyber disasters.
Darren Thomson, CyberCube’s Head of Cyber Intelligence Services, expressed, “With cyber events becoming increasingly common, the speed and accuracy with which organisations respond to them is critical. That’s why we’ve launched this response service, specifically tailored to CyberCube’s growing client base. The pressure on our clients during a major cyberattack can be extreme. With CAERS, our team—comprising data scientists, actuaries, engineers, economists, and cyber security experts—will become an extension of our clients’ teams, providing the updates they need and sharing both our expertise and data.”
We’re pleased to be contributing to CAERS because effective incident response depends on the most current and relevant threat intelligence available. In our most recent Threat Landscape Report, we saw a 356% growth in the number of attacks quarter-on-quarter where the infection vector was a zero-day or freshly-announced software exploit. Ransomware groups have also been found to be leveraging newly announced vulnerabilities just days after release. It is only with access to frontline intelligence that firms can prioritize resources, mitigate the risk of a cyberattack and react appropriately if the worst happens.”
Benedetto Demonte, Chief Operating Officer for Kroll’s Cyber Risk practice