Embroker Releases New Digital Insurance Policy for Technology Companies: Errors & Omissions/Cyber

globalbankingandfinance | May 23, 2019

Embroker Releases New Digital Insurance Policy for Technology Companies: Errors & Omissions/Cyber
Embroker, the digital insurance company that’s radically improving the way insurance works for businesses, today announced the release of its third proprietary digital insurance policy: Errors & Omissions/Cyber. The new policy completes a suite of digital insurance policies, custom built to fill critical gaps in high-growth technology companies coverage and mitigate their exposure to unique industry risks. The company released its first two digital policies–Directors & Officers (D&O) and Employment Practices Liability Insurance (EPLI)–in 2018.Built with the nuances and concerns of the technology industry in mind, Embrokers new E&O/Cyber policy offers technology companies coverage that would traditionally require as many as 20 endorsements (alterations), added manually with the assistance of a broker. Traditional brokers are not incentivized to spend the time necessary to address the acute coverage needs of high-growth technology companies, leaving many unknowingly exposed to risk.Embroker has additionally eliminated multiple layers of unnecessary intermediation and complexity by automating the underwriting process with algorithms that intelligently price companies risk. All of this results in policies priced at approximately 20% less than a traditional policy that provides substantially less protection than Embroker’s technology company-specific policies.Now, technology companies are protected against common industry scenarios, such as clients demanding and winning return of fees (cost of contract) and technology companies assuming the liability of their clients in a contract (indemnity). The coverage also addresses more nuanced claims, such as cyber business interruption and social engineering.

Spotlight

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.

Spotlight

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.

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