This can take days or weeks to amend as changes can only be made through complex addenda. This leaves many policyholders with outdated policies that don’t protect them from the risks they worry about today.
Modularity allows changes to the policy to be updated immediately and reflected in accordance with the policy. This new process allows for broker-specific builds that are approval-free but edit-friendly. Clear language, fewer pages, changes tracked.
“Cyber risk is complex and can be complicated, but the policy document does not have to be. This modular policy not only provides clarity for the insured reading the policy, but also contractual certainty for our brokers and their clients in the ever-changing cyber risk environment,” said Sam LissiProduct Manager at Resilience.
The Resilience modularity process includes three critical layers:
- Intelligent assembly of policy content – Based on the policyholder’s insurance agreement selections, only relevant content will be added to the policy. This allows Resilience to continuously introduce new insurance agreements in response to changing market conditions without the need for policy refreshes or amendment endorsements.
- Online Policy Changes – This layer allows the subscriber to make selections from a pool of existing changes without suffering from the confusion or clutter that accompanies higher volumes of change riders. Resilience’s pool of online policy amendments can be expanded easily and endlessly.
- Dynamic text fields – Dynamic fields are basically open text fields that can be filled with a variety of inputs. They are changed with such frequency that it makes more sense to leave them open for subscribers to enter, rather than hard-coded with fixed options that are probably insufficient.
“Every risk is unique. Our modular policy streamlines the process for brokers and their clients, allowing for a clear, easy-to-read policy document,” commented CJ Pruzinsky, Resilience’s Director of Underwriting for North America. “It sounds simple, but it’s a game-changer.”
Increasing the value of the brokerage relationship is a critical part of Resilience’s move to modularity.
“We’ve partnered with some of the best cyber brokers in the world over the last year of growth, and trust is at the center of everything we do,” said Tom Gamble, EVP, Global Distribution Officer for Resilience. “We are delighted to bring this innovative development to market with our network.”
Modularity has been used successfully in other industries to efficiently organize complex products and processes. Applying this strategy to cyber insurance, modularity allows independently designed cover modules to work together to create a cohesive and clearly worded insurance policy.
The cyber threat landscape changes daily, sometimes by the minute, and cumbersome cybercrime policies have struggled to meet customer needs. When time is of the essence and businesses need certainty and clarity of coverage, this new type of policy document provides peace of mind.
Resilience provides comprehensive insurance coverage and patented cybersecurity products to protect midsize businesses. By combining security, insurance and recovery, Resilience goes beyond risk transfer to help customers become cyber-resilient. Resilience Cyber Insurance Solutions, Intact Assurance Solutions’ specialized cyber programs manager, which is built on the financial strength of Intact Financial Corporation, leverages Cyber Meteorology, a proprietary risk analytics platform based on data, to provide highly targeted coverage, enabling a better claims experience. Resilience is backed by General Catalyst, Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, Shield Capital and Corey Thomas. Cover offered by Lloyd’s will be available through an approved coverholder.