Mulberri, an AI-driven insurance platform founded in 2021, has officially introduced its innovative Cyber Insurance MGA (Managing General Agent).
The unveiling of this strategic offering underscores Mulberri’s commitment to safeguarding embedded insurance partners and their SMB clients against the dire financial repercussions of cyberattacks, all while concurrently boosting revenue streams.
In today’s technologically driven landscape, cyberattacks pose an escalating threat to businesses of all sizes. This newly launched Mulberri Cyber Insurance MGA emerges as a groundbreaking solution in an industry that has long grappled with the challenge of streamlining insurance provisions tailored specifically for SMBs. Astonishingly, despite the fact that nearly 43% of cyberattacks are directed at small businesses, fewer than 5% of SMBs currently purchase cyber insurance. Mulberri’s mission, in collaboration with its partners, is to transform this dynamic by tackling key barriers such as convoluted underwriting processes and cumbersome enrollment procedures.
Leveraging its AI-driven capabilities, Mulberri has pioneered a novel approach to cyber insurance. Notably, the insurance coverage is underwritten by Lloyd’s of London, with the Park National Insurance Company serving as the carrier. The reinsurance division of top-10 global fintech provider Acrisure, Acrisure Re, facilitates the placement of this insurance. What sets the Mulberri Cyber Insurance apart is its distinctiveness in eliminating the need for manual data collection during the underwriting process. This innovation streamlines the integration of the insurance into the sales cycle, providing a seamless experience for clients.
Further enhancing its appeal, this groundbreaking product features fixed premiums and offers policy limits of $250,000 and $500,000. These policies, rigorously vetted and regulated by state insurance authorities, provide vital foundational coverage while remaining accessible and affordable for SMBs.
Hamesh Chawla, co-founder and CEO of Mulberri, elucidated, “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.”
He continued: “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. We are thrilled to contribute to SMBs having peace of mind that they are covered against increasingly common cyber attacks that can have catastrophic consequences on their businesses.”
Mulberri’s Embedded Cyber Insurance stands on three pillars:
1. Simple:
- Uniform base coverages across all policies to minimize confusion and complexity.
- A pricing structure based on revenues, presented in an easily understandable matrix format.
- Only a single question and an additional signature are required within the application process.
2. Frictionless:
- No convoluted underwriting questions or complex cyber assessments are necessary.
- Streamlined and simplified process for a seamless policy purchase and binding experience.
3. Embedded:
- Integration of the cyber insurance policy into the sales cycle, eradicating the need for separate applications.
- Effortlessly incorporates insurance provisions without disrupting the sales process.
Phil Urso, Chief Sales Officer at Vensure Employer Solutions, expressed the impact of Mulberri’s approach, stating, “Thanks to Mulberri, we can finally offer affordable coverage to businesses without a huge time investment on their part, so they can stop worrying about cyber attacks and focus on other issues needing their attention.”
Source: Business Wire
