The human capabilities stretch across a pretty wide surface, and yet there is nothing more significant about them than that desire of growing on a consistent basis. We can say this because the stated desire has already got the world to hit upon some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for one hot second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
QBE North America has officially collaborated with Converge to launch a brand-new cyber insurance program, which like you can guess, is conceived to take on the industry’s growing security concerns. According to certain reports, the stated program will be segregated into two separate distribution structures, each structure coming decked up with a unique revenue focus and cyber security data access formation. Talk about these structures in a bit more detail, we begin from ConvergeElementsTM. With ConvergeElementsTM, the partners will be able to offer primary and excess cyber coverage through select agents and brokers for companies with up to $100 million in revenue. Here, the core idea is to ingest and collate data using applications, external system scans, underwriting and claims workspaces, insured/broker portals, analytics workspaces, and other specialized data sources. Once the said information is in, the solution will treat it as the basis to underwrite cyber risks more swiftly and effectively. Next up, we have ConvergeConnectTM, which is expected to deliver primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue. The role of these partners will be to hand Converge’s systems an uninterrupted access to insured-specific behind-the-firewall security and underwriting data. This data, quite like how the cookie crumbled in our previous structure, will then form a launchpad for the structure to provide best-in-class customer solutions, solutions that will be backed by unmatched insights on a company’s overall cybersecurity posture.
“Converge’s unique ability to access and analyze detailed cyber risk information aligns perfectly with our control-based underwriting approach,” said Danielle Librizzi, Head of Professional Liability and Financial Lines Programs at QBE North America. “Furthermore, Converge’s operational efficiency allows us to target small business through the program, complementing business we write through our retail Cyber practice.”
Fair enough, founded in 2021, Converge’s rise to prominence comes from an ability to club together cyber insurance, security and technology, therefore helping businesses cultivate a secure environment that they desperately need to function within today’s highly-digital environment. The company achieves the said objective through what is a proprietary data ecosystem underpinned by expert underwriting. Given the technological brilliance in play, Converge has showed that it can identify, as well as empower you to precisely fulfill the unique needs of your business.
Moving on to QBE North America, present in more than 27 countries, the company is today one of the biggest insurtech players in the whole world. To gauge a hint about the company’s stature, we can simply look at its Gross Written Premiums in the year 2022 alone, premiums which exceeded $7.27 billion in collective value. Working to realize significant tech enhancements like the one in focus, though, QBE North America will only hope to turn that figure even bigger along the way.
“We’re thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market. Their product, underwriting and claims expertise have proven invaluable as we have set up the program, and we are excited to help them tap the growing need for cyber protection for small and mid-sized enterprises in the U.S.,” said Tom Kang, CEO of Converge.
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