The human arsenal is made up from many unique elements, but at the same time, its most notable part has to be that desire of growing on a consistent basis. We can say this because the stated desire has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by 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 made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new insurtech-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
Mulberri, an AI driven insurance player, has officially introduced a new product in Cyber Insurance MGA, which is designed to help embedded insurance partners and their small and medium-size business clients conceive a better defense against financial consequences caused by cyberattacks. According to certain reports, the stated solution is built on specific selling points. For starters, we have the prospect of enhanced simplicity that entails same base coverages provided in all policies, thus reducing confusion and complexity. Talk about simplicity, it is further evident in how the pricing structure is presented to users, the discharge notably done in a straightforward matrix format. Then, we must also acknowledge the new and more efficient application process where you only have to answer one question to proceed further. Having referred to its simplistic theme, it’s time to shed some light upon the solution’s tendency to eliminate any need for a full-fledged cyber assessment. This, in turn, instantly reduces the steps involved in purchasing and binding the policy. Almost as an extension to the MGA’s pledge of making things streamlined and effective, it also puts on the chop the mandate to use different applications for different purposes or rope in extra paperwork. Complimenting these all-encompassing tendencies is the way through which Mulberri’s latest brainchild integrates the cyber insurance policy into the sales cycle.
“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,” said Hamesh Chawla, co-founder and CEO at Mulberri. “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.”
The development in question is a major landmark for our insurance industry, considering its struggle in the face of streamlining insurance for SMBs. This is backed up by a finding, which claimed that less than 5 percent of SMBs buy cyber insurance despite the fact that nearly 43% of cyberattacks are waged on small businesses.
“Our SMB customers are spread thin when it comes to time and resources, and they don’t always have all the details about their infrastructure at their fingertips. This often causes cyber insurance to fall off their priority list — even though it is increasingly essential,” said Phil Urso, Chief Sales Officer at Vensure Employer Solutions. “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.”
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