Cybercrime has inflicted financial, reputational and regulatory repercussions upon organizations spanning various sizes, geographic locations, and industries across the globe. The businesses feeling it most are SMBs.
SMBs struggle to keep up with the latest cybersecurity best practices and risk management strategies. This lack of awareness hinders their ability to recognize the best solutions, including the value of cyber insurance as a means of safeguarding their business continuity.
Despite the clear vulnerability of SMBs, with nearly 43% of cyberattacks being directed at them, less than 5% of these businesses opt for cyber insurance coverage, according to an Accenture study. The limited adoption of cyber insurance among SMBs can be attributed to misconceptions about its benefits and relevance.
Some business owners mistakenly consider it unnecessary due to their size, despite the fact that cybercriminals often target SMBs due to weaker cybersecurity defenses. Budget constraints also contribute to low adoption rates, as small businesses prioritize immediate needs over cybersecurity investment, leaving them vulnerable.
That is why Mulberri, an AI-driven insurance platform founded in 2021, launched its Cyber Insurance MGA. Mulberri’s approach is designed to help embedded insurance partners and their SMB clients safeguard against financial consequences caused by cyberattacks while boosting revenue.
Simplicity is at the core of this innovative insurance offering. The pricing structure, based on revenues, is presented in a straightforward matrix format. Mulberri’s solution comes in two policy limits, $250,000 and $500,000, and features fixed premiums, all regulated and approved by state insurance authorities. The affordable premium and policy limit ensure robust base coverage while remaining friendly to any SMB's budget. Applying for coverage is uncomplicated – just one question to answer and an additional signature are required within the application.
Streamlining the insurance process is also a priority with Mulberri's Cyber Insurance. Say goodbye to convoluted underwriting questions and intricate cyber assessments. This policy is designed for frictionless adoption, featuring a simplified purchasing journey that reduces steps and enhances efficiency.
With the "embedded" nature of this coverage, separate applications and paperwork become things of the past. This insurance integrates seamlessly into your sales cycle, removing unnecessary hurdles and aligning with your business flow.
"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.”
Underwritten by Lloyd’s of London with Park National Insurance as the carrier and facilitated by Acrisure Re, a reinsurance division of global fintech provider Acrisure, Mulberri Cyber Insurance brings a fresh approach to the market. This forward-looking insurance eliminates the tedious task of manual data-gathering for underwriting purposes, allowing it to be effortlessly integrated into your sales process.
Here is a use case on how it works.
Phil Urso, Chief Sales Officer at Vensure Employer Solutions, says that the company's SMB clients frequently face constraints in terms of time and resources. Often lacking comprehensive insights into their own infrastructure, these businesses tend to sideline cyber insurance despite its growing significance. Mulberri's solution has enabled them to provide cost-effective coverage without demanding extensive time commitments from the clients.
As seen in Vensure’s case, this approach allows businesses to shift their focus away from concerns about cyber threats and divert their attention towards other pressing matters.
Edited by
Alex Passett
