Mosaic Insurance and Safe Security have announced an initiative aimed at encouraging clients to share their assessments of cyber-risk profiles in exchange for broader coverage and premium rating credits of up to 30%.
“These valuable insights enable discerning risk selection while allowing companies investing in cybersecurity to be recognized accordingly, and are reflected in their risk-transfer pricing,” said Mark Wheeler, co-founder and co-CEO of Mosaic. “As we continue to innovate with SAFE, we look forward to bringing more capacity and relevant coverage to the market.”
“This is the first time the cyber insurance industry and a cyber-risk management technology provider are joining forces to significantly lower insurance premiums, with the primary customer proving cybersecurity posture based on the SAFE score,” said Saket Modi, founder and CEO of Safe Security.
Read next: Mosaic adds tech E&O to cyber
The collaboration between Mosaic Insurance and Safe Security will incorporate real-time breach likelihood assessments and transparent risk analysis into insurance premiums, allowing clients to demonstrate their cybersecurity posture and receive customized coverage.
The initiative also offers additional benefits for Mosaic primary cyber customers who choose to share their SAFE Score data with their Mosaic underwriter. These benefits include credits of up to 30% on standard premium rating models, up to 25% reduction in retention/deductible levels, a shorter business-interruption waiting period, and access to the SAFE platform at no cost for three months post-bind.
Last month, Mosaic announced that it would begin underwriting primary cyber insurance globally.
Have something to say about this story? Let us know in the comments below.
