Categories
The alliance today announced the acquisition of Atyun, the world’s largest commercial insurance supplier. The combined company serves more than 130,000 policyholders, provides cyber and technology insurance, and requires customers to avoid filing insurance claims for active risk management.
Attune editing
Coalition and Atone are both digitally owned insurance companies. Together, they will be able to leverage large amounts of data to help customers assess, mitigate and eliminate risk.
As a result of the acquisition, Coal Tone extends its cyber insurance to more policyholders through the marketplace. In return, alliance analysis and machine learning will be applied to Atyun’s wide set of insurance offers to enable greater risk intelligence and mitigation.
Joshua Motta, the alliance’s chief executive and co-founder, said in a statement: “We are delighted to be joining forces with Atun to achieve our shared goal of providing security to all.” “Together, our companies will determine the future of insurance by using data and technology skills to mitigate current and emerging risks, expand our insurance offerings to keep more businesses safe, and create a better experience for insurance brokers and their clients.”
Improving national security
The Alliance has established itself as a leading provider of cyber insurance and security. The combination of comprehensive insurance and proactive cybersecurity tools that help customers manage and mitigate cyber risks has caught the attention of the Biden administration. Coalition chief executive Joshua Motta was among 24 officials invited to the White House to discuss ways to bring together the public and private sectors to enhance cyber security for the nation.
For its part, the coalition is working to provide companies of all sizes and sectors with the tools they need to assess risks and detect attacks. In a statement after the event, the White House shared that the Coalition agrees to provide any organization with a free cyber security risk assessment and continuous monitoring platform.
You have no fixed insurance
In general, I think insurance is completely viable. He is a gambler. The policyholder is betting that the disaster will come at any second and the insurance company will have to pay and the policyholder is betting that the policyholder will pay a permanent premium and will never file a claim.
However, this is not general insurance. I spoke with Joshua Mota about the lead approach to risk management. The company doesn’t just collect premiums and cross your fingers that you don’t need them – they are actively involved in reducing customer risk and making them more secure, and they work with customers if anything happens.
To be fair, I know there are health insurance providers who help policyholders stay healthy, and there are auto insurance providers who give driving safety tips or install vehicles and give feedback on driving behavior. So, the concept is not completely foreign.
Still, the alliance spreads that line in a more obvious way. There is no insurance company that advises you to try and limit your own exposure to cover potential claims. The alliance is at the same time a cyber security company, actively working to help customers do a better job of protecting themselves.
Motta told me that as a result of their machine learning platform and active risk management, the company pays only one-third of the number of claims from competing insurance companies.
Going forward, Atyun will continue to work as an independent business. However, in addition to the standard mix of business owner policy, workers’ compensation, general liability, business liability and extra liability insurance, tion brokers can now also offer alliance cyber insurance and access to alliance technology and data capabilities to underwrite and improve. Risk management.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economyessential journalist was involved in the writing and production of this article.
