Safe Security launches cyber MGA

Safe Security, which last week announced a partnership with Mosaic Insurance, is now introducing SafeInside Insurance, “the first cybersecurity MGA leveraging API-based cyber risk telemetry and quantified insights to underwrite cyber insurance.”

Backed by an AM Best “A-rated” carrier and panel of global reinsurance partners, SafeInside will offer dynamic insurance policies for companies hosted in one or a combination of the leading public cloud service providers and leading SaaS solutions. For example, Amazon Web Services, Microsoft Azure and Microsoft Office 365, Google Cloud Platform and Google Workspace, Salesforce, and Zoom.

The underwriting process through SafeInside takes “less than 20 minutes to assess an organization.” All insureds also receive access to the SAFE CRQM platform, which accumulates signals using APIs from existing cybersecurity products, external threat intelligence, and business context to provide “unprecedented visibility into possible areas of cyber exposure, and the exact financial risk associated with those cyber exposures.”

Safe Security is currently appointing brokers and agents across the US.

“Safe Security is thrilled to become the world’s first MGA for cyber insurance using actual cyber telemetry for underwriting. Our vision is to establish a new, de-facto industry standard for how cyber insurance is underwritten, and to provide more transparency between the investment in cybersecurity and cyber insurance. We are paving the way for a sustainable, profitable cyber insurance ecosystem based on trust and certainty for all stakeholders. Safe Security looks forward to helping insurance buyers get the right cyber insurance policy at the right price for their organization’s specific requirements, as well as assisting brokers and underwriters make more informed decisions and dynamically adjust their portfolios.” – Saket Modi, co-founder and CEO, Safe Security.

Bottom Line: Coverager Data tracks 32 cyber MGAs.