Intuitive Cloud Customer Spotlight
With SAFE and their partnership with Mosaic Insurance, we were able obtain increased limits while achieving a premium savings of more than 20% on our Technology E&O Cyber Insurance Policy. In a matter of minutes we were able to obtain preferential terms directly correlated to our SAFE Assessment output and data already captured, saving significant time at renewal.
Jay Modh
Technology / Cyber Insurance
Data Ingestion
Use Case
Positive Business Outcomes
Intuitive Cloud aimed to enhance the utilization of SAFE and unlock preferential insurance terms via SAFE’s cyber insurance partners. At the click of a button, Intuitive was able to save 20% on the Tech E&O and Cyber Insurance program via SAFE’s underwriting partnership with Mosaic Insurance.
Without SAFE, Mosaic Insurance was relying on Outside-in and Questionnaire-based underwriting. WIth SAFE, the Mosaic underwriting team is able to augment underwriter subjectivity and inefficiencies with SAFE’s automated application ingestion and mapping engine, and in a matter of minutes the Mosaic underwriting team obtained transparent, quantified insights enabling them to make a quick insurability decision with preferential terms aligned with actual cyber risk posture of the organization.
Before Safe
Intuitive Cloud was procuring cyber insurance through traditional means, requiring a tedious application process each renewal and uncertainty regarding market pricing. Intuitive faced several premium rate increases over the last 3 years.
After Safe
We were already onboarded into SAFE with our compliance audits and integrations enabling us to assess our financial exposure to different cyber risks and prioritize actionable insights to reduce overall risk on an ongoing basis. After learning of the underwriting partnership with Mosaic, we were able to send a template report with a high-level abstract of our SAFE Assessment which is automatically generated from SAFE. Then we just had to share with our broker in order to formalize the submission with Mosaic and obtain preferential terms at renewal:
- Saved 20% on total annual premium
- Moved from 2 carriers offering $5M each to full $10M from Mosaic
- Saved ~100 hours not having to engage multiple stakeholders and business units required to answer traditional cyber insurance application
- Clear understanding of prioritized recommendations in order to unlock more incentives at the next renewal