When I was approached by Coalition to help with their Canadian launch, I sincerely wondered if there was room for another Cyber insurer in Canada. With over $100M of cyber premium in Canada today, the marketplace is robust: risk professionals, including brokers and purchasers of cyber insurance, understand the meaningful value quality cyber insurance policies provide to the marketplace. However, the problem is accelerating. Breaches are increasing and Canadian companies are often left alone attempting to manage cyber related risk. Fast forward to today and I’m convinced more than ever that there isn’t only room for, but a need for another market who can truly meet the demands of the most pervasive risk facing Canadians today — Cyber.
With ten years of experience, I can safely say that our industry is ready for a new way of looking at cyber risk. Today marks the first week Coalition can write insurance internationally, and more importantly the opportunity for us to help Canadians solve cyber risk. So what makes Coalition so different and why should you work with us?
Why Canada is Ready for Coalition, and Why We’re Ready for Canada
When Coalition launched in 2017, the goal was to build a better way to solve cyber risk. This plan has always been an open secret, and over the past few years, we’ve invested in building our cybersecurity capabilities and expanding our comprehensive cyber insurance coverage.
These investments have demonstrably reduced risk to our policyholders. Case in point, the National Association of Insurance Commissioners reported that 6.2% of organizations with a standalone cyber insurance policy filed a claim in 2019. Meanwhile, only 1.4% of Coalition policyholders filed a claim over the same period — less than a quarter the frequency across the broader market. And the same was true in 2018.
What’s unique about cyber risk is that it is inherently global. Unlike other crimes, cyber criminals have no geographic boundaries. The free tools, technology, and intelligence that protect all of our US-based policyholders are just as applicable to entities based outside the US. Which is why I’m so excited to announce that as of May 2020, we’ve launched in Canada!
As we enter Canada, our first international expansion, our mission remains unchanged. With tens of thousands of policyholders, we continue to leverage our proprietary technology to better protect our insureds, while also offering the most innovative coverage possible at competitive premiums. Here’s what we’re excited to bring to Canada:
- Accessible cyber and tech E&O insurance. With Coalition, brokers can quote, bind, and issue a policy in under 4 minutes, all without completing an application.
- Underwriting by aligning data to risk, and aligning risk to coverage/premiums. What this means is that a company’s investment in technology and security has a direct correlation to what they pay for insurance. We also provide a customized risk assessment for every submission we look at.
- Comprehensive policy that covers more risks. We’re a market leader in broadly offering bodily injury, property damage, and pollution coverage as part of our standard cyber insurance offering.
- Risk management tools for every single policyholder. These are meaningful tools that actually help to prevent claims before they happen.
- In-house breach response and forensics. If you have the skills and expertise to help your insureds manage incidents, why not deploy those resources? Using our in-house Coalition Incident Response (CIR), we help our insureds respond more efficiently, at no cost, and, more importantly, faster than would be otherwise possible.
- Alignment of incentives. Because we know claims will still happen, our team is available 24/7 to help our clients respond to and remediate incidents. What we learn from Claims is fed directly into the risk management tools we offer our clients, so nothing remains static so we continuously improve how we help our Insureds manage risk.
To read more about our Canadian launch, check out our press release here. Whether you’re a prospective policyholder, broker, or team member (we’re still hiring!), we hope you’ll join us to learn more.