The last 19 months have been filled with uncertainty as organizations continued to navigate a world changed by the global pandemic — and the increased digital risks that came with it. Coalition has sought to build a new kind of insurance company that is poised to protect businesses against these emerging digital risks, and give them the confidence to operate in a work model that is increasingly distributed and connected.
We took lessons from 2020 at Coalition and applied them to our products and services to grow and strengthen our business in 2021. Here are our seven biggest events and takeaways from this year.
1. Small and midsize businesses were increasingly hit with cyber attacks
Previously, small and midsize businesses were not typically the target of cyber criminals. However, our H1 2021 Cyber Insurance Claims Report found the frequency of claims for organizations with 250 employees or less increased by 57% from the first half of 2020 to 2021.
2. Ransomware persisted; we went to the White House to help tackle it
Ransomware increased this year, with the average ransom increasing nearly threefold. CEO Joshua Motta joined other industry leaders at a White House meeting on cybersecurity convened by President Biden to address this threat. During the meeting, Motta reiterated Coalition’s stance that stopping ransomware isn’t just a technology problem; it’s a risk management problem.
3. We launched Coalition Control
To help organizations address their cyber risk profile, we made Coalition Control, our active risk monitoring platform, available for free. Yes, free — for everyone. As the year progressed, we continued to refine the Coalition Control platform, launching new features for Coalition policyholders that allow them to understand and address their cyber risks before experiencing an adverse security incident.
4. We surpassed 130,000 customers
When Coalition was founded in 2017, our goal was to solve cyber risk with a data-driven approach to underwriting, comprehensive insurance, active monitoring solutions for policyholders, and integrated incident response and claims. Our approach is working, and today we’re proud to protect more than 130,000 organizations.
5. We acquired Attune Insurance!
We also welcomed Attune, a technology-powered broker platform and managing general agency (MGA), to our Coalition, becoming the world’s largest commercial insurtech company serving over 130,000 customers. Combining Coalition's proprietary data platform with Attune's broker platform makes it easy for insurance brokers and their clients to get the coverage they need to keep their businesses safe.
6. We introduced executive risk insurance products
Using the same data-driven approach to underwriting cyber, we launched new executive risks insurance products to better empower our brokers to offer their clients the best coverage and proactive protection.
7. We offered continued protection through a hardening cyber insurance market
The insurance market began to harden over the last year, but Coalition has held strong and will continue to do so. We are committed to thoughtfully expanding our offerings to provide our brokers with the resources to offer their clients world-class digital risk protection: great products, services, and coverages backed by data-driven underwriting.
2021 was our biggest year yet, and we accomplished a lot on our mission to solve cyber risk. But we’re only 1% of the way there. In 2022, we will expand on all fronts. Stay tuned for exciting announcements — and what will hopefully be our biggest year again.
Thank you for your continued partnership.