Surance.io provides an end-to-end proactive Personal Cyber InsurTech Solution that gives users peace of mind in the online world. We protect individuals from cyberattacks, stop attacks and restore damages under an insurance policy or warranty.
The solution includes an AI platform, prevention of cyber attacks, 24/7 cyber expert response to stop attacks and insurance coverage, an all-in-one product. We are a B2B2C company that works with insurance companies and warranty providers.
The key figures are Saar Bar, Founder and CEO, Zorik Stolyar VP Product & R&D and Lisa Wardlaw, US strategy & distribution.
Saar Bar
What is the problem in the insurance sector that you are trying to solve?
Personal cyber-attacks have tripled in financial damage in the last four years, and hackers keep finding new sophisticated ways of cyber-attacks. This means the risk is constantly changing. It is dynamic and grows over time. Solutions offered today, such as anti-virus, are ineffective since they are rigid and specific to a particular type of attack and do not include insurance. Cyber solutions usually refer to companies and organizations, not individuals.
Furthermore, Insurance companies want to avoid the systematic risk that many people will be affected simultaneously by one certain cyber-attack. They also lack the cyber know-how, as cyber experts to stop attacks are hard to get and expensive. This leaves individuals without an answer to a very threatening situation, exposed to financial losses and lack of available expertise, adding emotional stress of fear and uncertainty to their already busy & stressful life.
Just how threatening? According to a recent Gallup poll, Americans ranked Cyberterrorism highest among “critical threats” to U.S. vital interests, more than nuclear weapons development by Iran or North Korea and other threats. Based on our internal survey, people’s fear factor of losing access to digital accounts and smartphones is three times higher than the fear of breaking a leg or having a fire in the kitchen.
Surance.io solves this problem by bringing a worry-free comprehensive product that answers all of the user’s cyber security needs. Other than improving users’ cyber hygiene and preventing cyber-attacks, users know they have experts to turn to in any cyber problem that they are facing and that these experts will help them stop attacks and restore damages.
What is your business model?
Surance is a B2B2C services and technology provider for personal cyber.
Our tech and services are embedded as insurance offerings or warranty programs into mass distributors’ offerings such as home insurance carriers, telco, device protection, home warranty, etc.
What are the values for insurance companies/brokers?
The values for the Insurance company or brokers are:
* Loss/risk control – To address the risk aggregation mentioned above, we use risk management to lower the risk taken by the insurers. The scan and tests the user performs lower the user’s risk level and indicates their status. We provide users with incentives to download the app and use our services – by giving those who use the app a double compensation amount or lower deductibles.
Seamless integration – Our service is an easily adjustable add-on. We take the “heavy lift” – We provide the technology, the professional services, the expertise, and the insurance capacity. The deployment to production takes less than a week with no effort from the insurer.
* Great B2C experience – There is a single point of contact for all end customer cyber concerns. The platform is highly engaged with the client in real-life events like cyber-attacks or phishing campaigns, with a frictionless digital user experience.
This way, the insurance companies can provide insurance and an innovative solution to a widespread phenomenon that people fear most. Therefore, they will be considered an innovative, fast-paced company that answers the true needs of their insureds. This will subsequently bring them new clients and more renewals and sales.
How can you benefit the insureds?
We are addressing one of the top concerns of people these days and providing the insureds with a fully operational, end-to-end frictionless personal cyber solution. This will give them confidence and peace of mind in their online and digital life.
The Surance.io solution is: Protect. Alert. Resolve.
In the preventative layer, the insureds can use our cutting-edge technology to discover security vulnerabilities in their devices and network and use our phishing detector and other innovative tools. The insureds also receive ongoing cyber alerts and recommendations. This helps them keep their online assets safe.
When facing a cyber attack, the insureds will benefit from 24/7 cyber expert support to help stop the attack. Resolve – The insurance coverage will help insureds recover from the damages of the attacks, with data and device restoration or replacement and compensation.
What investments were made in the company so far?
Surance.io has received significant funding of 10 million dollars. The most recent investor is Tech Mahindra.
What deals have you signed so far?
Surance.io has recently partnered with Israel Direct Insurance – IDI, to launch a personal cyber Insurance policy. We have received very positive feedback since.
Raz Bartov, VP, Head of Technology & Innovation at IDI: “We are very excited to launch this policy together with Surance.io, which answers a true need of our customers for cyber protection. Thus, it enables us to give more to our customers. We already have high demand and successful sales beyond expectations. We look forward to fruitful cooperation with Surance.io”.
Other signed deals include Global AIG – Singapore and Israel in particular; Ayalon Insurance company; Bituach Haklai Central Cooperative Society; and Node International. We are currently working on distribution agreements in the US.
