surance.io is An end-to-end proactive & preventive personal cyber protection solution, platform and Application, enabling insurance carriers and telcos to offer a frictionless – seamless and effortless ready to launch – product to policy holders.
surance.io was founded by Saar Bar, Co-founder & CEO.
This article is a part of a series of articles presenting the Israeli delegation to the ITC conference.
Saar Bar, Co-founder & CEO
What problem is it meant to solve?
We make personal cyber protection accessible & affordable for everyone.
We protect the common citizen from cyber-attacks through an application on their phones.
The concept of cyber security is more common in the business world, but it is more prevalent in consumer world. We bring a commercial like cyber solution to the consumer market by personalizing and addressing the extremely important need that cyber attacks are everywhere, are getting worse, causing both personal and economical damages to innocent people.
What is your business model?
B2B2C – We offer a white labeled solution that is provided to policy holders/telecom customers by their insurance company/telco. We operate and provide all the services on behalf of the insurance company/telco.
How do you see the current situation in that area on the insurance industry today?
Surance.io created the concept of one-stop-shop to increase cyber protection for personal users (i.e. the common citizen).
We operate in a 360o model: Prevention in advance, immediate support in case of a cyber-attack and full recovery right after, including device replacement & restoration as needed. Existing solutions fail to oversee and fully support all aspects together thus, our solution is most progressive. Overall, our concept is innovative and unique. We are honoured and proud to be recognized as pioneers in the Insurtech cyber resilience field.
What investments have been made in the company so far?
We’ve raised $10M so far. Our main investor and active partner is Tech Mahindra. We have a few interesting opportunities that are currently under evaluation and we might consider an additional investment in the near future.
What is your current business situation?
We have over 35K deployed policies around the globe in North America, Israel and Singapore with leading insurance carriers such as AIG, HUB, Burns&Wilcox, Bituach Haklaee and Ayalon.
Our main business partners are Tech Mahindra, Lloyd’s, Best Buy, Swiss Re and IBM Alpha Zone.
We’re currently in a very strategic phase of significant engagements and hope to share more details in the near future.
Which companies interests you as business partners?
Insurance companies, telcos.
What was your motivation to start Surance.io?
We’ve built Surance.io to restore feeling of security of individuals to use digital services and electronic devices.
