Sling is offering a new approach to cyber insurance for SMEs by focusing on the Dark-web as a primary source for risk assessment. The key figures in the company are Co-Founder & CEO Nir Barak, Actuary Director Tzvi Shapira and Product Manager Yuval Sapir.
Describe the product that you developed.
Sling maintains access to hundreds of unique sources, including hacking forums, illicit marketplaces and instant messaging networks. The data collected is assessed by our in-house threat intelligence team and calculates a Sling Score via our own unique algorithm, aimed at anticipating the probability of a cyber-attack for a company.
As a MGA, Sling will provide a unique approach to cyber underwriting, claims modelling, ongoing monitoring, IRT and claims management to potential insurers/reinsurers and vendor partners. Sling currently provides cyber threat intelligence as a MGU, allowing customers to upgrade their current underwriting process, optimize risk assessment and significantly reduce their loss ratio.
What problem is it meant to solve?
Today, the cyber insurance industry bases its risk assessment on conservative underwriting methods that do not take in consideration the specific cyber threats of the insured.
This results in an inaccurate premium pricing that does not reflect the actual risk, and can result in significant loss ratios for carriers.
Sling’s goal is to accurately assess the insured’s risk by upgrading conservative underwriting methods and the premium pricing process, by weighting the specific insured’s cyber threats, which allows a policy to be priced more accurately and eventually reduce loss-ratio significantly. Sling utilizes unique methods to gather cyber threat intelligence from the darkweb which is the foundation for informing the underwriting process.
What is your business model?
Sling is in the process of becoming a MGA within the US, to provide cyber insurance based upon cyber threat intelligence that will allow us to proactively manage a portfolio of customers cyber risk on behalf of various insurers, reinsurers, retail brokers and wholesalers etc. whilst providing underwriting, claims modelling, ongoing-monitoring, IRT, claims managing.
Currently providing cyber threat intelligence findings as a MGU, allowing carriers to upgrade their underwriting methodologies, assess cyber risk more accurately, price with more confidence and to reduce portfolio loss ratios significantly.
What investments have been made in the company so far?
Seed Round –Various investors (Founders, Maverick, Peak6).
Currently on Round A.
What is your current business situation?
MGA – After a few successful POC’s with several capacity providers, on this POC we reduce the Loss-Ratio on their portfolio of cyber insurance, we are in negotiation for capacity with several carriers.
MGU – several clients currently.
Which companies interest you as business partners?
Insurers, Reinsurers, fronting carrier for captives, any other capacity providers. Presently we are establishing our distribution channels in the USA.
What is Sling’s differentiator among its competitors?
We are providing cyber threat intelligence findings, based on its unique proposition and years of experience of Dark-web data gathering and distills this into a unique cyber threat map for each customer. The company also aims to provide carriers with 360 degree services that will include underwriting, claims modelling, ongoing-monitoring, IRT and claims management.