ConvergeElements™ is a new cyber insurance product that provides small and midsize businesses with clear and confident cyber solutions.
COMPANIES: Converge; QBE North America.
BEST RATING: A+
AVAILABILITY: Available through wholesale brokers.
FOCUS: QBE North America announced the launch of a cyber insurance program with a new InsurTech, Converge.
Eighty-eight percent of small business owners “felt their business was vulnerable to a cyberattack," according to an October 2021 U.S. Small Business Administration survey. At the same time, only 50% reported feeling “fully prepared" against such an incident, an April 2022 Provident Bank survey found. Unfortunately, less than three in 10 small business owners report having cyber insurance coverage, according to a 2022 Nationwide Agency Forward survey.
ConvergeElements™ is a new cyber insurance product that provides small and midsize businesses (SMBs) with clear and confident cyber solutions. “We are focused on supporting SMBs in the U.S. that are desperately underserved through our primary and excess capabilities," says Tom Kang, CEO of Converge. “We remove the burden on the business as much as we can by leveraging advanced data, technology and expert underwriting, so our customers can be confident in their cyber protection."
COVERAGE DETAILS: The program is broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
ConvergeElements™ offers primary and excess cyber coverage through select agents and brokers for companies with up to $100 million in revenue. Converge's proprietary technology platform allows it to ingest and collate data from applications, external system scans, underwriting and claims workspaces, insured and broker portals, analytics workspaces, and other specialized data sources to underwrite cyber risks more swiftly and effectively.
ConvergeConnect™ offers primary cyber coverage through prequalified technology provider partnerships for companies with up to $750 million in revenue. These partners provide Converge with access to insured-specific behind-the-firewall security and underwriting data to provide best-in-class customer solutions, leveraging unmatched insights on businesses' cybersecurity posture.
UNDERWRITING: Subject to conditions and availability, rating is based on the size of the insured, industry class, overall controls and loss history. A signed and dated application and loss runs are required to provide a quote.
TARGET: SMBs with up to $100 million in revenue.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Vivienne Hsu, head of marketing, Converge; 800-553-7690; 165 Broadway, 23rd Floor, New York, NY 10006.
Will Jones is IA editor-in-chief.