From Contact to Contract in Minutes
Menora Mivtachim is a leading insurance carrier in Israel, pioneering the SME cyber insurance market.
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Fully Automating the Cyber Insurance Rate, Quote, and Bind Experience
The Business Challenge Faced
As cyber insurance becomes more popular, insurers need to quickly develop programs and products for selling cyber insurance at scale. In order to achieve this, insurers need to be able to quantify cyber risk of a potential insured, price a policy and issue the policy with an option to automatically complete a purchase.
"Our goal was to build the world’s first end-to-end platform for purchasing cyber insurance on the spot. With Kovrr’s technology as our backend, Menora provides customers the ability to get an instant quote and purchase cyber insurance online. -Michal Shlomo CPA, Special Risk Dept. Manager
The Benefits Derived
- Launch a new product to market in record time.
- Provided them the ability to accurately and efficiently underwrite cyber risk.
- Enabled brokers to bind accounts faster, from days to minutes, based on validated data compared to previously used applicant submitted data.
- Integrated Menora’s underwriting guidelines with all necessary cyber data points to understand the probability and severity of an incident that can lead to a potential claim.
The Business Objectives
- Menora wanted to provide a modern and seamless user experience for potential SME customers to purchase cyber insurance in a fully digital manner.
- They needed a method to immediately filter opportunities that match their risk appetite, provide a competitive price, and allow the customer to check out upon seeing the offer.
- Quotes are based on adaptive prices mapped to different risk categories.
The Strategy to Achieve the Objective
Menora chose Kovrr to provide an end to end platform in which potential interested clients can answer a minimal number of questions regarding their business. The potential customer is then assessed by Kovrr’s technology for their security resilience and pushed into adaptive risk categories mapped to pricing models. The customer is automatically offered a quote and can purchase the policy on the spot.
