CoverHound CEO Keith Moore has a vision of simplifying cyber insurance sales that involves underwriting the security vendors used by insureds—a model that could ultimately allow small business customers to bind their cyber policies online.
That’s just one part of the thinking behind the launch of CyberPolicy, an online brand for cyber insurance that’s set to launch at cyberpolicy.com in July, according to Moore, who already heads up CoverHound, an online agency for auto, home and small business insurance sales with financial backing from investors that include Chubb and American Family Ventures.
“The future of cyber and small business products is underwriting the vendors that people use,” he told Carrier Management during a recent interview about the impending cyber launch. He referred to the example of a small, purely digital business operating a website. “If you have Amazon Cloud as one of your vendors, and you use two or three different SaaS companies to house your customer data, then [carriers] can underwrite against those vendors just as well as [they] can the company,” he reasoned.
“That’s going to make the carriers of the future world a lot more informed than they have been in the past,” he said, when asked about how he can stay true to the CoverHound formula of being a “trusted adviser for curated choice” to create a winning experience for engaged customers.
Moore described the CoverHound mission for personal lines and small business insurance in detail at a recent Casualty Actuarial Society conference. (See related article: Practical Tips for Disrupting Insurance Distribution). In a separate interview, summarized below, he outlined his high-level vision of a CoverHound follow-on venture for cyber.