Insurtech launches cyber coverage in partnership with Berkley Re Solutions & TransUnion
CINCINNATI – Coterie Insurance, the partnership-focused insurtech MGA simplifying small business insurance, today announced the availability of cyber insurance on its platform through a new partnership with Berkley Re Solutions and TransUnion. With coverage from Berkley Re Solutions and cyber insurance services from TransUnion’s TruEmpower™ Cyberscout solutions, Coterie now provides Berkley Re’s custom turnkey solutions within its existing seamless user experience.
“Our agents and brokers have been asking for expanded coverage options as small businesses are at risk for numerous perils, including increasingly becoming targets for cybercriminals,” said Bobbie Collies, Chief Insurance Officer at Coterie Insurance. “Now Coterie users can easily add cyber insurance to new policies quickly and efficiently, further safeguarding their small business clients.”
Cyber insurance claims reached record highs in 2023, with more businesses experiencing a cyber incident than in previous years according to the HIPPA Journal. Coterie partnered with Berkley Re Solutions as a leading cyber coverage reinsurer that offers a unique risk management program, providing education, preparation, fraud, and credit monitoring, identity protection, and more services to small businesses through its partnership with Cyberscout.
“We are excited to partner with Coterie to offer increased protection options to more agents and brokers serving small businesses,” said Christopher Ellis, SVP & Head of Turnkey Solutions at Berkley Re Solutions. “Our combined expertise, resources, and partnerships create a powerful offering that supports the needs of our partners and their clients.”
By leveraging TransUnion’s Cyberscout solution, Coterie is now providing enhanced cyber risk services to better assist small businesses in response to cyber incidents. In the event of a breach or cyber attack, Cyberscout delivers robust cyber claims management, incident response, and forensics services that help assess the severity of a cybersecurity incident. Moreover, Cyberscout services support the crisis management process to help mitigate damage, communicate with stakeholders, and preserve and restore the business’s reputation.
Cyberscout also offers mobile text notifications, a comprehensive customer web portal with access to cyber safety tips, and a free “Business Security Self-Assessment” survey to assist businesses in identifying gaps in their cyber security program.
“The aftermath of a data breach can feel chaotic for a business owner, and it’s difficult to even know how to begin addressing the situation,” said Matt Cullina, Head of TransUnion’s global cyber insurance business. “Cyberscout’s services are both technical and consultative to assess and repair the damage, while helping small business owners navigate the process—so they can focus on protecting their customers as well as their brand.”
Using Coterie, agents and brokers can easily obtain a cyber quote while getting quotes for other small business coverages, including BOP (business owners policies) and general liability. The process is fast, simple and stress-free.
About Coterie Insurance
Coterie Insurance is a tech-focused commercial insurance company dedicated to simplifying the insurance process for small businesses. By leveraging cutting-edge technology, Coterie provides quick, efficient, and tailored insurance solutions that meet the unique needs of its clients.
About Berkley Re Solutions
Berkley Re Solutions provides a complete insured offering for various specialty products that help partners become more valuable to agents and insureds. Berkely’s offerings include policy language, underwriting guidelines, rating plans, filing support, and quota-share reinsurance options. In addition, the organization provides training, unique service solutions, and marketing thus delivering a complete turnkey experience.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business
The information provided is for educational and general information purposes. Only your licensed legal professional can provide you with legal advice. Answers to questions regarding insurance coverage and insurance claims involve legal questions that should be answered by your attorney. Coverage under any insurance policy is determined by the facts specific to the situation, the terms of the policy and other forms, and the applicable law. These statements are not a legal interpretation and do not alter or supplement any insurance policy. Not all products are available in all areas, and certain restrictions may apply. Please see Coterie’s Terms & Conditions and Privacy Policy for more information.
