The Paradigm Advantage
The cyberinsurance industry is a unique intersection between a very traditional industry (insurance) and one of the most rapidly changing, cutting edge industries (cybersecurity). Unfortunately this means a clash of two cultures, traditions, processes, and more. Security experts see insurance as perpetually behind the curve, and don’t understand the underwriting process, claims, or policy language. Insurance is driven entirely by data, combined with hundreds of years of experience. Additionally, cyber is the newest, and one of the smaller lines (i.e. types) of commercial insurance, so not many agents understand it fully.
That is where Paradigm Risk comes to the rescue.
Our Team
Dedicated 100% to cyber for SMBs and small midmarket companies. We do not provide any other type of insurance, and we focus on a specific size of business (<$100m revenue per year)
Cybersecurity and IT backgrounds: our ENTIRE team has years of hands on experience. We know more than just checking a box for EDR on an application, we have setup and managed the security tools that insurance is asking about.
Widespread access and expertise: we work with the oldest and largest cyber only wholesaler/distributor to get access to 40+ cyber carriers, and a full team behind us with direct access to the underwriting teams at those carriers. That means end to end, you’re working with cyber experts, and your application and answers are getting to the right people.
What Paradigm is NOT
A discounted policy: insurance agents are not allowed to discount policies (this is called rebating and is illegal!), any savings Paradigm finds for you is by more robust underwriting and improved security controls.
A middleman: many agents treat cyber as a second class citizen and are simply handing your application off to a wholesaler/distributor behind the scenes to handle (or directly through a third party portal). At Paradigm, we are reviewing every application and discussing with you before we submit to the carriers.
The Paradigm Process
Starting 90 days before your renewal date, a Paradigm Cybersecurity Expert will evaluate your current IT controls against a best practices list built from 40+ carriers’ applications.
We make recommendations on what changes will have the most impact on both your security and policy renewal. These changes are typically vendor neutral, but we can also make recommendations for specific products when requested.
Most carriers start accepting applications 30-45 days from the renewal date, leaving you plenty of time to implement the latest cybersecurity improvements.
After renewal, most insurance agents disappear for a year. Not at Paradigm. Throughout the year, we’ll reach out to keep you appraised of coming carrier requirements, and other important changes impacting your risk and security.
Ready to change cyberinsurance from a headache to a true security advantage?