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Resilience & Policy Modularity Raises Bar on Cyber Insurance Innovation

New process eases customization while improving clarity and value for brokers and insureds
PRNewswireApril 1, 20227 min

Resilience, an industry leader in cyber insurance and security solutions, announced today the launch of a new process for modular policy production, making it the first to adopt modularity for cyber insurance. Through its insurance operations, Resilience can now issue impactful and nimble insurance policies to meet the demands of the fast-changing world of cyber risk.

Unlike traditional cyber insurance policies, which are complicated and difficult to amend, modularity lets brokers present tailored policies with negotiated coverages specific to a client’s exposure. Customizing coverages in a traditional cyber policy requires either full redrafting or endorsements that make it hard to understand what the policy actually covers.

This can take days or weeks to modify because amendments can only be made through complex endorsements. This leaves many insureds with outmoded policies that don’t protect them from the risks they’re worried about today.

Modularity enables policy amendments to be updated immediately and reflected in-line with the policy. This new process enables broker-specific versions that are endorsement-free yet amendment-friendly. Clear language, fewer pages, tracked changes.

“Cyber risk is complex and can be complicated, but the policy document doesn’t need to be. This modular policy provides not only clarity for the insured who is reading the policy, but contract certainty for our brokers and their clients in the ever-changing cyber risk environment,” said Sam Lisi, Product Director at Resilience.

Resilience’s process for modularity includes three critical layers:

  1. Smart Assembly of Policy Content – Based on the underwriter’s insuring agreement selections, only the content that is relevant will be added to the policy. This allows Resilience to continuously introduce new insuring agreements in response to changing market conditions without the need for policy refreshes or amendatory endorsements.

  2. In-line Policy Amendments – This layer allows the underwriter to make selections from a pool of existing amendments without suffering through confusion or bulk that comes with higher volumes of amendatory endorsements. Resilience’s pool of in-line policy amendments can be expanded easily and endlessly.

  3. Dynamic Text Fields – Dynamic fields are essentially open text fields that can be populated with a variety of inputs. They are amended with such frequency that it’s more sensible to leave them open for underwriter input, rather than hard coded with fixed options that are likely insufficient.

“Every risk is unique. Our modular policy streamlines the process for brokers and their clients, allowing for a clear, easy-to-read policy document,” commented CJ Pruzinsky, Resilience’s Chief Underwriting Officer for North America. “It sounds simple, but this is game changing.”

Elevating the value of the broker relationship is an essential component of Resilience’s move to modularity.

“We’ve partnered with some of the world’s most premier cyber brokers over the last year of growth, and trust is at the center of all that we do,” said Tom Gamble, EVP, Global Distribution Officer for Resilience. “We’re thrilled to bring this innovative development to market with our network.”

Modularity has been successfully used in other industries to arrange complex products and processes efficiently. Applying this strategy to cyber insurance, modularity enables independently designed coverage modules to work together to create a cohesive and clearly worded insurance policy.

The cyber threat landscape changes daily, sometimes by the minute, and cumbersome cyber policies have struggled to meet client needs. When time is of the essence, and enterprises need certainty and clarity of coverage, this new type of policy document provides  peace of mind.

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