Insuranceciooutlook

How Arceo.ai Broadens the Prospects of Cyber Insurance

By Insurance CIO Outlook | Monday, October 07, 2019

An insurance company with a funding of $37 million helps in the expansion of cyber insurance coverage.

FREMONT, CA: Arceo.ai has raised $37 million to expand the scope and size of the cyber insurance market for both insurers and companies. The company provides insurers with efficient real-time data, analytics, and context, required for safely and efficiently handle cyber risk. Arceo.ai's vision to expand the size and scope of the cyber insurance market took a major leap after raising funds from Lightspeed Venture Partners and Founders Fund with participation from CRV and UL Ventures.

The need for Cybersecurity is growing at an alarming rate, and Arceo.ai is going all its way out to provide expanded cyber insurance coverage to mitigate financial exposure. It uses an expansive set of global sources across a customer's digital footprint to collect internal, external, and macro cyber risk data. This data is used to evaluate a business's security and cyber risk management behavior. Automated data collection processes help insurers update policies and reports, and also increase underwriting process accuracy in real-time.

The analytics offering is one of the essential elements of Arceo's platform. It uses patented data science and cyber risk models to generate insights for insurance companies, brokers, and the insured. Arceo helps companies understand they are using the best mitigation strategies by providing policy recommendations and industry benchmarking. Besides, this company also offers insurance recommendations based on policy coverage to underwriters.

Arceo.ai safeguards enterprises from cyber threats with cybersecurity expertise, credible risk assessments, and risk transfer. The company's end-to-end cyber risk analytics and insurance platform enable insurers and brokers to assess better, underwrite, and manage cyber risks using AI for advanced and dynamic risk assessment. Arceo.ai's mission is to help insurance providers expand cyber coverage and empower organizations to become more resilient. The company believes that advanced analysis, granular security information, and transparent risk modeling are crucial in improving cybersecurity. Arceo.ai improves cybersecurity across distribution channels by responding to brokers faster by automating underwriting under pre-set parameters.

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