PREVENT, PROVIDE, RESTORE
Eleven Risk Solutions is owned by 10 entrepreneurs each owning a business in a different sector. We understand the concerns of a business owner because we share those concerns. We know that if a breach occurs it can almost kill a small business especially if you cause damage to your biggest client. Eleven Risk solutions wanted to come up with a relatively inexpensive insurance policy but also a way to help clients protect themselves from cyber crimes.
Eleven Risk Solutions is revolutionizing commercial cyber insurance through groundbreaking technology. Our quoting tool evaluates cyber risk and quotes cyber insurance policies according to the company’s risk level. ERS is backed by Lloyd’s of London and is the only MGA of its kind.
The old way to quote cyber insurance:
Insurance agents had to talk to business owners or IT departments (or both) to fill out a questionnaire about the company’s technology infrastructure and security policies. The insurance agent and the business owner were likely not technology experts, and there was likely a fair amount of guesswork involved in completing the form. The result would be:
- An inaccurate assessment of the level of cyber risk the company faced
- An insurance policy that was risky for the underwriter
- An unhappy client with coverage that did not fit their needs
The ERS way:
We take the guesswork and frustration out of quoting cyber insurance.
- Answer a few simple questions about the company’s information security policy
- Install the agent on the company’s computers
Our high-tech tool will magically determine how well the company manages its technology and information security. It will find any weaknesses in the company’s computers and network, and give a quantitative overall score for that company’s risk profile.
The higher the score, the lower the premium on our policy quote. Lower scores will result in a higher quote, or the lowest scores (highest risk) will not be approved for a cyber insurance policy until they have improved their technology environment.