Boost Insurance, a US-based technology-enabled insurance platform, has announced that it has launched Paladin Cyber as its first partner from the insurtech realm.
Boost was developed with the intention of enabling insurtech startups to pursue innovation in the areas of insurance products, product distribution, claims, underwriting and data analytics. Paladin Cyber’s mission is to help small and medium-sized businesses (SMBs) manage cyber risk.
Alex Maffeo, CEO and Founder of Boost, commented: “Paladin Cyber not only helps protect businesses against devastating hacks, but makes sure that they’re financially secure if something does get through. This innovative approach offers enormous value to SMBs and aligns perfectly with our thesis; it’s a sign of a greater change in insurance distribution. Companies and customers alike need a one-stop-shop for both valuable products and the necessary insurance coverage to go with it. That’s where we come in.”
Boost claims that its platform has enabled Paladin to bring its service to market in a much shorter time than the industry average of between 18 and 24 months. Han Wang, CEO and co-Founder of Paladin Cyber, said that the platform had been ‘an excellent partner’: “They delivered the insurance resources we need along with a one-of-a-kind technology platform, allowing us to perform an insurance launch at startup speeds.”