Boost Insurance, an independent, technology-enabled insurance platform, has launched Paladin Cyber as its first insurtech partner.
Launching Paladin’s admitted, multi-state SMB cyber program in only four and a half months, Boost’s platform enabled Paladin to get to market in a fraction of the time versus the industry average of 18 to 24 months.
Boost’s key mission is to provide an efficient pathway for insurtech startups and other digital platforms to create innovative insurance programs. One of the key tenets of Boost’s thesis is that insurance is best sold at the most natural point-of-sale, often offered alongside a complementary product or service like Paladin’s cutting-edge SMB cyber protection software.
Boost CEO and founder Alex Maffeo said: “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 Boost’s 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 Boost comes in.”
Boost is powering the future of insurance with its forward thinking, digital approach to Insurance-as-a-Service. The modular, API-driven insurtech platform provides startups with a way to avoid the complex, archaic, and slow processes that can bog them down with incumbents.
The combination of Boost’s modern technology and its end-to-end insurance infrastructure significantly reduces the go-to-market time and pain for new insurance programs and make Boost the ideal partner for the next generation of distribution.
Paladin Cyber CEO and co-founder Han Wang said: “Boost has been an excellent partner for us on the development of this admitted insurance policy. They delivered the insurance resources we need along with a one-of-a-kind technology platform, allowing us to perform an insurance launch at start-up speeds.”
Over the next few months, Boost will be launching several new programs. Products will include both personal and commercial P&C lines, developed bespoke for both insurtech startups and other high-profile tech brands acting as Boost’s distribution partners.
Source: Company Press Release