#USA #Phoenix #Cyber Insurance #HSB #Millennial Shift

Millennial Shift Technologies and HSB Join Forces to Launch Non-Admitted Cyber Insurance

In a significant collaboration, Millennial Shift Technologies (mShift) has partnered with HSB to introduce a new non-admitted cyber insurance product on the mShift Platform. This innovative offering allows brokers to tap into a broader range of cyber risk solutions, streamlining their access to both admitted and non-admitted cyber coverage from HSB, a subsidiary of Munich Re.

Expanding Collaboration and Market Presence

The partnership aims to enhance the marketplace's efficiency for brokers seeking cyber insurance options. With the launch of the non-admitted product, mShift users will benefit from a more flexible underwriting process tailored for organizations facing complex cyber risks. This strategic expansion not only introduces a wider appetite for cyber insurance but also maintains the speed and efficiency that the mShift Platform is known for, digitalizing the process of submitting insurance applications.

Jim Smith, HSB's AVP of Digital Distribution, noted, "Expanding our collaboration with mShift allows us to bring greater flexibility and broader cyber-risk solutions to the market. By making both our admitted and non-admitted products accessible through the mShift Platform, we help brokers effectively place a wider range of risks while ensuring the quality of service HSB is renowned for."

Benefits of the mShift Platform

The mShift Platform stands out as a premier digital environment for cyber insurance submissions, merging innovative technology with a user-friendly interface. Brokers can swiftly quote and initiate policies using features like embedded eligibility checks and automatic data pre-filling. Notable benefits for brokers include:

• - Digital access to both admitted and non-admitted HSB cyber solutions through a single platform.
• - An expanded appetite for risks outside traditional underwriting guidelines.
• - The ability to preserve broker-of-record status along with existing relationships with underwriters.
• - Simplified processes that eliminate manual data entries, allowing for greater efficiency in submissions and monitoring of progress in real time.

Mark Meury, CEO of Millennial Shift Technologies, stated, “This launch is the next step in enhancing our collaboration with HSB and further solidifying the cyber marketplace available through mShift. By integrating HSB's non-admitted product, we are facilitating greater access to flexible cyber coverage and simplifying the insurance submission process.”

HSB’s Role in Cyber Insurance

HSB, part of Munich Re, is not just another insurer; it is a multi-line specialist in cyber insurance for small businesses. The firm combines engineering insights with insurance and technology-driven solutions, helping clients tackle risks posed by cyber threats effectively. HSB has a long-standing reputation bolstered by its A++ (Superior) rating from A.M. Best Company, underscoring its financial strength and reliability in fulfilling client needs.

Throughout its 158-year history, HSB has been on a mission to help businesses prevent losses and navigate the challenges brought by technological advancements. Its innovative approach equips clients with the tools they need to mitigate risks and enhance their resilience against incidents.

Conclusion

With the launch of HSB's non-admitted cyber insurance on the mShift Platform, brokers are provided with enhanced capabilities to manage cyber risk more effectively. This collaboration is set to redefine the way cyber insurance operates, focusing on efficiency and tailored solutions to meet diverse client needs. As the digital landscape evolves, partnerships like that of Millennial Shift Technologies and HSB pave the way for more agile and robust insurance solutions, benefiting brokers and clients alike.

For further details, explore the mShift Platform or visit HSB's official website.