Its cyber insurance policies offer the most logical and comprehensive coverage for breaches and prevent financial losses
SANTA CLARA, Calif., March 8, 2021 /PRNewswire/ — Based on its recent analysis of the North American cyber insurance market, Frost & Sullivan recognizes Coalition, Inc. with the 2021 North American Technology Innovation Leadership Award. Its innovative insurance model and deep understanding of business needs have established it as an industry leader in the cyber insurance market. The company has set itself apart from the competition with its highly technology-focused approach to due diligence and claims processing. Notably, the company has helped its clients not only recover from cyberattacks, but proactively prevent them.
"Coalition deploys a robust data collection methodology that accumulates vast amounts of information on the company’s risk exposure within minutes. This is a major differentiator as traditional insurance providers using manual processes can take days to collect such data. Coalition also makes a strong effort to leverage the perspectives of IT teams, finance teams, and compliance teams to enhance its understanding of the insured party," said Hiten Shah, Senior Analyst. "Consequently, only 1.6% of Coalition policyholders have reported cyber claim, compared to the industry average of 6.2%."
In addition to its insurance offerings, the company has diversified itself by offering tools and services including continuous threat monitoring, automated security alerts, tailored cybersecurity recommendations, security awareness training, and access to on-demand technical support at all times. While traditional cyber insurance policies provide value to insurers only in the case of an attack or a breach, Coalition’s policyholders have the ability to start availing policy benefits as soon as they deploy Coalition.
The company has developed an in-house team of investigators and leverages their findings to improve the client’s overall security posture. It is the only cyber insurance provider in the market with a dedicated in-house claim and incident response team, and its average response time of fewer than 5 minutes makes the company a valuable service partner.
"Coalition expanded its geographic footprint in North America following the success of its products. For instance, it was one of the first cyber insurance providers to have an admitted product offering approved by the state of Florida," noted Shah. "Its insurance offerings are now admitted in 48 states in the US in addition to Canada. It plans to extend its services to the United Kingdom, Europe, and Australia in the near future and is expanding internally to support its growth plans."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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