Discover how Trium Cyber, in collaboration with HITRUST, is revolutionizing cyber insurance through data integrity and structured frameworks. Join Sean Martin and Josh LaDeau as they explore the challenges and innovative solutions transforming the industry.
In this episode of Short Brand Story recorded during the HITRUST Collaborate 2024 conference, Sean Martin sits down with Josh LaDeau, a prominent figure in the world of cyber insurance. Josh, who represents Trium Cyber, illuminates the crucial aspects of cyber insurance, from data integrity to market challenges. Trium Cyber is known for its specialty in providing cyber property, E&O, and miscellaneous coverages.
Josh emphasizes the importance of data in the insurance industry, explaining how accurate, structured data provided by HITRUST aids in underwriting processes. The partnership with HITRUST brings a unique advantage by ensuring data consistency and structure. This elevates the underwriting process by reducing ambiguities in policy applications and promoting data security. Josh highlights that this collaboration allows clients to present their data in a more uniform manner, making it easier for insurers to assess and underwrite policies accurately.
Moreover, the HITRUST R2 framework is particularly beneficial for clients, offering a higher quality of data that leads to better coverage options and advantageous premium pricing. Josh points out that a third-party attestation by HITRUST not only assures data integrity but also qualifies clients for a dedicated credit, further enhancing their position in the market.
The episode underscores the value Trium Cyber brings to its clients, focusing on technological acumen and a keen understanding of the cyber insurance landscape. This partnership is poised to make a significant impact in making cyber insurance more accessible and reliable for businesses.
Learn more about Trium Cyber: https://itspm.ag/hitrusi2it
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Guest: Josh LaDeau, CEO, Trium Cyber
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Leveraging Data for Cyber Insurance to Bring Consistency and Clarity in Underwriting | 7 Minutes on ITSPmagazine From HITRUST Collaborate 2024 | A Trium Cyber Short Brand Innovation Story with Josh LaDeau
Please note that this transcript was created using AI technology and may contain inaccuracies or deviations from the original audio file. The transcript is provided for informational purposes only and should not be relied upon as a substitute for the original recording, as errors may exist. At this time, we provide it “as it is,” and we hope it can be helpful for our audience.
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Sean Martin: [00:00:00] And here we are ready for another seven minutes on ITSV Magazine with a new short brand story. I'm here at the HITRUST Collaborate Conference and we're going to talk about cyber insurance. I'm thrilled to have Josh Ladeau on. Josh, how are you? Doing well, thanks for having me. Good, good to have you on.
Um, maybe just a quick word about Trium and what you offer.
Josh LaDeau: We have two. Uh, Trium Cyber is a collective of service companies and Syndicate 1322. Uh, we co founded the first monoline cyber syndicate. Difficult to do at the time with a lot of the activity in the market. Uh, and we've been building out a platform ever since.
We write, uh, Trium, Trium writes cyber property as well as, uh, ENO and miscellaneous within the book.
Sean Martin: Perfect. Thanks for that. Um, so you just finished a panel with a few, few colleagues, uh, working with HITRUST to deliver new, new products, uh, to the market. Can you describe from your perspective what some of the challenges are From two perspectives, one from the [00:01:00] buyer of policies and from yours, the perspective of Delivering product.
Josh LaDeau: Yeah, I think they're they're married luckily. So it's really a single story. And I think it starts with data Uh, the insurance industry is based on data actuarially speaking everything that we do from pricing and analyzing what questions We should ask really comes from the data pool we have today in cyber contrary to Uh, you know, say property or life insurance.
The volume of data is quite small and the validity of that data is questionable because the threat landscape is changing so quickly. And so what we've seen is really, uh, expansion of applications. They're all different within the market. There might be 70 to a hundred different applications out there.
The quality of data and the unstructured fashion really doesn't allow us to acquire and engage with that data in the way we have other lines. Uh, the partnership with HITRUST, at its first point, really is access to data that doesn't exist today in a structured format. But beyond that, and so critically important to our [00:02:00] industry, is that third party attestation of the exposure.
So that doesn't exist today where we're reliant on an application and just a signature. The questions aren't necessarily clear even in terms of what should be answered yes or no. And so there's a lot of challenges that are answered by this partnership. Consistency of data, structured in nature, uh, secure transmission of that data.
Again, today, the data is all over the place. Clients fill out an application. It goes to 70 different markets. It's all in clear text email. So there's a lot of opportunity for differentiation here. You know, that, those are some of the core initial elements of, of a solution there.
Sean Martin: And. From a buyer's perspective, I know it's been a rollercoaster.
You mentioned this on the panel. Um, I think at the moment it's really hard for companies to get a policy, to even get a look at, to get a policy. And so they need to put their best foot forward. They need to do it in a way that demonstrates to you that, that they're a good bet. Right? And you have to understand what a good bet looks like.
And you talked a bit about losses. So how do you, how do you approach [00:03:00] that, um, leveraging the high trust R2? And the data that comes from that may be helpful. Bring this together.
Josh LaDeau: Yeah, the high trust RDS and the access to that data. So tying right into what I said before, easy access, consistent nature of data, right?
The framework is the framework and the responses to that framework are going to be uploaded into that system. So we get a consistency of output. That is going to be much different than us receiving the application blindly from the carrier. Again, this question doesn't sound quite like the question on another application.
They're trying to address the same issue. Rather than that, we get uniformity each every time across the clients through the R two model. And so that in and of itself is critical. They are then also able to articulate in that in that process. They're sort of, um, Robust investment in a way that an application doesn't allow because there's something like, you know, 600, 700 data points as part of the R2 environment.
Even the biggest applications in cyber today are probably, you know, 100 questions and not necessarily targeted or updated in line with what's important. And that living, [00:04:00] breathing model of high trust and that, uh, continuing sort of assessment of, What is relevant in an R2 certification and the environment's changing, all of that sort of being automated and we're able to collect that data on the back end, partner with HITRUST to know what it is in the ingestion process.
Um, so that's what's going to make it a lot easier for clients to sort of get the quality and volume of data to the insurers, do it in a secure fashion, and allow us some consistency in how we underwrite and approach the business.
Sean Martin: You mentioned, um, So, easier. I think that probably ties to faster as well, right?
Absolutely. Delivery is pretty much immediate. Um, you then have what kind of coverage you get and the premiums, so the pricing of it as well. How does having an iTrust R2 help on that side of things? Better coverage, better premiums.
Josh LaDeau: Absolutely. So we were talking about it a little bit on the, on the panel, but from both the, the, the buyer, meaning the, the large customer and the vendor perspective, they [00:05:00] want to transfer risk consistently.
And the reality is there's, you know, 130 different cyber policies out there. You don't know what you're getting in that process of just assessing is, is, is, Uh, the idea here is that any of these clients would be getting the same top quality product in the market by virtue of the high trust relationship.
Uh, you mentioned pricing. We look at sort of, this is a unique client set unlike anything else out there. And we, uh, we certainly are looking at the controls of every organization. We are selective always. But again, what's missing is really that third party attestation. We're being told something from the client's perspective, and we hope they're saying it correctly, but it may not be.
The third party attestation allows us to have confidence that the responses given by the insurance through the RBS are accurate, they are correct, they represent exactly what we're talking about. And so, in that case, In that case, we are able to, you know, sort of ingest that and assign a dedicated, uh, credit of 25 percent to say the fact that a third party [00:06:00] has attested and verified this is true, uh, is compelling enough for us to want to give you advantageous pricing and keep you in this risk pool with the HITRUST shared risk facility.
Sean Martin: I love it. And in the last few seconds we have, describe working with Trium. You spoke to maturity and a journey. So what's it like working with Triumph to achieve this and continue with renewals and whatnot?
Josh LaDeau: Yeah, there should be a seamless process. But what I'd say we have at Triumph is really tech, you know, technical acumen that we've applied in a partnership like this.
So understanding the nature of the controls, the value of the controls, the investment that you're making and what that really means. It's impact your organization and the reduced probability of an event, a malicious event. And. You know, resiliency that's improved for these controls, um, that, that partnership and having somebody who really understands what your investment means and what it took to get there, I think that's one of the most critical aspects of the partnership, um, and allows us to demonstrate that additional value.
Sean Martin: [00:07:00] Fantastic. Well, Josh, appreciate it. Thanks very much. Thanks for the chat. And that's 7 Minutes here on ITSP Magazine. Thank you.