Leveraging One Application to Simplify the Cyber Insurance Process,
FifthWall Solutions Introduces LOTA
As the cost of cyber insurance continues to rise and cyber-attacks show no sign of slowing, it is difficult for businesses to qualify for an adequate cyber policy. Carriers are increasing their rates dramatically, raising the bar with required security controls and making it harder to get cyber insurance, if at all. The lack of security controls in place by the Insured and the disparate insurance applications are two factors that slow down the process.
FifthWall Solutions, a leading cyber insurance wholesales/distributor, recently introduced LOTA (Lord of the Apps) to create efficiencies during the application process. LOTA is one app — a cyber insurance intake process that makes it easy to apply to multiple carriers (up to 10 at once), saves time and leverages FifthWall’s market access with 40+ carriers. LOTA was designed to eliminate redundancies and simplify the process.
“Internal IT and risk advisors often spend hours gathering security control information for a carrier, only to be declined and sent back to start the process with another carrier, said Reid Wellock, President FifthWall Solutions. “We understand the frustrations and are excited to introduce LOTA to simplify the process.”
The LOTA process also includes a cybersecurity controls gap analysis based on insurance requirements. While many carriers require different controls, FifthWall recognizes across industries the consistency of core security controls most carriers require. FifthWall partners with an elite group of cyber-first MSPs (managed service providers) as they map their clients against required and soon-to-be-required controls and are often asked to support the application process.
“The more security controls that are addressed upfront, the more likely our brokers can present the best carrier option with up to 99% confidence of a bindable quote,” added Wellock.
Sign up to be an early adopter of LOTA at https://fifthwallsolutions.com/LOTA/
# # #
About FifthWall Solutions
FifthWall Solutions is a group of cyber liability experts and risk managers who understand evolving cyber risks for every client, even in challenging conditions. FifthWall has the highest frequency level- collaborating with more than 1000+ agent partners and 700+ MSPs and IT Professionals.