Sunnyvale, CA, Aug, 9, 2023 — Mulberri, an AI-driven insurance platform founded in 2021, today announced the launch of its Cyber Insurance MGA. Mulberri’s approach is designed to help embedded insurance partners and their small and medium-size business clients safeguard against crippling financial consequences caused by cyberattacks while boosting revenue. The Mulberri Cyber Insurance MGA represents a significant step forward in the market, which has struggled to streamline insurance for SMBs. Today, less than 5 percent of SMBs buy cyber insurance – despite the fact that nearly 43% of cyberattacks are waged on small businesses. Mulberri and its partners are seeking to change this by addressing contributing factors like extensive and complex underwriting questions paired with cumbersome enrollment steps.
Mulberri Cyber Insurance is underwritten by Lloyd’s of London with Park National Insurance Company as the carrier, and placed by Acrisure Re, the reinsurance division of top-10 global fintech provider Acrisure. It is the first of its kind to remove the need for manual data-gathering for underwriting purposes. This allows Mulberri Cyber Insurance to be seamlessly embedded into the sales process without any friction. Moreover, it is a unique product – a stand-alone policy, with $250,000 and $500,000 policy limits and fixed premiums – that is approved and regulated by state insurance authorities. The low premium and policy limit provides important base coverage while being affordable to any SMB.
