Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!
Tell us Edmund’s brief pitch
Edmund is Australia’s first dedicated digital cyber insurance provider. We’re improving how small and medium businesses protect themselves from the financial impact of cyber risks.
We have developed a market leading, security posture driven algorithm with the capability to underwrite cyber insurance for small and medium enterprises (“SME”) in more than 3,500 occupations.
Our digital distribution platform enables SMEs to quote and buy cyber insurance cyber insurance online in under 8 minutes on desktop, mobile or tablet.
It’s Radically fast Cyber Insurance.
So how did Edmund begin?
Our founders were looking at a number of Insurtech opportunities, one of which became Edmund. To be honest it just made sense, how else should businesses be able to buy Cyber Insurance if not digitally?!?
We pitched the concept to our partners at Munich Re Syndicate at Lloyd’s, they loved it, agreed and we started work!
How has Edmund evolved since inception?
At a rate of knots. We began in development in October 17, launched to market in April 18 and we’ve been working with customers ever since. We’ve worked closely with our Emergency Response partners, KPMG to provide what we think is the market leading offering.
Breach response is everything, we see it as the most valuable part of what we do. When a business owner or executive is confronted the highly stressful situation of a breach of company, customer or employee data, they need immediate help. Edmund gives them access to the best team in the game, something that would probably otherwise be cost prohibitive for most SMEs.
What is your team currently working on?
Like all start-ups we’re constantly testing, measuring and adapting to make our solution faster, easier and simpler. We recently revamped to the customer experience to make it easier for smaller customers and we’re about to complete development integration with Macquarie to allow monthly billing.
We’ve recently been invited by Global Insurance Accelerator (GIA) to participate in their InsurTech Week 2018 in the US. It’s encouraging to be invited to such an event, particularly alongside a fellow Aussie Fintech in Flamingo https://flamingo.ai/ .
Exciting! We’ll make sure to watch this space!
How does Edmund ‘give back’?
As you can imagine we’re passionate about people enjoying a safe and secure digital experience.
We’re proud partners of the Government’s Stay Smart Online staysmartonline.gov.au and take every opportunity we can to promote safe online practices, not just for our commercial customers but the community in general.
Stay Safe Online week is 8-14 October and we’d encourage other members to get involved.
What is Edmund’s biggest challenge in today’s markets?
We’re in fast moving and highly competitive niche class of insurance. This provides us with daily challenges in staying informed about emerging risk and attracting new customers. Thankfully, we run quick and lean and we’ve built our offering around what customers actually want, which allows us to adapt and overcome most challenges faster than some of our more traditional peers.
Good on ya!
Anything else you’d like to say?
Change your Pa55w@rds regularly and don’t click on emails if you’re not 100% sure where they came from!
Edmund is Australia’s first dedicated digital cyber insurance provider. Click here for a short video!