Zuroovi is one of the first platforms to focus on a relatively new niche within insurtech – cyber insurance. Specifically, Zuroovi enables small businesses to obtain cyber insurance coverage most suitable for their needs by matching them with brokers and insurers that specialize in cyber insurance. The core of the Zuroovi platform is a risk diagnostic solution through which Zuroovi is able to generate a risk profile of the I.T system, about their current I.T infrastructure and security efforts. This profile is then used by Zuroovi to provide insurers and brokers of cyber insurance with a model upon which a quote can be generated. As cyber crime is a burgeoning, but inherently complex risk, Zuroovi is going beyond a mere aggregator for cyber insurance.
According to Peter Madara, Founder and CEO, “Zuroovi is the first marketplace of its kind dedicated exclusively to cyber insurance. And why not, given that over 90% of small businesses do not have cyber insurance? 60% of small businesses that fall victim to cybercrime close shop within 6 months due to the weight of out-of-pocket costs among other things. General business liability insurance does not cover such costs, but cyber insurance does.”
Ultimately, by providing an open marketplace for cyber insurance brokers, Zuroovi is filling the small but rapidly expanding niche of cyber fraud and attacks.