BLOOMINGTON, Ind.--(BUSINESS WIRE)--SecondSight reports early-stage growth and adoption of its digital risk management artificial intelligence (AI) platform – the first cyber insurance vertical operating system. Transcending the entire insurance industry data ecosystem, SecondSight for the first time uniquely enables truth and transparency across the digital risk data pipeline with future-proof scalability to protect the burgeoning digital economy. Today’s announcement follows the company’s oversubscribed $3 million seed round of financing from a series of investors.
“We’re veering towards a global digital economy that is increasingly more complex and under armed against the digital risk that outweighs the available cyber insurance capacity. As this digital dimension is inherently unbounded, alongside it is a perception of infinite digital risk. With SecondSight technology facilitating a reinvention of underwriting, we believe that perception can shift from infinite to finite and the tangible outcome will be an increase in cyber capacity,” said Reuben Vandeventer, CEO and founder of SecondSight. “We’re beginning the transformation towards next-generation digital underwriting and moving at a digital pace that eliminates the cycle time between understanding risk and action. It’s great to see SecondSight’s traction and the new collaboration between businesses, carriers, brokers, and the entire digital risk ecosystem.”
Following its implementation across the insurance industry, companies are experiencing the value that SecondSight technology delivers. SecondSight technology has successfully helped customers in manufacturing, healthcare, non-profit, and mining industry categories as well as several brokerages receive optimal cyber insurance underwriting, better aligning policies with risk exposure. Customers are gaining clarity and an understanding of their risk exposure and utilizing intelligence to immediately implement risk controls and protections, ultimately safeguarding the operational and financial impact.
The vertical integrated operating system for cyber insurance
SecondSight has created bespoke experiences and AI agents that have normalized how to collect and share information across the full insurance industry value chain, enabling the insurance market to have a new future. SecondSight’s powerful AI infrastructure is interoperable across legacy and modern technology architectures. This is the vertical operating system, enabled by SecondSight, that transforms the assessment, management and mitigation of digital risk, leveraging the power of AI to advance from static to continuous digital risk assessment.
Developed by leading data science and digital insurance industry pioneers and inspired by catastrophe modeling and stress-testing practices of commercial property underwriting, its state-of-the-art AI transforms digital underwriting – from process efficiencies to a comprehensive understanding of digital risk severity that was previously unattainable. SecondSight is the first AI-driven platform that brings telematics to digital risk, with proprietary AI that is built, not borrowed. SecondSight leverages multiple forms, models and methods of AI with its robust and agile infrastructure that autonomously adapts to the unpredictable landscape of digital risk. The result is near instantaneous, continuous intelligence and predictions on insurability for the broker and insured, and predictions of exposure for the carriers and reinsurance.
The SecondSight AI product portfolio is composed of four commercial-ready offerings creating an end-to-end solution for businesses, brokers, and insurance carriers to manage digital risks effectively:
- SecondSight Workbench: An intuitive software suite empowering businesses to uncover, comprehend, and manage digital risk efficiently.
- SecondSight Risk Tracker: Introduces telematics to digital risk management, providing real-time insights into evolving digital risk profiles.
- SecondSight Workbench for Brokers: A breakthrough productivity tool designed for next-generation brokers, enabling optimal cyber insurance program design and differentiation in the market.
- SecondSight ExposureScape: A portfolio analytics product to help carriers, brokers, and private equity firms understand risk concentration, shifting risk profiles, and maintain acceptable digital risk levels.
SecondSight products are available in different pricing and usage models. All SecondSight Workbench products are subscription license. SecondSight Risk Tracker will adhere to a usage-based model and SecondSight ExposureScape is license and usage-based.
SecondSight is transforming cyber insurance and preparing organizations for the mounting risks in our digital age. SecondSight AI has for the first time connected and enabled true digital risk transparency across the insurance industry data pipeline, creating a scalable vertical operating system for cyber insurance. SecondSight AI-powered cyber underwriting bridges the gap between the digital world and insurance, re-imagining how digital risk is discovered, quantified, hedged and insured. The company is helmed by a seasoned leadership team with deep experience in data science, insurance and asset management backgrounds from Allstate, Bridgewater Associates, Cloudera and Informatica. SecondSight is expanding its platform roadmap, organization and market penetration following its fall 2022 seed financing. Visit www.secondsight.ai for more information.