Withstanding the Digital Unknown
Zeguro is a pioneer in insurtech. It was the first to combine cybersecurity and cyber insurance. Today, Zeguro is a holistic cyber risk management platform. It protects organizations from cyber risks, mitigates those risks, and reduces the loss businesses suffer when they are attacked. “When we founded Zeguro, we knew there was an opportunity to improve the customer experience around cybersecurity and cyber insurance. But we also knew we’d only get it right if we aligned ourselves to the needs of our customers,” says Sidd Gavirneni, Co-founder and CEO of Zeguro. Having lived in multiple countries and being exposed to their rich cultures, Gavirneni was insistent on building a diverse team from the start. “It’s no secret: diversity fosters team empathy which flows into customer empathy and helps us better solve customer problems.” This founding principle has directly translated into positive results for our customers and partners.
“From the start, customer experience has been overlooked in insurance, especially in the complex and fast-changing cyber insurance space,” says Gavirneni. No question about it, there’s a surge of insurtech startups that are focused on providing an improved customer experience. However, there is still a lack of customer-centricity. Getting a quote might now be slightly easier, but policies are written in insurance jargon, unfriendly to the layperson.
Zeguro is changing all this, and the feedback from Zeguro’s clients has been overwhelmingly positive. They love the simplicity that the platform offers and, especially, that they can relax, knowing they are covered, even if disaster strikes. At its core, Zeguro simplifies cyber insurance for customers. It uses straightforward language that anyone can understand and can relate to. And it’s fast; businesses can fill out their quote forms and purchase a customized policy in as little as 4 minutes. Gavirneni encourages all insurance companies to think about the full picture: create products that customers can understand, help customers manage risks, lower premiums when risk is reduced, and use data to better understand their customers.
From Data to Insights
Insurance is all about data. Improved analytics and AI tools are helping both incumbents and insurtech startups to better understand and predict risk. “For a number of reasons, I think that the jury is still out for the use of blockchain in insurance,” says Gavirneni. There are more obvious opportunities to use advancements like machine learning. Gavirneni believes that such technology will be the focus of most insurance companies, including Zeguro, over the next few years.
Zeguro’s founding vision is to empower every organization to withstand the digital unknown. “This can only be achieved by making cybersecurity and cyber insurance easy and approachable for SMBs,” says Gavirneni. This is what sets Zeguro apart. The cybersecurity landscape changes rapidly, and so should cyber insurance. Newer risks must be identified and taken into account. Zeguro’s Cyber Safety™ solution for SMBs makes it easy for businesses to get started with cybersecurity. Traditional insurance providers use customer-provided data on application forms to underwrite insurance. “We go beyond that – our self-service SaaS solution tells businesses exactly what they need to do to improve their security posture, and hence, lower their premiums,” states Gavirneni. This reduced risk is a win-win for both the customer and Zeguro.
As the first company to connect cybersecurity with cyber insurance, there was a risk that customers and partners would not follow. Fortunately, the positive feedback was immediate as Zeguro’s first customers began using the platform. This was a pivotal moment for Gavirneni and his team. It served as proof that Zeguro was on the right track to alleviate an important pain point for customers.
“Truthfully, I am afraid to fail,” admits Gavirneni. However, that fear helps leaders make better decisions. “When you have a great team to depend on, no leader should feel paralyzed by the fear of failure,” he adds. His advice to entrepreneurs is to focus on building an outstanding team, encouraging them, and making sure that they believe in the core values of the company. Gavirneni and his team at Zeguro hope to empower every organization to protect themselves from cyber risks and attacks.