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  1. 11 InsurTecSolutionsInsurTecSolutions An Insurtech and Media CompanyAn Insurtech and Media Company ““Our Story”Our Story”
  2. 2 InsurTecSolutions was founded by senior insuranceInsurTecSolutions was founded by senior insurance executives with experience in marketing,executives with experience in marketing, underwriting and actuarial scienceunderwriting and actuarial science Mission: Our content and analytics are changing the way underwriters, brokers and insureds use information and data. Objective: We can help make the right decision in both evaluating and purchasing insurance. Focus! Focus!! Focus!!! Focus!!!!
  3. 3 Innovation starts with an idea!
  4. 4 Product/Services We offer four integrated insurtech and media product/services with little or no existing competition: Underwriting and Marketing Insurance Premium Estimator Insurance Policy Metrics News, Information and Services
  5. 5 Underwriting & Marketing
  6. 6 Underwriting & Marketing - I We have developed insurance programs that provide immediate online quotations for small businesses and professional practices. Both direct marketing, data analysis and automated processing allows us to lower the cost of insurance for certain market segments. Based on target marketing and data analytics programs have been developed for cyber insurance, license protection, professional liability and other lines. Peer to Peer (“P2P”) insurance arrangements also permit an insured to receive premium credits based on good claims history.
  7. 7 Underwriting & Marketing - II Developing New Insurance Products There are various steps in the insurance product development process. Some functions are creative and other steps require the diligent application of contract drafting and statistics. • Innovation – Ability to recognize a need for insurance based on new risk. • Market Research – Determining need for insurance and potential market segment. • Risk Factors – Identification of circumstances that can lead to a loss. • Underwriting Guidelines – Developing underwriting parameters. • Pricing – Formulating a premium pricing strategy based on risk factors. • Policy Drafting – Writing an insurance policy that translates risk to contact language. • Obtaining corporate approval for implementation.
  8. 8 Underwriting & Marketing - III Other Requirements: • Competition – Review of insurance marketplace for similar products. Will insurance compete with existing insurance products or is it truly new? Check rates and forms. • Reinsurance – Availability of reinsurance. • Insurance – Decision to offer product either on an admitted basis or excess & surplus. • State Filing – Filing forms and rates with state regulatory agencies. • Market Distribution – Strategy to deliver product – direct, retail and wholesale.
  9. 9 Cyber Security and Ransomware Defense Insurance Cyber Security and Ransomware Defense program provides both cyber ransomware insurance and cyber ransomware security software for small businesses, organizations and professional practices. The program is less expensive and comprehensive than cyber liability insurance offered by most insurers. Cyber Security and Ransom Defense Insurance is based upon a concept of Peer-to- Peer (P2P) Insurance. P2P Insurance enables members with good claims experience to receive a discount each year on insurance. By qualifying as a “Highly Protected Security System” a user may be able to save several hundred dollars on cyber security and insurance services by purchasing security software from our cyber security vendors. Online quotations are provided instantly online and both binding and policy issuance is automated.
  10. 10 License Defense Insurance License Defense Insurance is designed to provide you with a legal defense to protect your rights in keeping your license along with loss of income protection. License Defense Insurance is based upon a concept of Peer-to-Peer (P2P) Insurance. P2P Insurance enables members with good claims experience to receive a discount each year on insurance. Insurance protection for professional licenses and business licenses. Provides legal defense coverage for fines, penalties and sanctions brought by regulatory and licensing bodies with respects to disciplinary issues. Many professional liability policies provide little or no coverage for license defense expenses. Some policies offer only $5,000 in limits. This is an insufficient amount when legal defense expenses can cost much more. Optional coverage for loss of income/extra expense and civil penalty defense.
  11. 11 Car Inspection Pass Guarantee Insurance A new consumer protection program to provide insurance to motorists in the event of a failed car inspection test. The Car Inspection Pass Guarantee Program provides insurance coverage and reimbursement for necessary repairs if a car fails a state safety or emissions inspection. The premium is $95.00 annually and $21.00 is allocated to inspection fees and $15.00 is allocated for program administration. New car owners (vehicles less than two years old and less than 25,000 miles) are charged $75 annually (reduced rate) for each policy renewal. Cars more than 5 years old must pass a prior inspection without insurance and policy must be purchased within 3 months of this date to provide insurance for future inspections. Worn tires are not included for insurance coverage. Inspections must be performed no earlier than 30 days before expiration of the current inspection date.
  12. 12 Insurance Premium Estimator
  13. 13 Insurance Premium Estimator Our Insurance Premium Estimator is an online calculator that allows an agent/broker or insured to view the method and rate factors an underwriter uses to quote a submission based on evaluation of an application and supporting information. A user obtains a better understanding of the different rating factors assigned to limits, deductibles, territory, business characteristics, claim history, management and various risk parameters associated with an insurance product and an account – all used in coverage determination and premium quotation. The Insurance Premium Estimator can work with Insurance Policy Metrics to estimate premium price and measure coverage.
  14. 14 How Rates are Determined Understand Rate Modifiers Both a retail agent/broker and a wholesale broker, or a company or an organization and prospective purchaser of insurance should have a basic understanding of the method an insurance company uses to determine the premium that will be paid for insurance. A knowledge of rating factors will enable an agent/broker to provide insurance premium estimates and also negotiate both coverage and pricing with insurance companies.
  15. 15 Premium Quotation Understand Pricing Our Insurance Premium Estimator allows agent/brokers and insureds to compare rate factors and calculate premium for professional liability, builder's risk, directors and officers liability, pet heath insurance and other insurance product lines. Negotiate coverage and premium with knowledge of the underwriting and pricing process. Go CyberInsurancePremiumEstimator
  16. 16 Sample Ad
  17. 17 Insurance Policy Metrics
  18. 18 Insurance Policy Metrics Insurance Policy Metrics (“IPM”) is the first benchmark service to provide a consistent method of comparing both commercial and personal insurance policies quantitatively with a singular numerical factor of one to one thousand. We utilize dozens of claim simulations (not actual claims) to measure and evaluate coverage, claim payment and premium for each insurance policy. The single IPM factor can help you determine the best relative value of a policy compared to other policies based on analyzing all the variables of each insurance policy. *Insurance Policy Metrics is patent pending with the United States Patent and Trademark Office.
  19. 19 Perplexing Problem Insurance Policy Comparison • A policy review is subjective and the significance of different wording, (insuring agreement, definitions, terms and conditions, exclusions) while important is hard to weigh and compare. • Each insurance policy may have relative strengths and weaknesses in coverage, numerous variations plus different premiums. Problem: How do you equate coverage with premium and accurately compare different quotations from various insurers on an equitable basis with so many variables?
  20. 20 Comparing Apples and Oranges Solution • There are three major considerations in buying insurance – coverage, (payment of a claim and premium (cost). • The purpose of Insurance Policy Metrics ("IPM") is to compare the relative value of different insurance polices using various types of claim scenarios (hypothetical, but based on real claims) to determine coverage and payment of losses relative to premium for each policy. A numerical factor is developed for a policy enables a user to measure and weigh both coverage and premium and compare one policy to other policies on a consistent and standardized basis.
  21. 21 IPM Process We offer both: • Company Policy Coverage Rating: An independent and standardized method and rating system of evaluating coverage, projected claim payment and premium of different insurance policies using a statistical sampling of actual accounts. An IPM rating can be used in conjunction with a financial condition rating. To provide consistency, cyber attack modeling and simulation is the same for all insurers and is based on an account's business segment, security protection, revenue size, geography, number of personal customer, client or patient records and number of employees. Policy conditions (coverage, limit, deductible, premium) varies by insurer. • Individual Account Comparison: An account rating system and IPM index that allows an insurance broker to obtain an individual account rating and comparison of different insurance policies for a specific account based on actual quotations. Over 50 companies are evaluated including 25 claim examples for each company. Both processes use our proprietary algorithm and claim simulation methodology.
  22. 22 Which Policy is the Better Value? Methodology • IPM evaluates the cash inflows and cash outflows for various types of claims (high risk, moderate risk and low risk claims) for coverage and claim payment of each insurance policy. The relative value of different insurance policies are calculated numerically. • The IPM Index is the reciprocal of the ratio of Cash Outflows/Cash Inflows. A higher index is more favorable. • A user inputs premium, limits, deductible, co- payment and selects different claim situations based on the insured’s profile.
  23. 23 IPM Calculation Evaluation Process • Total Cash Outflow = Premium Amount + Retention/Deductible/Co- Payment Amounts + Amount Not Covered • Total Cash Inflow = Paid Claim Amounts + Legal Expenses + Fines + Penalties + Other Paid Amounts • Relative Value of Insurance Coverage = Reciprocal of Total Cash Outflow/Total Cash Inflow (A higher number is more favorable). Range from 0.00 to 1,000.00.
  24. 24 IPM Policy Coverage Rating The purpose of Insurance Policy Metrics ("IPM") Policy Coverage Rating is to provide a standardized method and rating system of evaluating coverage, claim payment and premium of different insurance policies based on projected probability and severity of claims. To accomplish this objective for an insurance company we process information from a statistical sampling of various accounts utilizing information in applications and declaration pages. The insured is not identified. The statistical sampling of up to 250 accounts provides data to produce a confidence level of 95% and a margin of error of 5%. IPM evaluates coverage and claim payments related to limits, deductible and premium Insurer A Insurer B Insurer C Insurer D Insurer E Insurer F Insurer G IPM 820.0 540.4 870.1 920.1 750.6 770.5 890.1
  25. 25 IPM Insurance Categories All types of insurance policies can be evaluated including: • Builders risk • Property, • Casualty, • Professional liability for accountants, lawyers, etc. • Directors and officers liability, • Cyber, • Political risk • Marine and aviation • Pet insurance • etc.
  26. 26 Cyber Insurance Case Examples • Example A - Personal Records Disclosure • Example B - Stolen Laptop • Example C - Denial of Service • Example D - Data Extortion • Example E - Malicious Use of System by Insider • Example F - System Virus • Example G - Data Security Breach • Example H - Failure of Cloud Service Provider • Example I - Contractual Liability • Example J - Supply Chain Data Interruption • Example K - Healthcare Records Breach • Example L - Phising Attack • Example M – Fraudulent Money Transfer • Example N - Malicious Use of System by Contractor • Example O - Intellectual Property File Breach • Example P - Website and Internet Content • Example Q - Identity Theft • Example R - Malware Infection • Example S - Stolen Credential Repositories • Example T - Social Media Impersonation • Example U - Rogue Mobile Applications • Example V - Reputation Defense • Example W - State Sponsored Cyber Attack • Example x – Watering Hole Attack • Example Y – DNS Poisoning • Example Z – Botnet • Example AA – Spamming Platform • Example BB – Third Party Vendor • Example CC – Wrongful Data Collection Claim Scenarios
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  28. 28 Sample Ad
  29. 29 News, Information and Services
  30. 30 Marketing Strategy For marketing of the IPM program, ITS has developed insurance websites that provide concise news, information and services by insurance product line to readers. Insurance professionals focus by product line. We also produce industry and product specific conferences and webinars. Most industry resources are general and contain information that is extraneous or not of interest to potential users who concentrate their time and effort by insurance specialty. For example, Agents of America is a leading source of insurance information to over 50,000 small insurance agents and brokers. An observation is the immense amount of content available today is not being delivered efficiently in a format useful to the specific product line goals and needs of the underwriter, claims specialist, insurance broker and risk manager.
  31. 31 Cyber Insurance News Cyber Insurance News™ provides daily and weekly cyber insurance and network security industry news. It is a comprehensive source of information and services including a) industry directory, b) insurance policy, coverage and claim issues, and c) cyber attacks and data breaches, d) and information, announcements and articles relevant to the cyber risk insurance and security community. MUST READING: Our information, services and programs are marketed to businesses, risk managers and chief information officers, and insurance producers and insurance professionals! Our briefings provide busy people with one, two sentence “Twitter” style summaries with access to full articles and further information. Go
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  33. 33 Sample Ad
  34. 34 Conferences and Webinars Cyber Attack Strategy and Tactics™ is a three part comprehensive video taped conference and workshop for different industries including law firms, healthcare, small business, public entities, construction, etc. with video streaming to local cities. Each industry specific conference agenda includes simulated hacker attacks; security and technology; cyber war game; financial consequences of a cyber attack; legal, regulatory and claim issues; incident response; insurance protection; and collaboration. Invitations are sent by the insurance industry to clients. ITS intends to develop similar programs for professional liability by particular type of service, construction, small business, retail, education, healthcare, energy and utilities, management liability (directors and officers liability, fiduciary liability and employment practices liability insurances), international, etc.
  35. 35 Sample Ad
  36. 36 Video Productions We produce HD video both for our company and for clients Cyber Insurance Videos
  37. 37 Management
  38. 38 Team Angelo Gioia is Managing Director of the west cost operation. Angelo is an experienced insurance executive and author with 40 years of broad operating expertise and record of accomplishment for providing business leadership, developing and implementing strategic service plans, increasing efficiencies, reducing costs, increasing revenue, improving customer satisfaction and building high performing teams. He is well known in the industry and is a recognized expert in the area of professional liability. His dedication to excellence and technical expertise led him to found the Professional Liability Underwriting Society (PLUS). Established in 1986 as a nonprofit organization, PLUS is one of the largest professional insurance organizations in the world, with a membership exceeding 7,000. Gioia was also a key influencer and driver that helped to develop the PLUS RPLU designation program. His email is angelo [at}
  39. 39 Team John Vassilliw is Managing Director of the east coast operation. He has thirty years of insurance experience. His business background includes underwriting officer and Vice President in financial risk and product development with insurance companies and agencies including AIG (US flagship operation – National Union Fire Insurance Company, INA (CIGNA/ACE) and AVI Insurance Brokerage. John is the developer of the Insurance Policy Metrics program He received a BSBA from the University of Vermont. His email is john [at}
  40. 40 Contact us for additional information. We have both east coast (NY) and west coast (NV) operations. Our phone number is (518) 234-9599 and (630) 336-7587.Thanks.