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!!!!
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
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.
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.
Underwriting & Marketing - III
• 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.
Cyber Security and Ransomware
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.
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 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
Car Inspection Pass Guarantee
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
Worn tires are not included for insurance coverage. Inspections must be performed no
earlier than 30 days before expiration of the current inspection date.
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.
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
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
Negotiate coverage and premium with
knowledge of the underwriting and pricing
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.
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
Problem: How do you equate coverage with premium and accurately compare
different quotations from various insurers on an equitable basis with so many
Comparing Apples and Oranges
• There are three major considerations in buying
insurance – coverage, (payment of a claim and
• 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
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
• 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.
Which Policy is the Better Value?
• 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
• A user inputs premium, limits, deductible, co-
payment and selects different claim situations
based on the insured’s profile.
• Total Cash Outflow = Premium
Amount + Retention/Deductible/Co-
Payment Amounts + Amount Not
• 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.
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
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
IPM Insurance Categories
All types of insurance policies can be
• Builders risk
• Professional liability for accountants,
• Directors and officers liability,
• Political risk
• Marine and aviation
• Pet insurance
Cyber Insurance Case Examples
• Example A - Personal Records
• Example B - Stolen Laptop
• Example C - Denial of Service
• Example D - Data Extortion
• Example E - Malicious Use of System by
• Example F - System Virus
• Example G - Data Security Breach
• Example H - Failure of Cloud Service
• Example I - Contractual Liability
• Example J - Supply Chain Data
• Example K - Healthcare Records Breach
• Example L - Phising Attack
• Example M – Fraudulent Money Transfer
• Example N - Malicious Use of System by
• Example O - Intellectual Property File
• Example P - Website and Internet
• Example Q - Identity Theft
• Example R - Malware Infection
• Example S - Stolen Credential
• Example T - Social Media Impersonation
• Example U - Rogue Mobile Applications
• Example V - Reputation Defense
• Example W - State Sponsored Cyber
• 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
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.
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
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.
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.
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}
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} insurtecsolutions.com
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.