2020 showed us all just how unpredictable the world can be. A new world order dawned, one that was titled “The new normal” in which the risk of viral outbreaks was perceived as perpetual, not a one-off, and drove us globally into quarantine and a new virtual world.
Businesses of every size, in every industry, became even more dependent on technology, and for some, these times accelerated the adoption of digital technologies. But for all the benefits innovation brings, digitization also created risk at magnitudes never imagined before. This new risk is complex, and it is constantly evolving. The Covid-19 pandemic caused a surge in cyber-attacks and in parallel illustrated the crucial importance of protecting the organization’s digital assets for business continuity.
Come Q3/2020 at Qumra, we have assembled an exciting, diversified portfolio and as always, we’re looking for an investment into a vertical that was both disruptive and has large market potential. The Insuretech market, which saw three IPOs in 2020 (SelectQuote, Lemonade, and Root) and several meaningful private rounds in companies such as Next Insurance and Hippo, seemed like one that could fit in nicely in our portfolio. It became very clear that the insurance industry is ready for disruption, and we were in search of just the right company.
Introducing At-bay
At-bay, the insurance company for the digital age proved to be the perfect match! At-bay helps businesses meet digital risk head-on. When you prepare, you don’t panic, it’s that simple, and At-bay is on a mission to help businesses managing their modern digital risks, so they can not only survive but thrive. On the one hand, a fresh and unique Insurance company that uses technology to provide a better user experience, simplicity, and speed. On the other hand, it addresses a market that a few years ago did not even exist, and today is growing rapidly. The bottom line is that technology is a key enabler. At-bay is led by a strong founding team that has grown the company’s revenues at a super impressive rate over the past couple of years and skillfully strengthened its management team with very experienced executives from the traditional insurance industry.
Insuretech or Cyber company?
Well, it’s both. At-bay combines world-class technology with insurance expertise. It offers an end-to-end solution with comprehensive risk assessment, a tailored cyber insurance policy, and active, risk-management service. Traditional insurers just don’t have the know-how to properly and continually assess risk. These players approach digital risk the same way they approach physical products, through a statistical model that tries to predict the future based on past events. From an operational standpoint, the underwriting process is long, and pricing is static and old-fashioned. These brokers need technology that makes their jobs easier. They need a partner that anticipates their questions and their clients’ questions and answers them before they are asked. The old way of managing risk does not cut it in the digital age. At-bay provides the required clarity on coverage, security, and claims through an automated underwriting platform that everyone across the chain, from brokers and business owners to CISOs and CFOs, can all understand. Insurance in the digital age just got easier.
Cyber investments are close to my heart. Guardicore, on whose board I sit, is disrupting the traditional firewall market by providing fine-grained segmentation for greater attack resistance when legacy products aren’t enough. IntSights, another one of our portfolio companies understood that cyber defense must extend beyond the perimeter, and its threat intelligence platform understands new hacker tactics, techniques & procedures and takes early action to discover, analyze, and mitigate threats. At-bay is a perfect addition to this growth arsenal because risk never rests and neither do these companies. We are super thrilled to support these incredible players shaping up the future of the digital age.