February 28, 2022

Cyber Insurance

New updates and improvements to Herald's API.

Cyber Insurance

We recently launched our first carrier for our fourth line of business: Cyber. As businesses invest more and more in technology and attackers get more and more sophisticated, cyber events have become one of the fastest-growing categories of risk. As a result, more small businesses either choose to carry cyber insurance or are compelled to in the terms of their contracts with key customers. In turn, our distribution partners frequently request that Herald support Cyber quotes on our platform.

Here are some of the updates we made made to support Cyber:

  • We added new Cyber risk parameters.
  • We created a standard set of Cyber coverage parameters across multiple carriers’ products.

Fixes and Improvements

In addition to adding a new line of business, we made various fixes and improvements to Herald:

  • We added a new internal feature that allows us to more safely and efficiently manage how producers are authenticated with carriers when they request quotes. This internal feature lays down the foundation to eventually externalize this function for distributors who want to add and manage producers programmatically in the future.
  • We standardized how we handle “data coercion” across carriers. Data coercion allows us to nudge coverage values from what our distributors request towards the closest acceptable value for each insurance carrier.
  • We also updated how we handle coercion scenarios where one coverage value is related to another. For instance, some General Liability carriers require that the “General Aggregate Limit” be exactly 2x the “Each Occurrence Limit.” Now Herald takes a standard approach towards updating the most important coverage values first and cascading the consequences of that value from there.