In a game-changing move for the insurance industry, leading technology company Tech Mahindra has entered into a strategic partnership with the cyber insurance powerhouse, Surance.io.
The collaboration aims to bolster global cyber resilience within the insurance sector, offering a comprehensive range of multilingual tech support and Advanced AI-driven cybersecurity solutions.
But what does this groundbreaking partnership mean for Surance.io and the insurance industry as a whole?
Back in April 2022, Tech Mahindra made a strategic move by investing in Surance.io, acquiring a substantial 25% stake in this dynamic startup.
This investment was made with the goal of propelling global expansion in the insurtech sector, and it has set the stage for this remarkable collaboration.
Surance.io has carved a niche for itself in the personal cyber insurance space, offering round-the-clock support and collaborating with insurance and warranty providers to provide comprehensive coverage.
Their mobile cyber app is a game-changer, offering users ad hoc services such as security plans, safety alerts, 3-tier support for claim management, and 24/7 AI and human support.
Vivek Agarwal, President – APJI (Enterprise), Corporate Development at Tech Mahindra, expressed his excitement about the venture, stating, "The personal cyber insurance market is growing rapidly and remains relatively untapped. This presents a significant opportunity for us to create a strong presence in this market. Our offering of comprehensive end-to-end products in this domain places us in a favorable position for cross-selling and appealing to new market segments."
Agarwal continued, "The partnership with Surance.io will fuel the new era of cyber protection standards and steadfast our dedication to digital transformation and innovation within the global insurance industry.
Together, we will redefine the benchmark for tech support excellence and spearhead a global revolution in cyber protection that will set a powerful precedent for the entire tech sector and insurance industry."
Commenting on this monumental development, Saar Bar, Co-Founder and CEO of Surance.io, shed light on the pressing need for robust cybersecurity solutions.
He emphasized, "In 2022, cyber-attacks caused $10.3 billion in financial damage in the US, compared with $2.7 billion in 2018".
In the world of cybersecurity, consumers' end-to-end solutions are largely ignored and underserved due to a lack of personalized and efficient solutions, timely responses, and effective communication.
Bar revealed that the partnership with Tech Mahindra is a significant step towards addressing this issue. "Surance.io can now partner with any insurance company in almost any language, making cyber protection accessible to all," he added.
The collaboration between Tech Mahindra and Surance.io is set to reshape the landscape of cyber protection in the insurance industry.
With multilingual support, cutting-edge AI tools, and comprehensive coverage, this partnership promises to deliver an unparalleled level of cyber resilience and customer satisfaction.
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