New platform to provide a holistic view of how insurance policies would respond to cyber events, identifies losses to bank’s earnings and balance sheet
NEW YORK--(BUSINESS WIRE)--#cyberriskmanagement--Axio, a leading cyber risk management Software-as-a-Service company, today announced a strategic partnership with NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement, and individual solutions. NFP will deploy Axio’s new platform, Axio360 QuickQuant, to expand its cybersecurity capabilities within its P&C division with a focus on the specialized needs of community banks.
This partnership will give insurance buyers for community banks access to a holistic view of cybersecurity risks, the ability to navigate the complexities of the risk, and identify insurance solutions that respond to cyber losses that could impact the bank’s earnings and balance sheet. Axio360 QuickQuant’s proactive approach identifies opportunities to address the gaps and allows banks to benchmark their insurance program limits against NFP’s client portfolio of more than 200 banks, producing a strategy for refinement.
“The Axio360 QuickQuant platform was built to fundamentally redefine how community banks solve cybersecurity problems by using real-life cyber events to enable business-centric decision making by putting the risk in financial terms,” said Scott Kannry, CEO for Axio. “Our operating system aligns all key constituents and delivers clarity in real-time. This partnership with NFP allows our software to deliver a simple and effective process to overcoming cyber challenges.”
“Cyber risk remains a significant challenge and requires that we evaluate our client’s overall exposures from a first- and third-party perspective,” said Akhil Chopra, managing director and head of NFP’s cyber and network security practice. “Axio360 QuickQuant aids in this process by stress testing existing policies and analyzing peer group data to help us create tailor-made insurance solutions. Preparation is critical and we are excited to be working with Axio to enhance our ability to prepare our insureds for potential cyber events.”
“The cybersecurity needs of community banks remain highly underserved, primarily because many insurance brokers either don’t understand the inherent complexities or try to overstate their capabilities,” said Mark Flippen, managing director of NFP’s financial institutions group. “We have the expertise to address the fundamental queries buyers have, helping community bank leaders understand their cyber risks, decipher what it is they’re actually buying, and fix any gaps in their existing coverage. Our value is driven by specialized technical advice and exceptional ongoing service, and the Axio360 QuickQuant platform complements this value in ways that will benefit our community bank clients.”
This announcement follows a previous minority investment in Axio by NFP Ventures, the early-stage investment arm of NFP. For more information about the Axio Partnership Program, please visit https://axio.com/partners/.
About NFP Ventures
NFP Venture, LLC (NFP Ventures) is a venture fund launched by NFP that focuses on strategic partnerships and investments in the emerging Insurtech, Fintech and Digital Health arenas. NFP Ventures' mission is to find, fund and work successfully with visionary executives, providing them with expertise to foster long-term success. Typically, NFP Ventures targets companies seeking Seed to Series B investment that can benefit from NFP's distribution, human capital and other unique assets to accelerate their growth.
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,700 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 6th largest US-based privately owned broker, and 8th best place to work in insurance (Business Insurance); 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).
Visit NFP.com to discover how NFP empowers clients to meet their goals.
Axio is a leading cyber risk management SaaS company and was named a 2020 Gartner Cool Vendor in Digital Risk Management. Axio believes that all organizations should have the means to solve their unique cyber risk challenges and created the Axio360 platform to deliver on that belief. Axio360 is the only methodology and software designed to empower security leaders, senior executives, and boards of directors with the ability to confidently and continuously answer the critical questions about risk. Axio360 cuts through complexity to give organizations a comprehensive view of cyber risk, and links business leaders to security leaders with a unified message, in language decision makers and management teams understand well: financial impact.