About Cover Your SaaS
Cover Your SaaS is an independent insurance agency for SaaS companies. From small startup companies to larger established software companies, Cover Your Saas helps lower the total cost of risk. This agency primarily deals with a lot of cyber—from cybersecurity to professional management liability, and everything in between.
Opportunity
Having insurance in the bag, Cover Your Saas wanted to do more than just insure risks for their customers. Abram Gibson, Cover Your SaaS Co-Founder, wanted to provide a more comprehensive approach to risk management. However, a tool to help assess and mitigate risks needed to be found.
“It’s easy to sell, to insure risk, but I didn’t know how to assess or mitigate.” -Abram Gibson
I want to be a risk manager for my clients. I don’t want to be an insurance salesperson.
Why Trava
After discussing their needs with other cyber insurance agencies, Trava was recommended and vetted.
All-in-one solution
One of our pain points is being able to assess, then mitigate, and then insure risk all in one place.
Trava solved that in one app. Allowing customers to have access to the Trava app gave those companies access to more cybersecurity than they were currently doing. “Running phishing simulations and updating their controls based off of the surveys, and just setting up a schedule to do vulnerability scans, that’s already more than what they were doing” stated Abram. Running scans allows Cover Your SaaS’s customer to invest in their own internal cybersecurity. “I’m able to say, “Hey, we ran this scan and this came up, send it over to your tech guy to patch up,” Abram said enthusiastically.
No gate keeping
Trava’s tools give complete transparency and eliminate unnecessary steps. During Cover Your SaaS’s initial search for a tool, they noticed that some MGAs (Managing General Agent) and carriers required a quote or submission in order to use their cybersecurity functionality.
I don’t want the carriers to control where I put my business because of the tools. I want to be able to place their [Cover Your SaaS customers] insurance where I feel they need to be placed regardless of the tools. So let’s take the tools away from the carriers and we’ll just have our own tools with Trava.
Abram described that as a huge efficiency brought to their company because it also saves them time.
Driving new business
Cover Your SaaS has brought Trava’s platform completely into their sales process.
Once we have a discovery call and we meet the client, before we even go to market to get insurance, we put them in the Trava platform. We’re trying to go through the critical controls survey so that we can see if there is anything that a carrier’s going to balk at.
The information gained from the Trava platform allows Cover Your SaaS to be better prepared when talking to carriers. Carriers need to understand the cybersecurity controls which can affect terms and even pricing of the cyber insurance. “It’s important. So we want to make sure that we’re buttoned up, so we use the critical control survey. And then after that, we have a schedule of services that we offer to our clients,” said Abram.
Cover Your SaaS sets everyone up for success with the services they provide which includes by scheduling monthly vulnerability scans and quarterly phishing simulations in the Trava platform.
Standing out in the crowd
The way Cover Your SaaS uses this cybersecurity information gained through Trava, allows them to stand ahead of the competition. As Abram stated, they are able to give a full look at cybersecurity by helping customers assess risks, mitigate risks, and ultimately insuring those risks.
Outcome
Through working with Trava, Cover Your SaaS saw over 1000% ROI in 3 months. The insurance agency is now able to get their customers better rates on their cyber insurance as well by using Trava’s risk assessment.
We provide the risk assessment for free. We tell our customers, if we can address any of these vulnerabilities on this risk assessment, we can take it to the markets and potentially get you better rates on your cyber insurance.
Not only is Cover Your SaaS able to sell better cyber insurance policies; they are also able to show their customers the importance of cybersecurity. Abram says this is all thanks to Trava.
Advice from Cover Your SaaS
“My advice is to be incredibly vigilant and overcautious. Invest as much as you possibly can in cybersecurity and buy as much cyber insurance as you can afford.”