Bluecyber.insure, a trailblazer in the InsurTech sector specializing in cyber insurance within Brazil, has recently secured a significant financial boost.
The firm, known for offering digital protection insurance tailored to small and medium-sized enterprises (SMEs) and families, has successfully raised $1.5m. This investment was contributed by venture capitalists Invisto.com.vc and Bossa Invest, alongside strategic stakeholders from the insurance arena.
This funding round highlights the trust investors place in Bluecyber’s vision. The company is on a mission to democratize and enhance insurance coverage for digital life protection across Latin America. This region represents an untapped market, boasting an estimated gross written premium (GWP) of $17.3bn, a fact underscored by Bluecyber CEO Eduardo Rocha’s remarks on the investment.
Central to Bluecyber’s operations is its innovative approach to InsurTech. The company is pioneering in offering cyber insurance, a critical service in today’s digital age. Bluecyber aims to simplify the complex world of insurance for digital life protection, catering to the needs of SMEs and families across Latin America. This goal is further supported by the recent acquisition of Ismac.io, a move that bolsters Bluecyber’s capabilities in managing risk and compliance.
The fresh injection of funds is earmarked for a strategic expansion across the Latin American region. Additionally, it will support the incorporation of Ismac.io’s Managed Detection and Response (MDR) platform into Bluecyber’s service offering. This technology enables continuous monitoring of the insured portfolio, enhancing the company’s ability to respond to security incidents effectively.
Bluecyber’s comprehensive approach to cyber protection insurance goes beyond financial compensation for claims. The company offers a suite of services including a help desk for technological issues, antivirus, vulnerability monitoring, risk management, and incident response. This holistic package aims to minimize the frequency and severity of claims while maximizing value for the insured.
Founded in 2021, Bluecyber has quickly established itself as a Managing General Agent (MGA) of note in the cyber insurance space. The company prides itself on developing customer-centric products, establishing underwriting capacity with reinsurers and insurers, and pioneering innovative distribution channels.
With a digital-first approach to B2B product sales, Bluecyber collaborates with a variety of non-traditional partners, including internet providers and insurance brokers. The company’s ambitious goal is to reach 10,000 subscribers by the end of 2024, underscoring its commitment to simplifying cyber protection. Policies are issued by Seguros Sura, a leading insurance group in Latin America, ensuring compliance with all regulatory standards.
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