A new age means new risks. New risks mean new types of insurance.
Coalition, the American startup of the day, insures against threats relating to cyber security. If your company got hacked, if your clients’ information leaked, if your state fined you, if your business runs at a deficit, – the insurance covers it all, all those pennies you’ve been paying to the startup in all those past years were not in vain.
Basically, regular insurance companies also have such offers, even some famous brands in Russia, but Coalition looks much more convincing, at least on their landing page. Its concept: we don’t merely insure, we decrease the potential damage. Our proactive monitoring will detect the leaks before any hackers do, and our swift reaction will save the stolen money before it’s completely gone. Overall, we are more like an IT company than a regular insurance company – here’s your free security audit right away. How can one possibly say no!
Coalition mentions that it serves 160 thousand clients and boasts about over USD 800M of insurance premiums, – this, by the way, is twice bigger than that of a more famous insurance startup, Lemonade. In its July round, Coalition got valued at USD 5B while Lemonade trades at the stock exchange with the valuation of USD 1.5B as of now.
#fintech #cybersecurity #insurance #megaround #usa #tech
Translation: Kostiantyn Tupikov
Alexander made his career in Russian internet companies including Mail.Ru, Rambler, RBC. From 2016 to 2018 he was Chief Strategy and Analytics officer in Mail.Ru Group. In this position, he worked on M&A, investments, and new project launches. In 2018 he became Deputy CEO in Citymobil, a Russian Uber-like company that was invested by Mail.Ru Group and Sberbank (the biggest Russian bank), then he left the company to launch his own projects. Now Alexander is a co-founder of United Investors – the platform for co-investments in Russian early-stage startups. His blog #startupoftheday (#стартапдня) is one of the most popular blogs about startups in Russia.