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Insurtech Koop Insurance Launches Pioneering ERM Automation for Technology Risks
Jersey City, NJ-based insurtech Koop Technologies launched a pioneering Enterprise Risk Management (ERM) Automation tool for technology companies to enable security, simplify compliance, and save on insurance.
Koop Insurance (“Koop”), an insurance technology company protecting the world from a new generation of risks, released a groundbreaking ERM Automation tool for technology risks to improve security posture, simplify enterprise compliance, and save on insurance costs. At a time when artificial intelligence and cybersecurity are penetrating all aspects of technology-based products, services, and operations, companies must have full visibility into their risks and have a tool to control those risks easily. The ERM Automation tool includes features like contractual requirements management, risk events reporting, controls implementation, and smart coverages - all focused on providing technology customers with a delightful risk management experience. Technology companies of all sizes can use the ERM Automation tool as a token of trust with their stakeholders while unlocking considerable savings on insurance.
“ERM Automation is a fruit of our obsessive customer focus. Companies building any sort of technology spend significant resources on fragmented, paper-based, and non-user-friendly compliance with ever-growing requirements coming from customers, partners, and investors. The functionality we built into our insurance platform was primed to solve the compliance pain point. Our team is proud to ship this tool at a time when it is needed the most,” said Sergey Litvinenko, Co-Founder & CEO of Koop.
“Tech companies can save tens of thousands of dollars on insurance and compliance thanks to Koop’s consolidated approach with ERM Automation,” said Jim Duan, Head of Operations at Koop.
“We have turned insurance into a day-to-day risk management tool that will proactively protect customers across all facets of their business. Automated risk management is a foundation for customer and investor trust,” added Litvinenko.
Enterprise Risk Management (ERM) is an essential tool for companies to identify and prevent potential threats to their products, services, operations, and people. Through ERM, various risks can be assessed based on their likelihood and impact, enabling informed decision-making. The tool then employs various ways to control and mitigate these identified risks. Additionally, ERM provides a structured mechanism for reporting risks, ensuring that all stakeholders are consistently informed of the organization’s risk profile.
A legacy approach to managing enterprise risk is heavily paper-based, costly, and not user-friendly. That is why ERM has predominantly been a feature of larger corporations that could afford whole risk management departments. With automation, Koop believes it can democratize access to ERM for millions of small-to-mid-sized enterprises. In a world of an ever-growing technology footprint, an ability to control risks for technology companies is a must, especially as risks tend to evolve and mount fast. This is why Koop built ERM automation - to protect the world from a new generation of risks.
