Koop Slashes SOC 2 Compliance and Insurance Costs by 50% With Consolidated Platform

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JERSEY CITY, N.J., August 7, 2024 (Newswire.com) - Koop Technologies, Inc. (“Koop”) announced the launch of its consolidated compliance and insurance platform, designed to help tech companies in emerging industries save on both products and signal their security and longevity to customers, partners, and investors.

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The announcement builds on the momentum of Koop’s July 2023 funding as well as the debut of its strategic partnership with global automotive manufacturers and deeptech pioneers Hyundai and Kia last October.

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“Koop’s domain expertise in deeptech and smart machines has made them a strong partner to us as we’ve scaled,” said Eliot Horowitz, Founder and CEO of Viam. “We’re creating an entirely new category, and Koop’s compliance and insurance solutions have been able to match the scale of our vision and the pace of our growth, saving us valuable resources along the way.”

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The Challenge of Customer Assurance in Tech

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Tech companies bringing new yet unproven products, tools, and services to market have to lead with customer assurance – a combination of security, compliance, and insurance measures. Today, this process is anything but straightforward. Demonstrating customer assurance is fractured, expensive, and time-consuming. This inhibits tech SMEs in verticals such as software, AI, robotics, energy,  manufacturing, and biotech, who lack the compliance and risk personnel to certify and maintain robust compliance standards like SOC 2.

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Lack of knowledgeable personnel and inadequate resources are the leading obstacles companies face in achieving compliance according to Thomson Reuters. That same study reported that nearly two-thirds of risk and compliance professionals see technology at the crux of reducing the complexity and cost of compliance. On top of that, 60% of companies still manage compliance manually with spreadsheets and only 17% of businesses have some form of cyber liability coverage – when comprehensive insurance, not just cyber, is required to achieve SOC 2 compliance – underscoring emerging tech companies’ need for a cost-effective solution. Additionally, the National Association of Insurance Commissioners found that tech startups spend an average of 15% of their operating budget on various insurance policies.

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Koop's Unified Platform: The Answer to Tech's Compliance and Insurance Woes

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Given the challenges and cost barriers tech companies face, the need for an easy, all-in-one solution for compliance automation coupled with business insurance is clear. Koop can save companies up to 50% both on insurance policies like General Liability, Tech Errors & Omissions, Cyber Liability, and Directors & Officers coverage as well as on achieving security and compliance certifications such as SOC 2 Types I and II and ISO 27001. Purchased individually these programs could cost tens of thousands, making them prohibitively difficult to adopt for emerging tech verticals in today’s market.

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In the age of weekly data breaches and cybersecurity incidents, scrutiny on early-stage companies has risen to all-time high. U.S. companies now regularly spend $10,000 per employee on regulatory and compliance costs. Koop offers a comprehensive “Stamp of Approval” for all customers and stakeholders. Integrated compliance and insurance has become not only a vector for mitigating risks but also one with tremendous return on investment, fueling sustained growth and trustworthiness.

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“Tech companies need a way to signal that they’re trustworthy to stakeholders without overspending, especially in the deeptech areas like robotics, aerospace, biotech, and AI,” said Koop CEO and Co-Founder Sergey Litvinenko. “Our platform now provides complete customer assurance for a fraction of the cost compared to competitors.”

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Koop’s combined approach to business insurance, security, and compliance enables the company to offer the most comprehensive and cost-effective customer assurance suite on the market. Tech companies no longer need to tackle these projects one-by-one and overpay for each.

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Get Started Today

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Ready to start your customer assurance journey? Get started on koop.ai/get-started or schedule a call with a risk advisor.

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About Koop

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Koop’s customer assurance platform helps tech companies seamlessly navigate the complexities of business insurance, regulatory compliance, and security automation in one place.

Koop provides a comprehensive suite of insurance coverage that includes General Liability, Tech Errors & Omissions, Cyber Liability, and Directors & Officers coupled with the most cost-effective SOC 2 compliance certification on the market.