Willis Towers Watson (WTW) and embedded insurance infrastructure platform Kayna have announced a collaboration with Vibrant, a platform specialising in managing third-party vendor cybersecurity oversight.
This alliance aims to bolster supply chain security by integrating Kayna’s technology with WTW-brokered insurance distribution.
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It enhances Vibrant’s ability to provide continuous, real-time insights into the cybersecurity posture of supply chains, eliminating the need for traditional and laborious assessments.
Vibrant’s insurance-based model enables real-time alerts when a vendor’s cybersecurity status becomes a potential threat, which is crucial for organisations to be reliant on vendor networks.
It offers vendors who are at risk with immediate access to insurance quotes and facilitates rapid policy issuance.
The solution is set to benefit various sectors including education, financial services, healthcare, manufacturing, retail, state and municipal government, and utilities.
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By GlobalDataIt supports critical functions such as procurement, operations and supply chain by delivering enhanced oversight and streamlining risk management processes.
Kayna’s technology utilises the monitoring data from Vibrant to present WTW-brokered insurance policies that are catered to the needs of vendors identified as at-risk.
Vibrant CEO said Rathi Niyogi said: “Monitoring the cybersecurity status of large numbers of vendors has traditionally been expensive and complex. Our solution addresses this complexity with an approach designed to be extremely simple, and capable of monitoring vast numbers of vendors while requiring minimal resources.”
Kayna co-founder and CEO Paul Prendergast said: “Our role is to add value by using Kayna tech to trigger vendor risk alerts and facilitate easy access to WTW-brokered insurance products. We remove the heavy paperwork and admin burden from organisations and their vendors, facilitate the speedy onboarding of new suppliers and assist the provision of right-sized cybersecurity coverage to each individual business across an entire approved vendor listing.”
Last month, WTW introduced ResQ Machine-led Reserving, a new technological advancement aimed at increasing accuracy in property and casualty insurance reserving.
