Node Launches New Cyber Offering in Just Four Months By Partnering With Boost
Node International is dedicated to helping businesses and individuals protect themselves from cyber threats. As an insurance platform with a strong tech focus, Node’s capability to identify holistic approaches to cyberattack prevention, detection, and insurance solutions is unique to the industry.
In 2021, Node decided that the time was right to expand with a more comprehensive and programmatic cyber insurance product. Launching a new insurance offering, however, was easier said than done.
“The way to launch a new insurance product is very labor-intensive, especially for someone who’s predominantly not in the U.S.,” explained Neil Gurnhill, Node’s founder and CEO.
The time and expense required to create and launch their own cyber insurance product would have meant a considerable delay for Node’s expansion plans, and risked stalling their significant growth momentum. Rather than going the in-house route, Node elected to work with a partner to get what they needed.
“We wanted to find a partner that could allow us to swiftly and smoothly spin up a new cyber offering,” said Gurnhill, “and do that with an intrinsic IT infrastructure, because we’re an IT company.”
As a tech-forward insurance business, Node needed a partner that could keep up. Besides just providing a cyber insurance solution, any prospective partner needed to meet two other major requirements:
The partner needed to have an integrated IT infrastructure. Node wasn’t interested in piecing together a solution from various legacy technologies. They needed a partner who had already done the work in creating a seamless system.
The partner needed to be able to work with Node as a digital fulfillment partner. Manual, offline processes weren’t compatible with Node’s workflows - or their customers’ expectations.
In March 2021, Node connected with Boost, and quickly realized it was a good fit. “It was clear we could integrate reasonably quickly with Boost, but the infrastructure they had also ticked a lot of boxes for us. Boost was one of the only operations that had programmatic insurance solutions available to partners, that were accessible through digital integrations.”
Node signed on with Boost in July, and work started on the integration between Node’s site and Boost’s platform. The deployment process went smoothly, with Gurnhill praising the Boost team’s responsiveness. In particular, the well-documented Boost API helped Node’s team quickly integrate with the Boost platform.
“Boost has a very well-thought-out API. Combined with a support matrix and the documentation in the developer guide, it allowed the people actually integrating on our side to pick it up and run with it, versus having to figure it out,” said Gurnhill. “This allowed us to not run into any delays, or have to go looking for any bits of information.”
This ease of integration was reflected in Node’s rapid deployment speed. After signing in July, Node bound their first risk in November. “Compared to a traditional journey of insurance, that’s quick in our world,” Gurnhill noted.
Over the next year, Node experienced rapid growth, nearly doubling in size. Boost’s cyber insurance product proved a great fit for Node’s quickly-expanding business, and helped to drive 30% of gross written premium in the year following the launch.
Boost’s digital underwriting process also helped Node’s team increase efficiency. They were able to speed up the underwriting process and create more quotes, which in turn led to more bind orders.
Gurnhill explained: “We leveraged Boost’s ecosystem to eliminate some of the things we used to do manually, which has improved productivity, efficiency, and data accuracy.”
After a year of strong growth, Node has no intention to rest on its laurels. “We want to be bigger, and do more for more people, but smoothly and efficiently. Partnerships like our partnership with Boost allow us to continue to hit our goals and do more of what we’re trying to do.”
Node was ready to add a new cyber insurance product to their lineup, but creating their own would be an expensive, time-consuming headache.Solution
Node partnered with Boost, leveraging Boost’s well-documented API to complete the integration in just four months.Results
The Boost partnership drove 30% of Node’s GWP in the following year, and allowed Node’s team to work more efficiently with all-digital underwriting.
of GWP driven by Boost partnership4 months
to get to market
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