Inscora Announces $2M in Funding to Help Brokers Supercharge their Cyber Insurance Practice

Inscora, a Montreal-based startup, has announced that it has secured $2 million in funding to help brokers supercharge their cyber insurance practice. The funding round was led by Luge Capital, with participation from Desjardins Capital, and other investors. This investment will enable Inscora to further develop its automated cyber risk assessment and sales enablement solutions, which are designed to help cyber insurance brokers streamline their processes and improve their customers’ experience.

Inscora’s platform uses artificial intelligence and machine learning algorithms to analyze data from various sources, such as security ratings, threat intelligence, and network vulnerability scans, to provide a comprehensive view of a customer’s cyber risk exposure. This information can then be used by brokers to recommend appropriate cyber insurance policies and risk mitigation strategies to their clients.

The platform also includes a sales enablement tool that allows brokers to create customized, data-driven proposals and presentations for their clients. This tool helps brokers to effectively communicate the value of cyber insurance to their clients, and to demonstrate the potential impact of a cyber attack on their business.

Inscora’s solutions are designed to address the growing need for cyber insurance, which is becoming increasingly important as businesses face an ever-increasing threat of cyber attacks. According to a report by Cybersecurity Ventures, the global cyber insurance market is projected to grow to over $20 billion by 2025, up from just $3.4 billion in 2020.

“We are thrilled to have secured this funding, which will allow us to further develop our platform and help even more brokers supercharge their cyber insurance practice,” said Simon Blin, CEO of Inscora. “Our solution is designed to make it easier for brokers to sell cyber insurance, by providing them with the tools and data they need to effectively assess and mitigate their clients’ cyber risk.”

Luge Capital, a Canadian venture capital firm that specializes in investing in early-stage technology startups, led the funding round. “We believe that Inscora has a unique solution that addresses a critical need in the cyber insurance market,” said Karim Alhassan, Partner at Luge Capital. “We are excited to support their growth and look forward to seeing the impact they will have on the industry.”

Desjardins Capital, a leading Canadian venture capital firm, also participated in the funding round. “We are pleased to invest in Inscora, which has developed an innovative solution that combines cutting-edge technology with industry expertise,” said Richard Létourneau, Vice President at Desjardins Capital. “Their platform has the potential to transform the way cyber insurance is sold and managed, and we are excited to be a part of their journey.”

Inscora plans to use the funding to further develop its platform, expand its sales and marketing efforts, and build strategic partnerships within the industry. The company has already established partnerships with several major cyber insurance providers, and plans to use the funding to expand these partnerships and reach even more brokers and clients.

In conclusion, Inscora’s funding announcement is a testament to the growing demand for cyber insurance and the need for innovative solutions that can help brokers and their clients navigate this complex market. With its automated risk assessment and sales enablement platform, Inscora is well-positioned to become a leader in this rapidly expanding industry.