Data Insurance policies are composed of data management technology and insurance financial risk management components to form a specialized product designed to mitigate the financial risk associated with data loss.
Data Insurance policies include 4 aspects that make up the policy structure and value proposition, these being
Underwriting
Backed by respected organizations in the insurance industry with the best available financial ratings for your surety.
Standards
Data Insurance products are managed to underwriter approved standards. These standards cover data management hardware, location, operational methodology and software components and are assessed by underwriters in premium rating procedures.
Internet Technology
Data Insurance policies are based on the use of internet based data management systems to manage and track insured data elements. All systems are highly secure and data is encrypted for complete policy holder confidentiality. As different policy holders require various technology functions to suit their specific needs, Data insurance provides a range of data management systems to meet functional needs and cost preferences.
Policy Management
A management system monitors data backup status and other key indicators of all Data Insurance policies to ensure data integrity at all times. The system will alert that tracks managed by a , the management of all the processes, channels, policies, distribution, and commissions is handled by ‘eDIMS’, short-hand for ‘electronic Data Insurance Management System’, in development by CIS.
Due to the inclusion of data management technology as a condition of the insurance policy wording, the purchase process incorporates assessment of policy holder technology requirements at time of policy quotation.