The Arceo platform seeks to bridge the gap between insurance and cybersecurity by providing clients with a transparent modelling process that enhances underwriting, accelerates quoting, and provides insureds with technical cyber resilience guidance.
The firm explained that it would focus on helping insurance carriers to serve small and medium-sized enterprises (SMEs), which are the fastest growing cyber insurance segment, and which are impacted disproportionately by cyber incidents.
Based in San Francisco, California, Arceo was founded in 2016 by U.S intelligence veterans, data scientists, and cyber insurance specialists with funding from Lightspeed Venture Partners and CRV.
“Cyber incidents are one of the most important risks facing businesses. For the insurance industry, this represents a significant, but challenging opportunity for growth,” said Raj Shah, Chief Executive Officer (CEO) of Arceo.ai.
“Our combined team of security and insurance practitioners has enabled us to build a platform for the insurance industry to create and deliver meaningful cyber resilience solutions for their customers,” he continued.
Arceo also revealed the composition of its founding team, which, in addition to Shah, consists of President and Chief Technology Officer Vishaal Hariprasad; Head of Sales Ben Beeso; head of Customer Engagement and Marketing Davis Hake; and head of sales engineering Matthew Hall.
Shah was most recently managing partner of the Pentagon Defence Innovation Unit Experimental (DIUx) in Silicon Valley, before which he was CEO of Morta Security, a start-up acquired of Palo Alto Networks.
Hariprasad was formerly the Cyber Threat Alliance at Palo Alto Networks after the acquisition of Morta Security, where he was a co-founder. He also served as a Cyber Operations Officer in the U.S. Air Force and the NSA.
Meanwhile, Beeson previously led Lockton’s cyber risk practice, while Davis was was Director of Cybersecurity Strategy at Palo Alto Networks and held positions in the U.S Federal Government. Hall was also on the founding team at Morta Security.
Additionally, Arceo announced that it is expanding its Advisory Board to include: Gary Harbison, Global Chief Information Officer at Bayer; Iain Lobban, former Director of the UK’s Government Communications Headquarters; Hemant H. Shah, co-founder and former CEO of Risk Management Solutions; Elizabeth Sherwood-Randall, who has held senior national security roles in U.S Government; and Mario P. Vitale, CEO of Vitality Risk.
“The risks that truly matter are increasingly tied to the digital assets, networks, and inter-connected systems that define our modern economy,” said Hemant Shah. “At the heart of Arceo’s strategy are solutions that make cyber-related insurance coverage more relevant, accessible and vital, enabling the growth of the market and more resiliency for all.”
“Having built insurance companies from the ground up, I believe the insurance industry is at its best when it embraces technology to meet evolving market needs,” added Vitale.
“The cyber insurance market is only just beginning to understand its potential and I’m excited about Arceo’s unique position to not just enhance underwriting of risk, but also deliver value back to the insureds.”