Machine-learning company GLYNT.AI saves 40% on its annual business insurance premiums with Layr’s automated online platform.
When Martha Amram, CEO of GLYNT.AI, needed cyber insurance, she turned to her regular insurance broker in Northern California who had been in business for more than 30 years. Despite its tenure in the insurance space, the traditional broker provided a quote that didn’t make sense for her software company. “Cyber insurance is an emerging market and the broker was having trouble pricing it. The quote we got seemed much too expensive,” she says. Thinking that there must be a better option out there, Amram searched online for cyber insurance. That’s when she stumbled upon Layr.
Layr got us coverage at much lower prices. It was fast and easy. So, we switched over our policies.
Major Savings with Lower Commercial Insurance Rates
“After success with the cyber insurance, we had Layr review all of our policies when they came up for renewal. Layr got us coverage at much lower prices. It was fast and easy. Overall, we have saved more than 40% on our previous annual insurance bill. Wow!” says Amram, who now maintains general, professional and cyber liability, as well as technology errors and omissions (tech E&O) through Layr.
CEO of Layr, Phillip Naples, explains, “Because our technology matches companies with the specific insurance carrier based on carrier appetites, we turn underwriters into order takers. In other words, underwriters aren’t being asked to underwrite companies that their carrier doesn’t have an appetite for. As a result, they’re willing to sell Layr customers insurance policies for less than other brokers because they don’t have to do as much work and they’re getting the exact types of customers that they want.”
As an AI and a machine learning company, GLYNT.AI must carry cyber insurance to meet its customers’ needs. GLYNT provides a service that automatically extracts data from pdfs, scans and faxes, and has customers in industries ranging from healthcare to accounting and energy. GLYNT.AI has a multi-tenant software system which encrypts data in transit and data at rest, so cyber insurance becomes another layer of protection and assurance for enterprise customers. “As part of our enterprise contracts, we must meet specific insurance requirements, point-by-point. The policies provided by Layr line up well,” says Amram.
In addition, Amram notes the self-service feature of Layr’s Online Management Portal. “We can download our insurance certificates in just minutes, and send along to customers. No more email threads about certificate requests that take days.”
We can download our insurance certificates in just minutes, and send along to customers. No more email threads about certificate requests that take days.
Strong Customer Support System Resulting in Faster Business
At times, GLYNT.AI needed answers about its insurance policies during a contract negotiation. Layr’s customer service responded quickly, within 24 hours. “When we’re in the midst of contract negotiations, Layr’s speedy customer service has saved me a lot of time. In the past I’d be sending emails with questions, and then putting reminders on my calendar to send additional emails to chase down answers. With Layr, I got the information I needed right away and could stay focused on our business needs. Layr helped me avoid contract delays.”
Continued Customer-Centric Service Through the Years
GLYNT.AI has also had some pleasant surprises with insurance renewals from Layr. “I’m so pleased with Layr. At renewal times, without me asking, they look out for even better rates. When I get renewal quotes, they’ll provide me with options that actually lower our bill. This has happened three times and I’m really impressed with Layr’s knowledge of the insurance market and how they look out for their customers,” says Amram.
- Business Owners Policy
- Cyber Liability
- Management Liability
- Tech E&O
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