Q&A with CyberCube
March 5, 2020 Chris Sandilands
We recently caught up with Pascal Millaire, CEO of CyberCube, one of our 2020 InsurTech Impact 25 Members. CyberCube has just announced the extension of its Series B round to $40m with MTech Capital and individuals from Stone Point Capital joining the round.
You were recently in Davos networking with the bigwigs. What do they want to talk about with a cyber insurance founder?
Cyber risk is on everyone’s minds in the public and private sector alike. Senior leaders are quickly becoming more inclined to talk about that risk in the financial language of insurance, including probabilities and financial severity, rather than in technical IT terms. That makes conversing with a cyber insurance professional a really important and useful conversation to have.
Tell us a bit about the realities of being an InsurTech founder. What have been the highs over the last few years?
We doubled our headcount in 2018 and then doubled our headcount again in 2019. Being the CEO of a rapidly growing InsurTech firm means leading what can feel like a new organisation every year. The highs have been witnessing the incredible interdisciplinary teamwork that is a hallmark of our culture.
And what about the lows?
There is so much to do and things often don’t feel like they happen fast enough, which can be frustrating. Saying that, that level of impatience, sense of urgency and desire to get enormous things done in short periods of time is a characteristic of working at an early stage company that sets a high bar and always strives for more.
What is next for Cybercube?
We’ve recognised that primary brokers can also benefit from the analytics we are providing to insurers and reinsurers to help enterprises quantify cyber risk. Broking Manager is our newest product in beta now and looks set to address that need and in doing so help with the on-going growth of the cyber insurance industry as enterprises buy cyber insurance for the first time.
The Oxbow Partners InsurTech Impact 25 came out in February. How has your experience been so far?
I’m a big fan of the high quality and thoughtful material that Oxbow Partners puts out. Since being featured in the Impact 25 report I’ve found out just how many others also read and follow this material! We’ve had great feedback from clients and partners who, like Oxbow Partners, also believe we are one of the technology-led businesses best placed to help insurers succeed.
Find out more about CyberCube, other Impact 25 Members and Oxbow Partners’ analysis of current industry trends here.