How Actuaries and Insurers Can Deal With Crypto (w/Eyhab Aejaz, CEO Breach)

Eyhab Aejaz is CEO at Breach, developing cyber insurance solutions for the growing $2T+ cryptocurrency market.

Breach has built a proprietary policy issuance and administration platform and an industry-first solution to insure clients of popular cryptocurrency custodians and exchanges.

Eyhab says crypto is built on trust and transparency, yet decentralized markets the product is based on those same standards. Crypto is not illegal because it is taxed, so they see it as a type of asset, with a buyer, seller, and exposure to risk.

Eyhab sees crypto coverage being similar to jewelry insurance, assets are in custody, in order to underwrite they only need to confirm applicable State rules, the custodian of record and the insured amount.

Breach partnered with Boost Insurance to figure out the actuarial and reinsurance side and operations of the business. This essentially de-risked the company launch, but Eyhab says he still felt the act of 'taking the leap' into a startup, being early and not having enough on-board, yet also feeling in hindsight that was the exact right time to start the company.

Breach is now in the process of standing up a carrier to defray its own reinsurance costs, so is one of the new wave of companies making the jump from insurtech to insurer.

The company is backed by Raptor Group, LightShed Ventures, Ted Rogers, Foundation Capital, Global Founders Capital, Road Capital, PJC, and Goodwater Capital.

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