SUMMARY
When TechServe Alliance member firm Paradigm Group struggled to find a cybersecurity insurance solution, the TechServe Business Insurance program delivered the protection the company needed within its allotted budget.
COMPANY OVERVIEW
Paradigm Group is a technical recruiting firm located in the Greater Houston Metro market. They have been providing IT staffing solutions for over 20 years, as an extension of their clients’ in-house teams, for all their technical recruiting and retention needs.
- A technical recruiting firm based in the Greater Houston Metro market, Paradigm Group has been providing IT staffing solutions for over 20 years, with a focus on supporting their client’s core values, and effectively serving as an extension to their in-house teams, for all technical recruiting and retention needs.
- Led by a former CIO, the group is well-versed in understanding the skill sets and solutions their clients require, to achieve their desired digital transformations
- A member of TechServe Alliance for over 4 years they are a strong proponent of the services and tools available to them through their membership. With their technical knowledge and understanding of rising security threats to business operations and employment services, the Paradigm Group had the foresight to seek out specific protection in cybersecurity for their firm from the TechServe Alliance Business Insurance program.
CHALLENGE
The company faced challenges in obtaining cybersecurity coverage from its standard insurance provider. The coverage offered was either unavailable, insufficient, or too expensive. Besides, the standard insurance provider lacked expertise in the tech staffing industry too.
With the growing challenges faced across all industries relative to cybersecurity protection, Paradigm could not secure cybersecurity coverage at a reasonable price point from their standard insurance provider. Coverage was either not available or inadequate, or it was unaffordable. Additionally, working with a standard insurance provider that did not offer expertise in the tech staffing industry had limitations in rating applicable coverage and efficiencies for coverage planning, renewals, audits, and more.
Further, as Paradigm continues to grow and expand its staffing offerings, specifically transitioning from being only direct hire-based to including contractual IT staffing engagements, their requirements for insurance coverage changed accordingly. The company needed a provider that understood the business of IT staffing and offered insurance that worked for their specific needs.
OUTCOME
As an existing TechServe Alliance member, the staffing firm worked closely with the TechServe Alliance Business Insurance team, to secure Cybersecurity protection that fit within their allotted budget. Using this program also provided the staffing firm with increased efficiencies and improved response time, including the following examples:
- Certificate of Insurance (COI) requests are delivered immediately.
- Requests for assistance and program questions are answered within 24 hours, a reduction in response time from 2-3 days with the previous provider.
- All business insurance components—Liability, Workers Compensation, and Cybersecurity—are part of a single solution creating ease in terms of payments and renewals.
- Audits are conducted with full guidance and oversight from the TechServe Alliance Business Insurance team, resulting in decreased administrative time on behalf of the staffing firm. The TechServe Alliance team is well-versed in IT and engineering staffing, including in-depth knowledge of definitive roles and job responsibilities of specialized consultants. Since insurance rates are often based on the nature of each job with risk-rated accordingly, standard insurance providers do not have the inherent knowledge of technology staffing firms, and these requirements place the onus on the staffing firm to provide meticulous details. With the TechServe Alliance Business Insurance program, consultant job profiles are already in the system and assessed, along with the associated coverage that applies to the profile activities, saving time and costs on unnecessary or inapplicable coverage.
