Datastream Cyber Insurance expands resources with first channel leader and move into Canada

Larry Meador has been formally named as the company’s first channel chief, with responsibility for the company’s MSP and MSSP channels.

Larry Meador, Datastream Cyber Insurance’s channel chief

Startup Datastream Cyber Insurance, which offers cyber insurance policy options to both MSPs and their customers, is expanding both its geographic presence and its channel capabilities. Effective July 1, they have been given regulatory approval to sell in every province in Canada, except Quebec. They have also formally announced the appointment of Larry Meador as their channel chief, whose role will be to further develop the company’s MSP and MSSP channels.

Datastream Cyber Insurance has no relationship to the multiple existing companies called Datastream.

“We are a startup organization that has been around since 2020,” Meador said. “We are owned by Envelop Risk, a British-based global cyber underwriting firm, that reinsures other cyber insurance companies.”

Meador said that their primary target is the MSPs’ customers, although they also insure the MSPs as well.

“We exist to be the MSP’s resource for cyber insurance, covering both the MSPs and their customers,” he stated. “We are a broker with over 30 carriers in our portfolio, and the MSP segment is the hardest vertical to get insurance for. A couple of our carriers are friendlier to this market. This market is a highly regulated one and insurance can generally only be sold by a licensed agent. Most MSPs have no desire to be a licensed agent, so they bring us into contact with their customers. The customer only has to fill out one application. Then we provide them with multiple quotes as part of a free policy review. If their policy is good, we tell them. If it’s not, we tell them why and give them options, with either us or someone else. We find that sometimes, they think they have cyber insurance, and instead what they have is a rider on their General Liability policy, which might cover the costs for coffee of the techs on their first visit.”

Meador said that business is booming.

“We have grown our partner network in the U.S. by over 200% in the first six months of this year, and we are very encouraged by the growth trends we are seeing. We got regulatory authorization to expand into Canada in late June. All the approvals are in place, and we have been live there since July 1, in every province except Quebec.” Canada is presently being served by a ‘sell into’ model out of the U.S.

“We are however interviewing someone in Canada now who could be a valuable addition to the team,” Meador added.

Meador started at the company in mid-December of 2021, having come from VoIP provider GreenLink Networks, where he was also the channel manager.

“Being a startup, we want to get our name out there, but we also want to work closely with MSPs and MSSPs so that they and their customers see value,” he said. “Even the best technology isn’t foolproof. We want to penetrate each customer base to make sure they are protected, and that will also protect the MSPs.

A partner program was put in place in late 2001.

“The best way to describe it is fluid,” Meador said. “As we go forward we tweak it, using advice from our Partner Advisory Council to make it better.”