Veteran insurance industry executive Mario Vitale is jumping into the InsurTech world in a big way. He’s the new president of Arceo.ai, a cybersecurity analytics startup based in San Francisco.
Vitale was the CEO of Aspen Insurance until he retired in June 2016. Before that he had served in a major leadership capacity at companies including Zurich Financial Services and Willis Group Holdings/Willis North America (now part of Willis Towers Watson). While he has served on some company boards since then, Vitale, in prepared remarks, said that he was eager to take on his new role at Arceo.
“This opportunity really lit a fire under me,” Vitale said. “In 1835, a group of factory owners disrupted the standard way of thinking about property insurance. Factory Mutual, today FM Global, was started because a few people took a revolutionary approach. Today, Arceo, with our cyber risk analytics capabilities combined with our understanding of the complexities of the insurance market, has that same opportunity to bring a fresh perspective to cyber insurance. Personally, it’s exciting for me to be working with such a talented group of people who have shown me an entirely new way in a field I’ve been working in my entire professional life.”
Vitale’s position is a newly created standalone role for the fledgling company, and he’ll be tasked with leading the company in its focus on bringing cybersecurity understanding and cyber risk analysis to the cyber insurance underwriting process.
The company touts its cyber risk analytics and insurance platform as helping insurers and brokers “more accurately assess, underwrite and manage cyber risks using curated security data for accuracy, AI for advanced risk assessment and workflow automation for efficiency,” according to the announcement.
Arceo.ai made its big debut in February 2019, disclosing its emergence from “stealth” mode—a term the technology industry uses to describe startups in their earliest stages operating under the radar. That announcement included mention of Arceo’s founding team and advisory board, the latter of which included Hemant Shah, who co-founded catastrophe analytics firm RMS and is now the co-founder and CEO of Archipelago Analytics. Vitale was also listed as an early adviser.
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Arceo founders include Raj Shah, who was most recently managing partner of the Pentagon Defense Innovation Unit Experimental in Silicon Valley. Previous to that, he was CEO of Morta Security, a startup acquired by Palo Alto Networks. Shah now serves as Arceo chairman.
Vishaal Hariprasad was Arceo’s previous president and chief technology officer. He is also a co-founder of Morta Security and was involved in the Cyber Threat Alliance at Palo Alto Networks after the Morta acquisitions. As well, he was a cyber operations officer in the U.S. Air Force and the NSA. His current role at Arceo is as CEO, according to the company’s website.