The insurance industry has seen immense growth and transformation over the last few decades, especially with the introduction of cyber risks, which have become a major focus in the current digital revolution. In this growing field, Lawrence “Larry” Baldino stands as a prominent figure, serving as the President of Cyber, Technology, and Professional Liability at DUAL North America (“DUAL”). Larry is responsible for the growth and development of an emerging SME Cyber risk portfolio that mixes advanced technology with traditional underwriting approaches and develops innovative partnerships both in the public and private spaces.
Larry has over 22 years of experience in the Cyber, Technology, and Professional Liability space, holding several leadership positions at major insurance carriers during this time. Larry’s experience includes managing underwriting teams, product management, and cyber services positions. Larry has a Bachelor of Arts Degree in Political Science and Economics from Saint Michael’s College in Vermont and a master’s degree in quantitative risk analysis from Rensselaer Polytechnic Institute in Troy, NY. Additionally, Larry holds numerous industry designations, including graduating from the Howden Cyber Risk Academy, and is pursuing a Doctoral Degree.
DUAL North America, a well-established MGA operating across the U.S., continues to grow under Larry’s leadership. It has carved a niche in providing innovative risk management solutions in the cyber sector, responding to the growing threats businesses face today. The company’s success stems from a collaborative approach, combining technology with personalized service to ensure clients are fully supported in mitigating cyber risks. DUAL’s commitment to tailored coverage and ability to adapt to emerging threats ensure that it remains a key player in the field, setting benchmarks in cyber insurance.
Let’s delve into Larry’s innovative journey in cyber insurance:
Innovative programs and team success
Larry graduated college and joined a large insurance company just when they began underwriting cyber exposure. For over twenty years, he has held positions of increasing authority in this space. With years of experience, he has enjoyed watching the business take shape. As a result, he decided to take his career to the next level by joining DUAL, where he continues to carve out his own vision of how he sees cyber insurance growing in the future.
Overseeing product innovation
As the leader of DUAL’s Cyber team, he is responsible for the overall management and development of the Cyber Program. He oversees the P&L department, product development, marketing, and staff leadership, as well as product innovation and development.
Larry believes the teams’ success is built on the innovative programs they have implemented, the speed to market, and the knowledge base of their team. If you call or write to an underwriter at DUAL, chances are they have more than 15 years of experience. He also believes that for all these reasons, the DUAL Cyber team contributes to the overall success of DUAL as an organization.
People-first leadership
Larry considers himself a highly collaborative leader who seeks to empower his staff with all the necessary authority. He consistently supports their positive efforts and provides support during times of turmoil. He believes he has learned from every leader he has ever had, taking the positives from each. He thinks that being a good leader requires constant evolution and hopes that those he has managed to see him as supportive, collaborative, approachable, and, most of all, human.
Assessing Profitable Risks in Cyber Insurance
Larry believes the biggest challenge in the Cyber-Tech Insurance space is also what makes it the most attractive. The market is constantly progressing; threats are becoming more sophisticated, and the world is increasingly connected.
As a result, Cyber Insurance is essential to any operation. Every Cyber Insurance underwriter must stay updated on the latest challenges to identify profitable insurable risks.
To address these challenges, DUAL is continuously developing various risk management solutions and customizing coverage solutions to assist brokers and insureds.
Employer’s role in work-life harmony
Larry acknowledges the importance of managing work-life balance while excelling in his profession. He appreciates his employer, DUAL, for catering to the “whole person.” His leadership team highly supports his outside endeavors, which is typical for a married father of two. He feels blessed and fortunate to be present at all significant events and milestones in his wife’s and kids’ lives. Additionally, constant remote connectivity helps him stay on top of opportunities.
Collaborative approach to Cybersecurity
Larry proudly states that the DUAL North America Cyber team consistently engages with Cyber Insurance brokers, insureds, Technology Risk Management professionals, and Government Officials to understand the latest threats. The risk management platform, considered innovative in its collaborative approach to Cybersecurity with insureds, can quickly adapt to the latest threats.
Real-time response to digital needs
He believes the future of Cyber Insurance lies in the continued integration of Cyber Insurance and Technology products into a single offering. As insured functions become increasingly digital, Cyber Insurance must respond to these needs in real-time.
With MSP/MSSP tools such as EDR, XDR, and MDR becoming standard, insurance contracts can respond immediately upon detecting a breach. Additionally, Larry envisions insurance contracts becoming more parametric, allowing insureds to isolate specific exposures unique to their operations. This trend is already occurring and is expected to become more prevalent.
Enhancing business security and growth
Larry proudly states that he works in one of the most innovative spaces in the insurance industry. He meets many professionals in cyber insurance and feels very smthat art individuals are doing a lot of innovation. His goal is not to be the biggest provider of Cyber Insurance but to make DUAL North America Cyber the most collaborative.
He aims to bridge advanced technology with personal relationships so that clients will already know who is there to help them in the event of a breach. Additionally, he believes in providing the insured with a suite of services that not only helps with Cyber Risk but also helps them build their business better and more securely.
