AXA XL has partnered with US-based InsurTech Slice Labs to launch a new cyber insurance policy for small and midsize businesses (SMBs).
Powered by Slice’s Insurance Cloud Services (ICS) platform, AXA XL’s new cyber insurance solution aims to provide U.S. small and medium sized businesses with cyber insurance protection along with real-time intelligence to proactively counteract cyber risks.
“Businesses of every size are vulnerable to cyber risk,” said John Coletti, Chief Underwriting Officer of AXA XL’s North America Cyber & Technology insurance business. “In providing this on-demand, AI-powered cyber insurance product, we are expanding our reach in the cyber insurance market and levelling the playing field for SMBs, giving them access to broad cyber insurance protection that the largest of companies rely on, as well as cyber security resources to help them protect their revenue, profitability and customer relationships.”
The new product is designed for companies under $20m in annual revenue and offers limits from $250,000 up to $3m.
Utilising Slice’s E&S brokerage license, it will provide coverage that can easily be purchased in a matter of minutes for qualifying SMBs, according to AXA XL. The onboarding process allows customers to not only easily acquire a policy but also submit first notice of loss through our claims bot.
The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs. These are often associated with a cyber incident, such expenses for notification, credit monitoring, data recovery, reputation management, loss of business and extra expense. The coverage also provides protection for cyber extortion threats and other breach-related liabilities including regulatory penalties, GDPR and Merchant Services Agreements.
“Our partnership with Slice is a great example of the leverage we can get from collaborating with InsurTechs,” said Lauren Tennant Pollock, Partner and Digital Distribution Lead for Accelerate, an internal innovation team within AXA XL.
“Given Slice’s technology and our underwriting, pricing, and claims expertise, we have built a digital end-to-end cyber offering for SMBs in just three months. We are very excited to see the product evolve as we collect customer feedback and continually enhance our product with their preferences, and changing cyber and technology risks, in mind.”
In addition, the AXA XL cyber insurance solution is delivered with insightful data to help SMBs understand their cyber risk exposure and learn how to strengthen their cyber defenses. Customers are provided an individualized dashboard with an overall cyber risk assessment and scores along with benchmark scores of their industry peers across each risk category.
Earlier this year, Swedish insurance group Länsförsäkringar partnered with CyberScout to help SMEs manager global cyber risk post GDPR. The partnership will marked the launch of Länsförsäkringar’s new small medium enterprise (SME) cyber insurance product. They will provide services to their commercial lines policy for small- and medium-sized businesses, with plans to introduce new services gradually.
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