XL Catlin is working with on-demand insurance platform Slice Labs to offer on-demand cyber insurance.
The companies will offer the first on-demand cyber insurance solution for US-based SMBs and will be built through Slice’s cloud services platform.
XL Catlin’s new cyber product will also include services which can help prepare businesses for cyberattacks. It will be a low-cost monthly subscription and usage-based cyber solution, using AI to deliver real-time alerts to customers and empower them to better manage their risk prospects.
Slice CEO Tim Attia said, “The new economy is not only on-demand but it is heavily dependent on protecting technology assets due to the rapidly changing landscape of cybersecurity threats.
“Insurers are no longer in a position where they need to suspend or delay an idea for lack of technology or financial resource contracts. The beauty of the ICS platform is that any insurer can create a new line of business within three months of finalizing the vision for a new service.”
Slice Labs is an on-demand insurer which offers US consumers access to instant protection for home share, rideshare and property contents, among other assets. The company also offers Slice Insurance Cloud Services which lets big insurers give their customers on-demand insurance products without the need of building their own infrastructure.
XL Catlin’s Property & Casualty operations president Greg Hendrick said, “Slice’s ICS platform gives us the speed to market, scalability, and reliable on-demand experience that will empower our clients to move faster and more confidently knowing digital assets are protected by innovative technology, insurance, and claims processes.”
Earlier in the year, newly launched cyber insurance company At-Bay has closed a $13m Series A round co-led by Khosla Ventures and Lightspeed. The company offers cyber insurance products as well as insights into a business’ exposure and suggests ways to improve protection.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
