The objective is to make the method less complicated for smaller companies
International insurance coverage middleman group Howden has launched a brand new cyber insurance coverage platform geared toward small and medium-sized enterprises, simplifying the method of acquiring protection. Focused at companies with revenues as much as $250 million, the platform permits customers to buy cyber insurance coverage in simply 4 steps, eliminating the necessity for prolonged questionnaires or advanced jargon.
Supported by three world carriers, Howden’s cyber insurance coverage platform provides as much as $6 million in capability. Purchasers are pre-approved, requiring solely primary data – identify, business, annual revenues, and web site – to obtain a quote. Further information is collected by way of open APIs (utility programming interface), making certain that underwriting requirements are maintained regardless of the streamlined course of.
Jean Bayon de La Tour (pictured), worldwide head of cyber at Howden, acknowledged: “Cyber insurance coverage is predominantly bought by giant corporates as a result of they usually have the sources to navigate a sophisticated procurement course of. Our new cyber platform addresses this imbalance by offering SMEs with a easy course of to acquire top-quality cyber insurance coverage cowl in just some hours, which incorporates 24/7 help and entry to superior information and analytics software program together with Cyberwrite, which offers extra insights to purchasers earlier than, throughout, and after coverage inception.
“We additionally assist our purchasers and our brokers with an AI-powered (synthetic intelligence) bot to reply to all questions on cyber threat and cyber insurance coverage. With best-in-class phrases and circumstances on provide, together with enhanced wordings, no sub-limits on key covers, and breach response, Howden is dedicated to leveraging the facility of insurance coverage to defend and defend all companies, irrespective of their dimension.”
Howden world cyber head Shay Simkin added: “Howden has accessed the insurance coverage market’s pool of cyber experience to shut the safety hole by making certain that SMEs can entry superior cyber insurance coverage options.
“60% of SMEs with out cyber cowl face chapter inside simply six months of experiencing a cyberattack, and our new platform ensures that they’ve the information and instruments they should make their companies extra resilient. Assaults on SMEs are rising, and at Howden we’re responding by widening entry to cyber insurance coverage throughout totally different sections of the financial system, making certain that it stays related to all.”
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