(Image source: AXA XL SMB Cyber Insurance homepage.)
AXA XL, a division of AXA (Paris), has launched a cyber insurance policy for small and midsize businesses (SMBs) using Slice’s (New York) Insurance Cloud Services (ICS) platform. The new cyber insurance product provides U.S. small and medium sized businesses with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks, according to a joint announcement.
“Businesses of every size are vulnerable to cyber risk,” comments 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 leveling 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 cyber insurance product is designed for companies with under $20 million in annual revenue and offers limits from $250 thousand up to $3 million. Utilizing Slice’s E&S brokerage license, the digital platform provides comprehensive coverage that can easily be purchased in a matter of minutes for qualifying SMBs, according to the companies’ statement. “This simple onboarding process allows customers to not only easily acquire a policy but also submit first notice of loss through our claims bot,” the statement says.
The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs often associated with a cyber incident, such as expenses for notification, credit monitoring, data recovery, reputation management, loss of business and extra expense, according to the companies’ announcement. The coverage also provides protection for cyber extortion threats and other breach-related liabilities including regulatory penalties, GDPR and Merchant Services Agreements.
The AXA XL cyber insurance solution is also delivered with what the companies characterize as 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.
‘First-of-Its-Kind’ Cyber Insurance Product
“This type of cyber insurance product is the first of its kind,” comments Tim Attia, CEO, Slice. “In the last month, we’ve been reminded of the massive impact a breach can have on global technology and airline businesses that have the resources to recover. If any of their SMB partners were also impacted in the attack, they wouldn’t survive. This product, which is possible due to the ICS platform, works to provide an extra layer of resources and protection to businesses who are equally as vulnerable to a breach, but much less likely to recover.”
“Our partnership with Slice is a great example of the leverage we can get from collaborating with insuretechs,” comments 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.”