(Image source: Rawpixel.)
Cyber insurance is one of the fastest-growing product areas for the insurance industry, but carriers have struggled to offer coverage to smaller businesses. John Coletti, AXA XL’s Chief Underwriting Officer, talks about how the company has addressed that challenge by launching an on-demand cyber insurance product on the Slice Insurance Cloud Services Platform (Slice ICS). Coletti shares his experience from the early days of cyber insurance and talks about how AXA XL has taken a minimum viable product (MVP) approach to introduce a new product in a staggeringly short time frame, followed by a dynamic, iterative process of refining the offering through market feedback. Using Slice as an example, Coletti talks about how insurers can interact profitably with InsurTechs.