(Image source: XL Catlin homepage.)
XL Catlin, a global brand of the XL Group Ltd (Hamilton, Bermuda) has adopted Slice Labs Inc.’s (New York) the Slice Insurance Cloud Services™ (ICS) platform to create what the insurer characterizes as the first on-demand cyber insurance solution for U.S. small and medium-sized businesses (SMBs). XL Catlin is the third large insurer to use ICS since Slice launched the platform in January of 2018: Legal & General (London) announced its adoption of Slice ISC for on-demand homeshare insurance in February 2018, and Co-operators announced its exclusive licensing of Slice ISC for homeshare insurance in Canada in July 2018.
“SMBs must contend with the same cyber issues as large corporates,” comments John Coletti, Chief Underwriting Officer, Cyber & Technology, North America, XL Catlin. “Unfortunately, they often do not have dedicated IT teams and the same information security resources that larger companies have. We’ve partnered with Slice to transform cyber insurance—making it easy to buy and simple to understand for them—with the ultimate goal of protecting SMBs from the potentially devastating impact of a cyber-attack.”
Speed-to-Market, Scalability and Reliability
“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,” comments Greg Hendrick, president, Property & Casualty operations, Catlin.
Slice’s announcement of the agreement says that the ICS platform enables XL Catlin to take a more holistic and advanced approach to cyber protection. The new cyber solution will include services designed to help clients best prepare for cyberattacks, according to Slice. The subscription and usage-based cyber solution will be available on-demand for SMBs. The product will use artificial intelligence to deliver real-time alerts to customers and enable them to better manage their risk postures.
“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,” comments Tim Attia, CEO Slice Labs. “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.”
Meeting Customers Where They Are
“We are very excited to partner with Slice to deliver new digital end-to-end products for our customers at XL Catlin,” comments Lauren Tennant Pollock, Digital Distribution Lead and Partner with Accelerate, XL Catlin’s internal disruption and innovation team. “By being forward-thinking and agile, our intent is to meet our customers where they are and deliver cyber products and risk management services in a differentiated way. With Slice, we will be able to design our SMB Cyber product alongside of the customer, putting their needs and preferences first, to ultimately deliver a product that is simple, transparent, and of value to our clients.”