XL Catlin partners with US insurtech Slice for 'on-demand' cyber insurance
Re/insurer XL Catlin has partnered with US-based insurtech start-up Slice Labs, which offers cloud-based on-demand insurance for a new digital insurance solution.
The re/insurer will create the first on-demand cyber insurance solution for US small and medium-sized business (SMBs), built on the Slice's Insurance Cloud Services (ICS) platform.
The new usage-based cyber solution will include services designed to help clients better prepare for cyberattacks. The product will use artificial intelligence to deliver real-time alerts to customers, enabling them to better manage their risk postures.
“SMBs must contend with the same cyber issues as large corporates. Unfortunately, they often do not have dedicated IT teams and the same information security resources that larger companies have,” said John Coletti, XL Catlin’s chief underwriting officer of cyber & technology in North America.
"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.”
According to Greg Hendrick, president of XL Catlin’s property & casualty operations: “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.”
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.”
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