AXA XL partners with insurtech Slice on new cyber offering
Re/insurer AXA XL and US-based insurtech Slice Labs, which offers cloud-based on-demand insurance, have launched a new cyber insurance policy specifically designed for small and midsize businesses (SMBs).
Powered by Slice’s Insurance Cloud Services (ICS) platform, AXA XL’s cyber insurance solution provides US small and medium sized businesses with comprehensive cyber insurance protection along with real-time intelligence to counteract cyber risks.
The product is designed for companies under $20 million in annual revenue and offers limits from $250 thousand up to $3 million. The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs. It also provides protection for cyber extortion threats and other breach-related liabilities including regulatory penalties, GDPR and Merchant Services Agreements.
“Businesses of every size are vulnerable to cyber risk. 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,” said John Coletti, chief underwriting officer of AXA XL’s North America cyber & technology insurance business
Tim Attia, CEO of Slice, said: “This type of cyber insurance product is the first of its kind. 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.”
Lauren Tennant Pollock, partner and digital distribution lead for Accelerate, an internal innovation team within AXA XL, added: “Our partnership with Slice is a great example of the leverage we can get from collaborating with insuretechs. 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.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Ardonagh sells UK commercial MGA business to Arch for £31m
Swiss Re posts $1.1bn 9M profit after $1.6bn claims loss
AIG CEO promises ‘sense of urgency’ after big Q3 loss
Lancashire hit by another busy period for cat losses
Canopius taps new head of claims from Markel
Arch dodges cat bullet to post solid Q3 results
LIIBA outlines key Brexit challenge
No ‘big bang’ disruption in insurance: Munich Re
Japan typhoons expose lack of BI cover
Lloyd’s Asia seeks innovation in mature markets
