UK insurance coverage middleman Howden has launched a brand new cyber insurance coverage platform particularly designed for SMEs.
The platform goals to interrupt down one of many predominant obstacles SMEs face when attempting to entry cyber insurance coverage by streamlining the method of buying protection.
SMEs with annual revenues of as much as $250m (£196.33m) can acquire cyber insurance coverage by a four-step course of by way of the platform because the system avoids prolonged questionnaires and complicated jargon.
The platform, supported by three world carriers, presents limits of as much as $6m in capability.
The insurer mentioned that each shopper is pre-approved for an insurance coverage proposal, requiring solely 4 items of knowledge for a quote – title, business, annual revenues and web site.
Further information is sourced by open software programming interfaces to make sure that underwriting requirements are maintained whereas simplifying the acquisition course of.
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By GlobalData
Howden, citing a report by Munich Re, famous that the cyber insurance coverage market has traditionally underserved SME purchasers, with solely 14% of SMEs having cyber insurance coverage protection in place.
Howden worldwide head of cyber Jean Bayon de la Tour mentioned: “Cyber insurance coverage is predominantly bought by giant corporates as a result of they sometimes have the assets to navigate a sophisticated procurement course of.
“Our new cyber platform addresses this imbalance by offering SMEs with a easy course of to acquire top-quality cyber insurance coverage cowl in only a few hours, which incorporates 24/7 help and entry to superior information and analytics software program together with Cyberwrite, which gives extra insights to purchasers earlier than, throughout and after coverage inception.”
Earlier this week, Howden expanded its portfolio by buying MiCRO, a specialist in microinsurance for pure disaster protection in Latin America.
MiCRO’s parametric insurance coverage mannequin presents monetary help to smallholder farmers and microenterprises impacted by pure disasters.
