Slice Labs Inc., an on-demand insurance cloud provider, and AXA XL, a division of AXA, 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 coverage provides U.S. small and medium sized businesses with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks.
According to John Coletti, chief underwriting officer of AXA XL’s North America Cyber & Technology insurance business, the on-demand, AI-powered cyber insurance product expands the insurer’s reach in the cyber insurance market and gives SMBs access to broad cyber insurance protection, as well as cyber security resources to help them protect their revenue, profitability and customer relationships.
AXA XL’s cyber insurance product is designed for companies under $20 million in annual revenue and offers limits from $250 thousand up to $3 million. Utilizing Slice’s E&S brokerage license, the digital platform provides comprehensive coverage that can be purchased right away for qualifying SMBs. This onboarding process allows customers to acquire a policy and submit first notice of loss through the claims bot.
The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs. These are often associated with a cyber incident, such expenses for notification, credit monitoring, data recovery, reputation management, loss of business and extra expense. The coverage also provides protection for cyber extortion threats and other breach-related liabilities including regulatory penalties, the European union’s General Data Protection Regulation and merchant services agreements.
In addition, the AXA XL cyber insurance product is delivered with data to help SMBs understand their cyber risk exposure and learn how to strengthen their cyber defenses. Customers are provided an individualized dashboard with an overall cyber risk assessment and scores along with benchmark scores of their industry peers across each risk category.
Slice Labs is an on-demand insurance cloud platform provider that allows insurers the option to offer direct insurance or insurance agent models without investing in infrastructure to provide customized on-demand, pay-as-you-go insurance products. The Slice Insurance Cloud Services platform (ICS) is powered by machine learning and advanced big data technologies along with Ph.D. behavioral science expertise.
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally.
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