The quick turnaround of Slice’s on-demand cyber insurance policy demonstrates the “leverage” that partnerships with insurtechs can provide, according an Axa XL collaborator.
“Our partnership with Slice is a great example of the leverage we can get from collaborating with insurtechs,” said Lauren Tennant Pollock, partner and digital distribution lead for Accelerate, an internal innovation team within Axa XL.
“Given Slice’s technology and our underwriting, pricing, and claims expertise, we have built a digital end-to-end cyber offering for SMEs 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.”
The product, which was designed in three months in conjunction with the insurer, is meant for US firms with under $20m (£15.7m) in annual revenue and offers payouts of up to $3m (£2.4m).
Data protection and privacy risk are included in the cover, for third party claims and first-party mitigation costs. It also covers cyber extortion threats and other liabilities and regulatory penalties, such as General Data Protection Regulation breaches.
“This type of cyber insurance product is the first of its kind,” said Tim Attia, CEO of Slice. “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.”
US-based Slice raised $36.1m in its Series A round in September. XL Innovate was among the investors.
The start-up has global ambitions and has revealed its intentions to launch a home sharing product in partnership with Legal & General in the UK. However, Post understands that while it was aiming to launch this in Q2, no date has yet been agreed with the insurer.
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