AXA division AXA XL and Slice Labs, an on-demand insurance cloud provider, have launched a new cyber policy specifically designed for small and midsized businesses (SMBs). The AXA XL insurance product, powered by Slice’s Insurance Cloud Services (ICS) platform, provides small and midsized US businesses with comprehensive cyber insurance coverage and real-time intelligence to proactively counter cyber risks.
“Businesses of every size are vulnerable to cyber risk,” said John Coletti, chief underwriting officer of AXA XL’s North America cyber and technology insurance business. “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 cybersecurity resources to help them protect their revenue, profitability and customer relationships.”
“This type of cyber insurance product is the first of its kind,” said Slice CEO Tim Attia. “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.”
The product is designed for companies with less than $20 million in annual revenue. It offers limits from $250,000 up to $3 million. Using Slice’s excess and surplus brokerage license, the digital platform provides comprehensive coverage that can be purchased “in a matter of minutes,” Slice said. The onboarding process allows customers to easily acquire a policy and submit first notice of loss through Slice’s claims bot.
The policy includes coverage for data protection and privacy risks for both 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.
In addition, the product includes insightful data to help SMBs understand their cyber risk exposure and learn how to protect themselves against cyber risk. Customers are provided with a customized dashboard with an overall cyber risk assessment and cyber risk scores, along with benchmark scores for industry peers in each category.
“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 at Accelerate, AXA XL’s innovation team. “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.”
