Arch Insurance (UK), a division of Arch Insurance International, is entering the cyber insurance market with ‘Cyber Searchlight’, a product designed for small to medium enterprise (SME) clients.
Due to be launched at BIBA 2019, Cyber Searchlight aims to provide policy structures more appropriately suited for the needs of SMEs in the aftermath of a cyber attack
Introduced as a specialist standalone product in the UK before being deployed into the Australian market via Arch’s offices in Sydney and Melbourne, the product will leverage app-based notifications and online help to allow businesses to continue with minimum disruption.
Ultimately, Arch plans to integrate the product into the expanding range of Commercial SME business package solutions offered by its UK Regional Division.
Development of Cyber Searchlight has been overseen by Marcus Breese, Arch’s London-based Cyber Class Underwriter who joined its Financial Lines team early in 2019.
Breese has spent a significant part of his career developing and underwriting cyber products on a worldwide basis.
“Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment,” said Steve Bashford, Chief Executive Officer, Arch UK Regional.
“When a business experiences a cyberattack, it needs a responsive, straightforward service — a lifeline in its hour of need. We’ve designed Cyber Searchlight to be a fifth emergency service, empowering brokers to sell more policies with more confidence and to get their clients back up and running swiftly if they experience a cyber incident.”
Claims will be handled by the Arch claims team, with 24/7/365 cyber breach response service provided in partnership with the cyber team at global law firm Kennedys.
“We are particularly excited as cyber at Arch Insurance International has been built from scratch with the needs and concerns of brokers and clients front and centre,” added Breese.