Howden, the global insurance intermediary group, has launched a unique cyber insurance platform for SMEs that enables easier access cyber insurance by simplifying the process of purchasing cover.
The platform is designed for businesses with revenues of up to $250 million, and allows cyber insurance to be purchased in four simple steps directly, with no lengthy questionnaires or complex terminology used to get a quote.
SME clients have been historically underserved by the cyber insurance market, with Munich Re research showing that only 14% have cyber insurance coverage in place.
Jean Bayon de la Tour, International Head of Cyber, Howden, commented, “Cyber insurance is predominantly purchased by large corporates because they typically have the resources to navigate an advanced procurement process. Our new cyber platform addresses this imbalance by providing SMEs with a simple process to obtain top-quality cyber insurance cover in just a few hours, which includes 24/7 assistance and access to advanced data and analytics software including Cyberwrite, which provides additional insights to clients before, during and after policy inception.”
Howden’s new cyber platform, backed by three global carriers, provides limit up to $6 million capacity, with each client pre-approved and eligible for an insurance proposal. The only four pieces of information required for a quote are name, industry, annual revenues, and website.
Supplementary data is gathered via open APIs, so that underwriting standards are upheld despite the greatly simplified purchase process.
“We also support our clients and our brokers with an AI powered bot to answer to all questions about cyber risk and cyber insurance. With best-in-class terms and conditions on offer, including enhanced wordings, no sub limits on key covers, and breach response, Howden is committed to leveraging the power of insurance to defend and protect all businesses, no matter their size,” de la Tour further stated.
Shay Simkin, Global Head of Cyber, Howden, concluded, “Howden has accessed the insurance market’s pool of cyber expertise to close the protection gap by ensuring that SMEs can access advanced cyber insurance solutions. 60% of SMEs without cyber cover face bankruptcy within just six months of experiencing a cyber-attack, and our new platform ensures that they have the knowledge and tools they need to make their businesses more resilient. Attacks on SMEs are growing, and at Howden we are responding by widening access to cyber insurance across different sections of the economy, ensuring that it remains relevant to all.”
