XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses.
The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to help businesses prepare for cyberattacks.
“Slice’s ICS platform gives us the speed to market, scalability, and reliable on-demand experience that will empower our clients to move faster and more confidently knowing digital assets are protected by innovative technology, insurance, and claims processes,” said Greg Hendrick, President of XL Catlin’s Property & Casualty operations.
XL Catlin says the product will use artificial intelligence to deliver real-time alerts to users.
“SMBs must contend with the same cyber issues as large corporates,” said John Coletti, XL Catlin’s Chief Underwriting Officer of Cyber & Technology in North America. “Unfortunately, they often do not have dedicated IT teams and the same information security resources that larger companies have.”
“We’ve partnered with Slice to transform cyber insurance – making it easy to buy and simple to understand for them – with the ultimate goal of protecting SMBs from the potentially devastating impact of a cyber-attack.”
XL Catlin is the third large insurer to use ICS since Slice launched the platform in January 2018.
“The new economy is not only on-demand but it is heavily dependent on protecting technology assets due to the rapidly changing landscape of cybersecurity threats,” said Slice Chief Executive Officer, Tim Attia.
“Insurers are no longer in a position where they need to suspend or delay an idea for lack of technology or financial resource contracts. The beauty of the ICS platform is that any insurer can create a new line of business within three months of finalizing the vision for a new service.”
Lauren Tennant Pollock, Digital Distribution Lead and Partner with Accelerate, XL Catlin’s internal disruption and innovation team, added, “We are very excited to partner with Slice to deliver new digital end-to-end products for our customers at XL Catlin.”
“By being forward-thinking and agile, our intent is to meet our customers where they are and deliver cyber products and risk management services in a differentiated way.”
“With Slice, we will be able to design our SMB Cyber product alongside of the customer, putting their needs and preferences first, to ultimately deliver a product that is simple, transparent, and of value to our clients.”