New cyber insurance policy for small and midsize businesses launched

KUALA LUMPUR, Oct 31 (Bernama) -- Slice Labs Inc -- a leading on-demand insurance cloud provider -- and AXA XL (a division of AXA) launched a new cyber insurance policy specifically designed for small and midsize businesses (SMBs).

Powered by Slice’s Insurance Cloud Services (ICS) platform, the AXA XL’s cyber insurance solution provides U.S. small and medium sized businesses with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks.

“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,” said CEO of Slice, Tim Attia.

Utilizing Slice’s E&S brokerage license, the digital platform provides comprehensive coverage that can easily be purchased for qualifying SMBs. The simple onboarding process allows customers to easily acquire a policy and submit first notice of loss through claims bot.

The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs. These are often associated with a cyber incident such expenses for notification, credit monitoring, data recovery, reputation management and others.

The coverage also provides protection for cyber extortion threats and other breach-related liabilities including regulatory penalties, GDPR and Merchant Services Agreements.

The cyber insurance solution is delivered with insightful data to help SMBs understand cyber risk exposure and learn how to strengthen their cyber defenses. Customers are provided an individualized dashboard with an overall cyber risk assessment and scores along with benchmark scores of their industry peers across each risk category.

Slice Labs empowers insurers to deliver new value to customers through direct insurance or insurance agent models without investing in infrastructure to provide insurance products. More details on http://www.slice.is or www.axaxl.com.

-- BERNAMA