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XL Catlin established the first cyberassurance to the demand for u.s. SMES

by

Justine Montminy

July 25, 2018 11:30

The insurer XL Catlin is partnering with the insurtech Slice Labs to build the first solution cyberassurance to the request. The solution is addressed to small and medium-sized enterprises (SMES) in the united states.

“SMES face the same security issues related to the Internet than large companies, but often do not have access to the same resources. We are associated with the Slice to transform the cyberassurance, making it easy to buy and simple to understand for them, with the ultimate aim to protect SMES from the impact of potentially devastating cyber attack, ” says the chief underwriting officer, cyber & technology in North America for XL Catlin, John Coletti.

Real-time alerts

With this agreement, XL Catlin will use the platform for Insurance Cloud Services Slice. The new solution will include services designed to help customers better prepare for cyber attacks. It will be available on demand for SMES, and will use artificial intelligence to provide customers with alerts in real-time.

The new economy is not only about demand, but it depends heavily on the protection of technology assets due to the rapid evolution of threats to cybersecurity. Insurers are no longer in a position where they need to suspend or postpone the idea due to lack of technology or contracts of financial resources, ” says CEO of Slice, Tim Attia.

An agreement with the Co-operators

A little earlier this month, Slice had signed an exclusivity agreement with the Co-operators to set up several new insurance products on-demand through the platform, Insurance Cloud Services insurtech.

The first product will be launched by the end of the summer under the brand duuo Co-operators. It will also provide an insurance invoice to use for people who rent their property through platforms such as Airbnb, HomeAway , and VRBO.

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