Howden launches cyber insurance platform for SMEs | Insurance business America
The goal is to simplify the process for smaller businesses
Cyber
By Terry Gangcuangco
Global insurance intermediary group Howden has launched a new cyber insurance platform aimed at small and medium-sized businesses, simplifying the process of obtaining insurance cover. Aimed at businesses with revenues of up to $250 million, the platform allows users to purchase cyber insurance in just four steps, eliminating the need for lengthy questionnaires or complicated jargon.
Supported by three global providers, Howden’s cyber insurance platform offers capacity of up to $6 million. Customers receive pre-approval and only need basic information – name, industry, annual revenue and website – to receive a quote. Additional data is collected via open APIs (Application Programming Interface), ensuring that underwriting standards are met despite the optimized process.
Jean Bayon de La Tour (pictured), international head of cyber at Howden, explained: “Cyber insurance is predominantly taken out by large companies because they usually have the resources to manage an advanced procurement process. Our new cyber platform addresses this imbalance by providing SMBs with a simple process to obtain world-class cyber insurance coverage in just a few hours. This includes 24/7 support and access to advanced data and analytics software, including Cyberwrite, which provides additional insights to customers before, during and after contract start.
“We also support our customers and our brokers with an AI-powered bot (artificial intelligence) to answer any questions about cyber risks and cyber insurance. With best-in-class terms and conditions, including enhanced wording, no floors on key coverages and breach response, Howden is committed to harnessing the power of insurance to defend and protect all businesses, regardless of size.”
Shay Simkin, Howden’s global head of cyber, added: “Howden has tapped into the insurance market’s pool of cyber expertise to close the protection gap by ensuring SMEs have access to advanced cyber insurance solutions.”
“60% of SMBs without cyber protection face bankruptcy within just six months of a cyberattack, and our new platform ensures they have the knowledge and tools they need to make their businesses more resilient. “Attacks on SMEs are increasing and at Howden we are responding by expanding access to cyber insurance across different sectors of the economy and ensuring it remains relevant for everyone.”
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2024-05-22 05:00:00
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