cyber insurance
Emergence Insurance expands to NZ
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cyber insurance“/
CEO points to international expansion ambitions
InsuranceNews
By Daniel Wood
Sydney headquartered cyber underwriter, Emergence Insurance, has launched a company in New Zealand. According to a media release, the new firm, Emergence NZ, is based in Auckland.
“It’s been a key goal to expand internationally and launch Emergence’s dedicated cyber insurance products into new markets,” said Troy Filipcevic (pictured above), CEO of Emergence Insurance.
Filipcevic said the Lloyd’s backed offering provides brokers in New Zealand with “greater capacity” and a technology solution to “efficiently provide” cyber protection for clients.
“New Zealand will benefit from everything we’ve learned from our Australian experience, including Emergence’s 24/7 inhouse incident response capability,” he said.
The new company, said the release, will be headed by Fraser Walker, who has nearly two decades of industry experience, including head of client and broker engagement with AIG Insurance New Zealand.
“We need to earn our stripes here, so it helps have someone local who understands the nuances of the New Zealand market and can offer our strong proposition to the market,” said Walker. “Cyber insurance uptake is in its infancy in New Zealand but gaining momentum.”
The release said, “initially”, brokers can access cyber policies with limits up to $NZ20 million.
“Like Australia, New Zealand has been subject to serious cyber security breaches and we’re ready to offer high limits and proven capability to the nation’s brokers,” said Filipcevic.
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Relay revolutionizes cyber insurance quotes for brokers
Broker appointment delays now a thing of the past
In a Press release, the multi-carrier platform Relay has announced its latest update to help wholesale brokers and retail agents scale their businesses by offering a quick and easy onboarding process. This allows brokers and agents to secure cyber quotes without appointment delays.
The company’s new feature provides a quick and easy onboarding process that gets brokers from sign-up to receiving quotes from a selection of approved carriers in minutes, eliminating the need for prior broker appointments.
The traditional process of onboarding and afterward quoting with carriers can take weeks, which can be a significant setback for those looking to quickly provide quotes to clients.
However, Relay’s latest innovation helps agencies and brokerages get non-binding quotes within minutes from select carriers before securing an appointment. This feature is a game changer, especially for brokers and agents in the competitive cyber insurance space.
“Few things are more frustrating for a broker than waiting days, or even weeks, to be appointed by a carrier before they can secure quotes for their clients,” said Jim Smith, VP of strategy & partnerships at Relay. “This new feature solves that pain point.”
Relay’s latest innovation provides a solution that streamlines business operations, helping wholesale brokers and retail agents scale their businesses.
By digitizing the quoting and placement platforms, Relay is helping brokers and agents to manage and scale their book of cyber insurance more efficiently.
The platform offers a range of benefits, including access to multiple carriers, a user-friendly interface, and a quick and easy onboarding process.
Relay’s purpose is to furnish brokers and agents with an electronic system to provide quotes and placing policies
BizCover for Brokers teams up with Chubb to strengthen cyber solution
B4B is a full lifecycle platform for business insurance that streamlines the end-to-end process for brokers when servicing SME clients. Through this new partnership with Chubb, B4B will provide SME insurance brokers with a greater choice on the platform as the demand for cyber insurance skyrockets after several high-profile cyberattacks hit Australian businesses.
“The launch of BizCover for Broker’s new offering presents a huge opportunity for brokers who can now quote, compare, and bind from three market-leading insurers within minutes on one platform,” said Jane Masson, head of product, channels, and risk, at B4B. “Cyber insurance is especially topical, given the current environment, and we want to help brokers protect their SME clients from the growing risk of cybercrime.”
B4B’s new cyber liability partner
Chubb is a leading provider of cyber risk solutions since it launched its first product in 1998, giving it years of claims and underwriting experience to incorporate into its coverage. Its product, Chubb Cyber Enterprise Risk Management, covers a wide range of risks – including privacy and security liability and business interruption – and offers incident response services, among many other covers.
B4B updates existing cyber insurance products
B4B will also include existing insurers’ latest market words on its platform, including AIG CyberEdge Commercial and Dual Australia Cyber Liability and Privacy Protection 11.20.
Currently, brokers may quote all three new products and bind from December 23 with a simple question set through the B4B platform. However, The AIG and Dual policies, with an inception date before December 23, will be bound to the existing products rather than the new ones. After the launch date, the existing products will be unavailable on the platform.
California-based cyber insurance broker DataStream expands into Canada
cyber insurance broker DataStream expands into Canada”/
DataStream Cyber Insurance, an insurance brokerage based in California, has announced that it has expanded its business into Canada.
The insurance broker offers comprehensive cyber insurance coverage specifically for small and medium businesses (SMBs). In addition to helping place cyber coverage, the broker also provides full cyber security assessments, data analyzes of cyber risk in financial terms, and cyber security training for its clients. DataStream represents over 30 insurance carriers.
For its Canada launch, DataStream has begun signing up consultants, managed service providers (MSP) and value-added resellers. It recently signed six such partners, which are all based in Ontario, IT World Canada reported.
The six partners are:
- EmpowerIT of Waterloo, ON.
- Blue Triangle IT Solutions of Toronto, ON
- JC Kelly of Cobourg, ON
- InfoMedia Systems Group , which has offices in Ottawa, Toronto, and Cornwall, ON, and St. John’s, NL
- allCare IT of Kingston, ON
- ITEK Solutions of Richmond Hill, ON
“Modern businesses need to fully understand their cyber risks and vulnerabilities,” said DataStream CEO Andy Anderson. “Our comprehensive suite of tools — including our Cyber Insurance Readiness Assessment and Partner Risk Reports—will help Canadian MSPs and SMBs assess and remediate their risks in a new and profound way.”
DataStream’s services are available in all provinces and territories except Quebec, but the brokerage has expressed plans to eventually offer coverage in the province soon.
“DataStream helps MSPs navigate hard customer conversations surrounding cybersecurity,” commented DataStream director of sales and revenue operations Joe Randall. “The tools we make available to our partners give them the insight they need to best position SMBs for appropriate coverage while simultaneously creating new business opportunities.”