Howden rolls out cyber insurance platform for SMEs

Howden rolls out cyber insurance platform for SMEs | Insurance Business America

Cyber

The goal is to make the process simpler for smaller businesses

Cyber

By
Terry Gangcuangco

Global insurance intermediary group Howden has introduced a new cyber insurance platform aimed at small and medium-sized enterprises, simplifying the process of obtaining coverage. Targeted at businesses with revenues up to $250 million, the platform allows users to purchase cyber insurance in just four steps, eliminating the need for lengthy questionnaires or complex jargon.

Supported by three global carriers, Howden’s cyber insurance platform offers up to $6 million in capacity. Clients are pre-approved, requiring only basic information – name, industry, annual revenues, and website – to receive a quote. Additional data is collected through open APIs (application programming interface), ensuring that underwriting standards are maintained despite the streamlined process.

Jean Bayon de La Tour (pictured), international head of cyber at Howden, stated: “Cyber insurance is predominantly purchased by large corporates because they typically have the resources to navigate an advanced procurement process. Our new cyber platform addresses this imbalance by providing SMEs with a simple process to obtain top-quality cyber insurance cover in just a few hours, which includes 24/7 assistance and access to advanced data and analytics software including Cyberwrite, which provides additional insights to clients before, during, and after policy inception.

“We also support our clients and our brokers with an AI-powered (artificial intelligence) bot to answer to all questions about cyber risk and cyber insurance. With best-in-class terms and conditions on offer, including enhanced wordings, no sub-limits on key covers, and breach response, Howden is committed to leveraging the power of insurance to defend and protect all businesses, no matter their size.”

Howden global cyber head Shay Simkin added: “Howden has accessed the insurance market’s pool of cyber expertise to close the protection gap by ensuring that SMEs can access advanced cyber insurance solutions.

“60% of SMEs without cyber cover face bankruptcy within just six months of experiencing a cyberattack, and our new platform ensures that they have the knowledge and tools they need to make their businesses more resilient. Attacks on SMEs are growing, and at Howden we are responding by widening access to cyber insurance across different sections of the economy, ensuring that it remains relevant to all.”

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