Lexasure, OneDegree Global introduce digital cyber insurance platform

Lexasure, OneDegree Global introduce digital cyber insurance platform | Insurance Business Asia

Cyber

Initiative to benefit insurers and distribution channels in South and Southeast Asia

Cyber

By
Roxanne Libatique

Lexasure Financial Group Limited, specialising in reinsurance, insurance, and insurtech solutions, has teamed up with OneDegree Global (ODG) – the sister company of Hong Kong’s top-earning digital insurer in 2024 – to introduce a new digital cyber insurance platform.

The announcement was made during the ITC Asia conference in Singapore from June 4-6.

What to expect from the platform

The partnership aims to leverage their combined expertise to deliver a Reinsurance-as-a-Service (RAAS) solution for cyber insurance. This platform provides a fully digital experience for insurers and their distribution channels, covering onboarding, risk profiling, underwriting, and policy issuance.

The platform integrates an advanced cyber risk exposure scanning solution into the underwriting process, which assesses a prospect’s security posture in real time, producing a score within a minute. This technology streamlines the onboarding process, enabling policy issuance in under 10 minutes for eligible small and medium-sized enterprises (SMEs).

“With increased digitisation, Asian businesses are increasingly vulnerable to cyberattacks and ransomware. These attacks can cause devastating financial losses and irreversible brand damage – highlighting the critical need for cyber insurance,” said Lexasure CEO Ian Lim.

He added that the real-time risk assessment and quick policy issuance provide significant benefits, especially for SMEs.

“The real-time risk assessment in such a complex field and near-instant policy issuance for eligible companies is a significant advantage and is optimised for the needs of small and medium enterprises and industries. By combining ODG’s assessment solutions with our platform’s ongoing innovations for digital reinsurance, the RAAS platform delivers a scalable and cost-effective way to manage risk without investing in their own reinsurance infrastructure,” he said.