UK insurance coverage middleman Howden has launched Howden Protected+, a brand new cyber insurance coverage answer tailor-made for mid-size corporates with annual revenues starting from $250m (£193,648m) to $2bn.
The launch is a part of Howden’s technique to broaden cyber insurance coverage entry and simplify the quote course of with out compromising on protection high quality.
Howden Protected+ is a collaborative effort with Protected Safety and is supported by Mosaic Insurance coverage, Chubb and Liberty Specialty Markets.
It affords a streamlined danger evaluation course of, requiring 30% fewer underwriting questions than conventional strategies, acknowledged Howden.
The answer supplies a quantitative connection between an organization’s cybersecurity efforts and the phrases of its cyber insurance coverage coverage.
This strategy permits purchasers to reinforce their cybersecurity measures, which might result in decrease insurance coverage premiums.
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Mosaic Insurance coverage worldwide cyber head James Tuplin stated: “Mosaic is happy about our partnership with Howden, Chubb, Liberty Specialty Markets and SAFE. We imagine inside-out scans powered by SAFE’s software program are the long run.
“They’re one of the best ways to acquire direct, correct info round an insured’s cybersecurity posture, and supply much more insightful info, obtained extra shortly and effectively, than the usual software type course of.”
The answer leverages Howden’s international broking experience, SAFE Safety’s superior risk-management platform, and the underwriting capabilities of Chubb, Liberty Specialty Markets and Mosaic Insurance coverage.
Howden Protected+ follows the roll-out of Howden Cyber+, a cyber insurance coverage platform for small and medium-sized enterprise (SME) purchasers.
Howden cyber worldwide head Jean Bayon de la Tour stated: “Following the profitable launch of Howden Cyber+ earlier this 12 months, Howden Protected+ is one other proactive, seamless, data-driven answer that safeguards companies whereas simplifying the buying course of.
“Protected+ creates a transparent, predictable and clear hyperlink between cybersecurity and cyber insurance coverage, guaranteeing that corporations that put money into the most recent cyber safety measures are duly rewarded.”
In August this 12 months, Howden partnered with software-as-a-service firm FullCircl to streamline operations and cut back compliance prices.
