new products | cyber insurance Cyber Insurance Product Introduced

Slice Labs Inc. and AXA XL, a division of AXA, has launched a cyber insurance policy specifically designed for small and mid-sized businesses (SMBs).

Powered by Slice’s Insurance Cloud Services (ICS) platform, AXA XL’s cyber insurance solution provides U.S. small and medium sized businesses with comprehensive cyber insurance protection, along with real-time intelligence to proactively counteract cyber risks.

“Businesses of every size are vulnerable to cyber risk,” said John Coletti, Chief Underwriting Officer of AXA XL’s North America Cyber & Technology insurance business. “In providing this on-demand, AI-powered cyber insurance product, we are expanding our reach in the cyber insurance market and leveling the playing field for SMBs, giving them access to broad cyber insurance protection that the largest of companies rely on as well as cyber security resources to help them protect their revenue, profitability and customer relationships.”

“This type of cyber insurance product is the first of its kind,” said Tim Attia, CEO of Slice. “In the last month, we’ve been reminded of the massive impact a breach can have on global technology and airline businesses that have the resources to recover. If any of their SMB partners were also impacted in the attack, they wouldn’t survive. This product, which is possible due to the ICS platform, works to provide an extra layer of resources and protection to businesses that are equally as vulnerable to a breach, but much less likely to recover.”

The product is designed for companies of under $20 million in annual revenue and offers limits from $250,000 up to $3 million. Utilizing Slice’s E&S brokerage license, the digital platform provides comprehensive coverage that can easily be purchased in a matter of minutes for qualifying SMBs. This simple onboarding process allows customers to not only easily acquire a policy, but also submit first notice of loss through the claims bot, according to the company.

The policy includes coverage for data protection and privacy risks, both for third-party claims and firstparty mitigation costs. These are often associated with a cyber incident, such as expenses for notification, credit monitoring, data recovery, reputation management, loss of business and extra expense. The coverage also provides protection for cyber extortion threats and other breach-related liabilities, including regulatory penalties, GDPR and Merchant Services Agreements.

In addition, the product is delivered with insightful data to help SMBs understand their cyber-risk exposure and learn how to strengthen their cyber defenses. Customers are provided with an individualized dashboard with an overall cyber risk assessment and scores, along with benchmark scores of their industry peers across each risk category.