Today, AXA XL announced collaboration with Slice (that’s us!) and Microsoft to improve cyber risk management for small and medium size businesses (SMBs). This announcement comes from a larger effort to bring insurance to the ecosystems we all operate in. As McKinsey notes, “the future of insurance stands to be greatly influenced by platforms and ecosystems”. Furthermore, it speaks to tech giants, like Microsoft, understanding the need to bring new solutions and options to their customers beyond just their core services.
What this means for SMBs:
Often strapped with limited time and other resources, eligible SMBs can now acquire subscription based cyber insurance in five minutes. Cyber insurance rounds out any cyber security strategy, and now SMBs have access to the same benefits and coverage an enterprise company would have.
This partnership provides SMBs with a Free Cyber Health Check enabling them to see their cyber risk by combining an outside in risk score and inside out view from Microsoft Secure Score. Businesses will also learn how they compare to their peers and gain a better understanding of their exposures.
Lastly, our collaboration with Microsoft means their customers may qualify for a discount from AXA XL on their insurance by up to 10% per month. For more info on this cyber product, click here.
What this means for tech companies:
Customer experience is an opportunity to create brand advocates. So, how do you ensure a customer has a good experience? You make sure you offer a great product and continually bring value. How do you bring value? By providing relevant and timely solutions to your customers. In the SMB space a cyberattack can be catastrophic and result in a business having to close their doors. Microsoft is providing education and awareness on this topic. A recent post on Microsoft’s 365 Blog by CVP Brad Anderson, titled ‘This group of businesses are the most often attacked on earth – here’s how we helped’ addresses the SMB space, a relatively underserved group of businesses who make up “95% of all the companies on earth”. Microsoft is showing a commitment to not only drawing attention to the topic, but also by providing solutions and resources to small businesses, which now includes information on cyber insurance.
What this means for insurers:
Customer expectations for fast, convenient purchase journeys do not deviate from industry to industry. Experiences customers are having in other areas, like Netflix, Uber, and Spotify have become the standard and insurance has lagged behind in this area. Insurtechs are meeting this demand by developing new and more convenient ways for consumers to access insurance in an end to end digital experience. Forward thinking insurers, like AXA XL, are leveraging Slice’s on-demand insurance platform to build custom products and seize the opportunity to partner with digital platforms to offer their product in a relevant customer journey. There are many reasons behind this approach beyond just selling policies which include: gaining valuable insights into consumer preferences and behavior, and the ability to holistically address customers needs by identifying how and when customers want to engage with insurance. Insurers are able to learn more about their consumers than ever before and can channel those findings into product development and cultivating brand loyalty.
Today’s collaboration with Microsoft and our continued partnership with AXA XL demonstrates how quickly a new ecosystem service can be created. There can be winners on all sides in ecosystems - the customer, insurer, and technology companies, and in this case one loser, the cybercriminal.
To learn how to partner with us, send a line to firstname.lastname@example.org.