Of Course - We Always Have!
We recently announced that in partnership with AXA XL, a division of AXA, we’re introducing an innovative new cyber insurance policy to the on-demand insurance world. It’s an exciting development!
Our announcement generated a lot of positive feedback, plus a few raised eyebrows. Slice does cyber? That’s quite a departure!
Did you know that Slice has been providing on-demand cyber coverage since October 5, 2016? It’s true! That’s the date we launched our fully-digital on-demand Homeshare Business Insurance policy. Among its many innovative features, Homeshare by Slice was the first small business policy to include cyber coverage.
A lot of research was undertaken to include cyber in our Homeshare policy. We conducted coverage analyses, actuarial studies and person-to-person market research. Our experience has enabled us to develop specialized expertise in on-demand cyber coverage.
We’ve helped homeshare small business owners with easy access to on-demand cyber protection. But what about all those other small and medium sized businesses (SMB’s) out there? Don’t they deserve access to comprehensive, affordable, on-demand cyber insurance?
The number of SMB’s that purchase cyber has been growing, but so too have their premiums. SMB’s are increasingly the target of cyber criminals due to vulnerabilities such as proportionally high data consumption and heavy reliance on the interconnectivity of systems and technologies.
To address these SMB risks, we teamed up with AXA XL, the world’s foremost provider of cyber insurance. AXA XL offers the very best cyber expertise, underwriting capacity and most importantly, cyber claims services. Together, we’ve developed a truly revolutionary approach to providing cyber insurance.
Here’s a small sample of the innovation the AXA XL cyber insurance program will introduce to the market:
Cyber Health Check
At the time of binding, customers will receive an overview of the their cyber risk profile, helping to create awareness of their vulnerabilities and exposures. Customers will then be presented with options on how to tighten cyber security, improve their risk score and reduce premiums.
A Living, Breathing Policy
Why search for quality risks? Why not just create quality risks? It’s with this attitude that cyber insurance by AXA XL and Slice not only provides coverage for when things go wrong, as part of the cyber health check, the program offers risk control techniques to reduce the likelihood of suffering a cyber loss to begin with.
No More Tedious Application Forms
By creating quality risks, we relieve our policyholders of the arduous task of completing long, complicated application forms. Why ask a potential customer if they have a network security audit in place, and then penalize them if they don’t? Why not just help customers create an effective network security audit, and reward them when done?
A Short Policy
Our cyber insurance policy takes 8 minutes to read, in full, start to finish, including the table of contents. We’ve checked, and that’s less than half the time of any policy we could find online. Actually, most policies are so long and complicated, we gave up reading after 15 minutes - and we’re insurance people!
A Simple Policy
Cyber policies typically have up to 12 different insuring agreements. That number increases every year as insurers cram more coverage better suited to other policies into a cyber policy. All that accomplishes is customer frustration, inflated premiums and double-insurance. Cyber insurance from AXA XL for SMB’s provides one easy-to-understand insuring agreement that covers the most important cyber risks.
Isn’t it weird to complete a paper application for protection against digital risk? Our cyber insurance policy is therefore cloud-based and on-demand, available through web or smartphone apps with no application form. All we ask is a few simple questions and the SMB is covered, instantly! It’s pay-as-you-go, cancellable anytime without penalty - the way you buy just about everything else in the world, except insurance.
Innovation is about questioning everything. We question every norm of the insurance-buying and claims-making process. As we like to say, “If it ain’t broke, then break it!”. AXA XL and Slice have certainly broken cyber insurance!
Stay tuned for our launch date announcement!