Small business insurance is shifting and it’s pulling cyber insurance in closely.
Cyber insurance was Slice’s first foray into small business insurance and we used our experience with gig workers, who shift between a business and person all the time, to provide a simplified experience and product that met the needs of that market.
Two years ago we launched our initial product for cyber in the market with AXA XL. The product’s innovations included being available as a monthly subscription, needing only 4 questions answered, being fully underwritten by algorithm with no human involvement, and accepting payment with a credit card.
Cyber insurance continues to get more complicated and more costly for small businesses as the necessity for cyber coverage is more apparent than ever before. So we took a look at how we can protect small businesses from cyber risks in a simple yet cost effective way. We believe that cyber should be part of a complete offering for small businesses.
As we expand our on-demand and digital small business offerings to include general liability, professional liability, commercial auto, business property, and workers’ comp, we feel that the path forward is to include cyber in those offerings as well. See our recent announcement with AXIS Insurance as a good example of where we feel cyber belongs. Small businesses prefer overall protection rather than managing coverages individually.
So as we sunset our stand-alone cyber insurance product in the new year, we are excited about the progress with our insurance partners such as AXIS Insurance and Appalachian Underwriters with new cyber offerings so that will offer better protection for small businesses.