October 31, 2018
Slice Labs Inc., a leading on-demand insurance cloud provider, and AXA XL, a division of AXA, today launched a new cyber insurance policy specifically designed for small and midsize 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 who are equally as vulnerable to a breach, but much less likely to recover.”
AXA XL’s cyber insurance product is designed for companies under $20 million in annual revenue and offers limits from $250 thousand 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 our claims bot.
The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs. These are often associated with a cyber incident, such 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 AXA XL cyber insurance solution is delivered with insightful data to help SMBs understand their cyber risk exposure and learn how to strengthen their cyber defenses. Customers are provided an individualized dashboard with an overall cyber risk assessment and scores along with benchmark scores of their industry peers across each risk category.
“Our partnership with Slice is a great example of the leverage we can get from collaborating with insuretechs,” said Lauren Tennant Pollock, Partner and Digital Distribution Lead for Accelerate, an internal innovation team within AXA XL. “Given Slice’s technology and our underwriting, pricing, and claims expertise, we have built a digital end-to-end cyber offering for SMBs in just three months. We are very excited to see the product evolve as we collect customer feedback and continually enhance our product with their preferences, and changing cyber and technology risks, in mind.”
Slice Labs is a leading on-demand insurance cloud platform provider that empowers insurers to deliver new value to customers through direct insurance or insurance agent models without investing in infrastructure to provide customized on-demand, pay-as-you-go insurance products. The Slice Insurance Cloud Services platform (ICS) is powered by machine learning and advanced big data technologies along with Ph.D. behavioral science expertise. ICS is the foundation for new digital insurance products being released globally by top insurers and is also the base for Slice’s own digital insurance products serving the new economy. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.
About AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
About AXA XL Insurance
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com