Coronet, a security-as-a-service (SECaaS) provider, and insurance cloud platform company Slice Labs are working together to deliver cyber insurance via AXA XL. The news comes after Slice in November partnered with AXA to launch a cyber insurance policy for U.S. small and medium-sized businesses (SMBs).
Slice will offer cyber insurance underwritten by Indian Harbor Insurance, an AXA XL company, to Coronet's SMB customers, according to a prepared statement. In addition, Slice may provide Coronet customers with a discount for cyber insurance if they previously deployed cyber risk management technologies.
Introducing the Cowbell Cyber Continuous Underwriting Platform
Meanwhile, Cowbell Cyber, which specializes in artificial intelligence-based cyber insurance, has released a continuous underwriting platform that aligns insurable threats to risk exposures. The platform helps organizations identify cyber risks and mitigate losses in the aftermath of cyber attacks, Cowbell Cyber said.
Also, Cowbell Cyber has secured $3.3 million in seed funding. The company plans to use the funding to accelerate its go-to-market efforts and development of its risk assessment, underwriting and cyber liability insurance platform.
AIG Adds Cyber Exposure Coverage
The Coronet-Slice Labs and Cowbell Cyber announcements come after American International Group (AIG) this month confirmed it would cover physical and non-physical cyber exposures across nearly all of its commercial property and casualty insurance policies starting in January 2020. AIG previously stated it would add cyber coverage to its commercial casualty insurance in the first quarter of next year.
Expect the number of cyber insurance providers to increase in the foreseeable future, too.
At least 528 U.S. insurers provided cyber insurance last year, up from 471 in 2017, according to credit rating agency A.M. Best. Furthermore, more than 12 million first-party insurance claims were filed in 2018 for costs associated with breach notifications, credit monitoring for customers and business interruption.