Arch Insurance (UK) is set to enter the cyber insurance market with a new product specifically focussed on the needs of small to medium enterprise (SME) clients and their insurance brokers.
Image: Arch Insurance (UK) launches cyber product. Photo: Courtesy of B_A/Pixabay
Cyber Searchlight, which Arch is launching at BIBA 2019, breaks free from traditional and sometimes complex insurance policy structures to focus on delivering the assistance SMEs need immediately following a cyber event.
In the event of a cyber claim, app-based notifications and online help will be available, allowing businesses to continue with a minimum of disruption and with the confidence that they are being supported by a wide panel of expert service providers.
Cyber Searchlight will be introduced as a specialist standalone product in the UK before being deployed into the Australian market via Arch’s offices in Sydney and Melbourne.
Ultimately, Arch plans to integrate the product into the expanding range of Commercial SME business package solutions offered by its UK Regional Division, which handles tens of thousands of SME commercial clients annually through its network of over 2,000 regional brokers.
Development of Cyber Searchlight has been overseen by Marcus Breese, Arch’s London-based Cyber Class Underwriter who joined its Financial Lines team early in 2019. Marcus has spent a significant part of his career developing and underwriting cyber products on a worldwide basis.
Steve Bashford, Chief Executive, Arch UK Regional commented, “Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment. When a business experiences a cyberattack, it needs a responsive, straightforward service — a lifeline in its hour of need. We’ve designed Cyber Searchlight to be a fifth emergency service, empowering brokers to sell more policies with more confidence and to get their clients back up and running swiftly if they experience a cyber incident.”
Claims will be handled by the Arch claims team, with 24/7/365 cyber breach response service provided in partnership with the cyber team at global law firm Kennedys.
Mr. Breese added “We are particularly excited as cyber at Arch Insurance International has been built from scratch with the needs and concerns of brokers and clients front and centre.”
At BIBA 2019 (stand D71), experts from Arch will be on hand to discuss Cyber Searchlight with insurance professionals. On the first day of the conference at 10.30 Mr. Breese will be delivering a presentation on the features and benefits of Cyber Searchlight along with details of appetite and processes at The Midland Hotel, Manchester, M60 2DS.
Source: Company Press Release