The new personal cyber insurance product will protect customers against cyber-related incidents under four key categories
Chubb in the UK, has launched a new cyber insurance product for individuals and their families.
The personal cyber insurance product from Chubb will offer a range of protection and services not only to help mitigate risks and keep individuals safe online, but also provide action and practical support if they encounter certain cyber-related incidents.
The new cyber insurance product includes four key elements, namely prevention, representation, repair and reimbursement.
Under the element of Prevention, the insurance product will proactively monitor accounts, alert customers about data breaches and provide ongoing advice and training.
Under the element of Representation, it will offer legal support for cases of online bullying and harassment.
The element of Repair will help to fix or replace infected devices and restore lost or stolen digital content.
Chubb further stated that under the Reimbursement element, it will offer financial support to customers who are affected by cyber extortion.
New product to be available through Chubb partner businesses
The new product will be available only through Chubb partner businesses such as financial institutions, retailers, employee benefits, payment providers or mobile network operators.
Chubb specialty personal lines international executive vice president Chris Eappariello said: “We are delighted to be able to offer this new and innovative Personal Cyber Insurance policy for our partner businesses.
“Chubb has a long history of providing white label and branded solutions for some of the world’s leading brands. We also have more than 20 years of expertise in providing cyber protection to some of the biggest corporations, combined with extensive experience in delivering innovative insurance products to millions of consumers worldwide.
“Chubb’s Personal Cyber Insurance brings together that knowledge and those insights to help individuals to safeguard themselves and their families online.
Recently, the insurer launched Chubb Studio, a new global platform to simplify and streamline distribution of its insurance products through its partners’ digital channels across the world.
Through the platform, its partners in retail, e-commerce, airline, telecommunications, banking, fintech and other industries can add digital insurance options to their own products and services.