XL Catlin is set to create an on-demand cyber insurance solution for small and medium-sized business (SMBs) in the US which will be built on the Slice Insurance Cloud Services (ICS) platform developed by Slice Labs.
By using artificial intelligence (AI), the cyber insurance solution from XL Catlin will generate real-time alerts to customers and help them to better handle their risk postures.
The new cyber insurance solution, which will be subscription and usage-based, will feature services designed to aid clients in preparing for cyberattacks. It will be available on-demand for SMBs, said Slice Labs.
Slice CEO Tim Attia said: “The new economy is not only on-demand but it is heavily dependent on protecting technology assets due to the rapidly changing landscape of cybersecurity threats.
“Insurers are no longer in a position where they need to suspend or delay an idea for lack of technology or financial resource contracts. The beauty of the ICS platform is that any insurer can create a new line of business within three months of finalizing the vision for a new service.”
The ICS platform on which the new cyber insurance solution will be built is expected to help XL Catlin take a more holistic and advanced approach towards cyber protection, said Slice Labs.
The company further said that its ICS platform delivers through a low-cost monthly subscription while removing any complex contracts or implementation costs from the picture.
According to Slice Labs, XL Catlin is now the third large insurer to use ICS since the launch of the platform in January. The New York-based Slice Labs claims to be the first company in the US to provide cloud-based on-demand insurance.
XL Catlin internal disruption and innovation team digital distribution lead and partner with Accelerate Lauren Tennant Pollock said: “By being forward-thinking and agile, our intent is to meet our customers where they are and deliver cyber products and risk management services in a differentiated way.
“With Slice, we will be able to design our SMB Cyber product alongside of the customer, putting their needs and preferences first, to ultimately deliver a product that is simple, transparent, and of value to our clients.”
Last week, Slice announced that The Co-operators will use its ICS platform to launch a new digital insurance brand in Canada.