InsurTech company CPP Group UK has today launched a new Cyber Insurance product on the Acturis platform, specifically designed to cater for SME businesses, which are under-represented despite being at high risk of cyber-attacks. The policy is offered by CPP Secure, the organisation’s insurance arm.
The Cyber Insurance policy, underwritten by Lloyd’s underwriters, is the first product launch by CPP Group UK since its recent entry into the insurance broker market. This follows its acquisition of broker Business & Domestic Insurance Services.
It is estimated that cyber-crime costs SMEs £800m per year. With lower capital reserves and less professional IT resources, SME organisations are particularly vulnerable to risks such as data hacks, interruption to business, loss of revenue and customers, severe reputational damage, and heavy regulatory fines. Directors of SMEs can be held personally liable for cyber-attacks if they don’t exercise reasonable skill, care and attention to the threat.
The new Cyber Insurance policy will provide affordable full cover to organisations with revenues up to £20 million. Unlike traditional cyber insurance policies, it has been crafted with a reduced question set and simple language, ensuring accessibility for SMEs and brokers alike.
It will also provide SMEs with direct access to a 24/7 helpline, free antivirus software, and cloud-hosted backup storage. Should an incident occur, the policy ensures that specialist IT provision from a forensic company will investigate what data has been compromised. Public relations support from a PR company will also be available to protect and mitigate against any reputational damage.
SMEs will also be protected from cyber-attacks and liabilities that could arise from breaches of privacy legislation. The policy offers indemnity limits of £50k-£2m, low excesses and competitive rates.
Michael Whitfield, managing director of CPP Group UK, commented:
“More than half of malware attack victims are classed as small businesses, and the consequences and costs of these attacks are severely damaging – and sometimes even fatal – to SMEs. Attacks by cyber criminals are becoming more sophisticated and severe. Despite the threat, many SMEs treat cyber security as low priority.
Our Cyber Insurance policy will make it easy for brokers to offer their SME clients a simple policy that includes an extensive list of features. Making it available through the Acturis platform allows us to reach the extensive list of brokers on the platform, and we look forward to partnering with them to protect at-risk SMEs.”
The organisation, part of global financial assistance provider CPP Group, develops products to help insurers and brokers add further value to their products and services through its innovative suite of new products in FinTech, InsurTech and cyber security. It has a long history of innovation, and was part of the first cohort of applications for the FCA Sandbox.
Cyber Insurance from CPP Group UK is now available on Acturis for stand-alone sale or as a product bought alongside other insurance. For an agency, brokers can contact the team directly on email@example.com.
Jennifer Wainwright, Specialty Lines Product Manager at Acturis, commented on the launch:
“It’s great to work with CPP Group UK to extend the Cyber products available on our new reduced Cyber NOW question set for stand-alone business. We are also thrilled that CPP Group UK have chosen Acturis to be a part of this launch and it’s testament to Acturis’ reputation in the insurance market and Cyber in particular, that CPP Group UK have chosen us as the platform to do this.”
About CPP Group UK
CPP Group UK develops products to help insurers add further value to their products and services through its innovative suite of new products in FinTech, InsurTech and cyber security.
As a global financial assistance product provider it partners with financial services to give businesses a competitive edge, create customer loyalty and drive ancillary revenue.
It is part of the CPP Group which works with business partners across a range of sectors in 12 markets within Asia, Europe and Latin America to provide product, marketing & distribution expertise, delivering tangible commercial benefits and meaningful solutions to over 9 million customers.
CPP’s insurance and assistance products provide peace of mind by reducing the stresses of everyday life, ranging from protection for mobile phones, payment cards & household belongings to keeping travel plans moving and the monitoring of compromised personal data.
For further information visit https://uk.cppgroup.com
Acturis is the leading, award winning Software as a Service provider to the insurance industry. The Acturis SaaS platform is an administration, distribution and underwriting platform used by insurance brokers and underwriters. It now has over 20,000 users across over 450 sites.
Acturis operates in the general insurance market, supporting both personal and commercial lines. The company leads the way in real-time integrations with insurers and has won industry Service Provider of the Year awards and the British Insurance Technology Award.
Acturis has been awarded Business Partner of the Year 2018 at the Insurance Times Awards and Outsourced Partner of the Year 2016 at the British Insurance Awards.
The Acturis Group also includes NIS, ICE InsureTech, Acturis Deutschland and Zycomp Systems.
NIS is a leading provider of software solutions to the travel insurance, assistance and health insurance markets with customers in more than 40 countries.
ICE InsureTech products are enterprise-grade modular software solutions for the management and processing of insurance claims, policies, billing and rating, with integrated business intelligence and insurance analytics.
Acturis Deutschland is the leading provider of insurance price and terms information to the German insurance market and the largest provider of broker administration and trading software in Germany.
Zycomp Systems Limited was originally founded in 1987 and provides modern, cost effective software for the Canadian Insurance Industry.