Arch Insurance (UK) Ltd., the London-based subsidiary of Arch Insurance International, is set to enter the cyber insurance market with a new product focused on the needs of small and medium enterprise (SME) clients and their insurance brokers.
The product called “Cyber Searchlight,” breaks free from traditional and sometimes complex insurance policy structures to focus on delivering the assistance SMEs need immediately following a cyber event, said Arch Insurance in a statement.
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 said it plans to integrate the product into the expanding range of commercial SME business package solutions offered by its UK Regional Division, which handles SME commercial clients through its network of more than 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. Breese has spent a significant part of his career developing and underwriting cyber products on a worldwide basis.
“Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment,” commented Steve Bashford, chief executive, Arch UK Regional.
“When a business experiences a cyber attack, it needs a responsive, straightforward service – a lifeline in its hour of need,” he added. “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.
“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 center,” said Breese.
Source: Arch Insurance (UK) Ltd.
Topics Cyber New Markets
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