The PURE Group of Insurance Companies is releasing new coverage for individuals and families hit with financial losses stemming from fraud and cyber fraud. The Zebra, an online auto insurance comparison marketplace, has unveiled a credit score for insurance designed to help consumers understand what impacts their individual insurance risk. Allied World beefed up its cyber risk management offerings with a new product.
The PURE Group of Insurance Companies, a high-net-worth property/casualty insurer, is launching coverage for individuals and families hit with financial losses stemming from fraud and cyber fraud.
Dubbed PURE Starling, the cover is designed to be an optional endorsement to PURE’s Homeowners policy. It provides broad coverage for fraud and cybercrime, including coverage for financial loss online and offline fraud, services to help assess and respond to cyber extortion threats and coverage to remove malware and reinstall software after an attack. PURE Starling is currently available in Arizona, Colorado, Connecticut, New Jersey, South Carolina, Tennessee and Wyoming. Coverage will be introduced to additional states throughout 2017 and 2018.
Coverage limits of $100,000 and $250,000 are available. PURE will also make available a $1 million coverage limit for PURE members who take steps to reduce their risk by subscribing to a cyber monitoring service (from Rubica) that actively monitors their home network and devices. Limits may be subject to underwriting requirements.
Rubica’s offerings include a secure private network and an concierge that helps educate members about cyber security best practices. Its services are available to members and their family for an annual monthly fee.
The Zebra, an online auto insurance comparison marketplace, has unveiled a credit score for insurance designed to help consumers understand what impacts their individual insurance risk.
Its Insurability Score is being pitched as a free, first-of-its-kind score that decodes for consumers what is affecting their individual insurance risk, by how much, and what they can do about it. The patent-pending technology analyzes an individual’s information to calculate a score reflecting a driver’s driver’s risk in the eyes of insurance companies – their “insurability.”
Similar to a credit score, an Insurability Score varies depending on a person’s unique characteristics and behaviors (like their age or driving record) and shows how that might impact their auto insurance rates and coverage options.
As part of the scoring, The Zebra also provides a personalized scorecard that breaks down key risk factors, providing grades, descriptions, and degree of impact for each. Each risk factor includes customized expert tips telling the driver how they can improve their insurability.
Allied World Assurance Company Holdings said it is offering an additional cyber risk management product.
The product, by way of Symantec’s Cyber division, is an added element to Allied World’s FrameWRX cyber risks management product. It gives Allied World’s cyber policyholders access to two customized, simulated phishing assessments per policy year.
After the assessments, clients will receive detailed reporting on how their staff responded to these phishing exercises, with immediate training videos for all employees who fall susceptible to the simulated attacks.
The FrameWRX platform is designed as an evolving product that helps Allied World’s clients be better positioned to withstand new and malicious cyber threats.
Sources: The PURE Group of Insurance Companies, The Zebra, Allied World