Slice Labs and AXA XL partnered on a new cyber insurance policy. Roost and Iceland’s TM Insurance will link up in a deal that will expand access to its home telematics products.
Slice Labs Inc. and AXA XL launched a new cyber insurance policy specifically designed for small and midsize businesses.
Customers will be able to purchase AXA XL’s cyber insurance coverage through Slice’s Insurance Cloud Services platform. The product provides U.S. small and midsize businesses with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks.
Slice is an on-demand insurance cloud provider.
AXA XL’s cyber insurance product is designed for companies under $20 million in annual revenue and offers limits from $250,000 up to $3 million. Using Slice’s E&S brokerage license, the digital platform provides comprehensive coverage that can be purchased right away for qualifying small and midsize businesses. Customers can acquire a policy and submit first notice of loss through the claims bot.
The policy includes coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs. There’s also protection for cyber extortion threats and other breach-related liabilities including regulatory penalties, the European Union’s General Data Protection Regulation and merchant services agreements.
Roost said it will partner with Iceland’s TM Insurance in a deal that will expand access to its home telematics products.
Roost, a developer of home telematics for property insurance carriers, said that the deal will allow TM Insurance to offer a free Roost Smart Water Leak and Freeze Detectors product, and a Roost Smart Battery, to some new and existing policyholders. By doing so, the hope is to reduce claims costs and boost customer engagement.
The Roost Smart 9V Battery transforms existing smoke alarms into smart alarms. If the alarm sounds and no one is home, a smartphone notification is delivered. The Roost Smart Water Leak and Freeze Detector is designed to sense water leaks as well as humidity and freezing temperature situations. It is placed in places around the home most prone to water leaks such as sinks, hot water heaters, toilets and various appliances. It then delivers smartphone alerts via the Roost app to help minimize water damage and loss.
These Wi-Fi-enabled smart sensors, which will be delivered in TM Insurance co-branded packaging, don’t require a hub and set up in less than five minutes.
Sources: Slice Labs/AXA XL and Roost