Sompo International Holdings said it is boosting its cyber insurance capacity through the launch of a new U.S. team focused on the risk as well as a number of new products and services. Nationwide is working with a technology partner to provide fleet managers of long-haul trucking members a new driver safety program.
Sompo International Holdings Ltd. is boosting its cyber insurance capabilities with a new U.S. team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded roster of cyber risk management services.
The Bermuda-based specialty provider of property/casualty insurance and reinsurance said that the U.S.-based cyber underwriters will focus exclusively on marketing and underwriting Sompo International’s cyber product offerings that complement the E&O and professional services products available through Sompo Pro, its professional liability insurance unit.
Jeff Kulikowski, senior vice president, Cyber and E&O Underwriting, and Richard DePiero, senior vice president, U.S. Cyber Product leader, will lead the practice.
Sompo International’s dedicated cyber team now offers a Premier Professional policy that provides companies of all sizes and industries access to a full range of professional liability and cyber coverage through a single policy form. The product has also been enhanced to include coverage for General Data Protection Regulation (GDPR) violations, non-malicious systems failures, unintentional breaches of contract and IT vendor outages. Coverage can also be extended to include malicious and permanent disabling (i.e., bricking) of IT equipment and social engineering threats.
In addition, Sompo Premier Professional clients have complimentary access to an expanded set of risk management services provided by cybersecurity professionals to help assess their exposure to cyber risk, improve their network security, and respond more effectively to data breaches and other network crises. Clients can also access a full range of additional scan testing, tabletop exercises, security checkups and cyber threat assessment services at discounted rates from the company’s network of industry-leading cybersecurity experts.
Nationwide said it is partnering with Lytx to offer the company’s DriveCam safety program for fleet managers of long-haul trucking members.
According to Nationwide, the Lytx DriveCam safety program includes video and telematics that combine machine vision and artificial intelligence designed for the transportation industry. Features include video-based driver coaching to improve driving habits with an eye on reducing risk.
The offering includes the DriveCam event recorder, a wind-shield-mounted device that collects driving data inside and outside the vehicle. It’s designed to be able to distinguish normal driving from risky driving such as hard braking, swerving and excessive speed, Nationwide said in its blog posting announcing the partnership.
Sources: Sompo International Holdings Ltd., Nationwide