Chubb unveiled an enhanced version of a tool it offers to help an organization spot global cyber threats. The Hartford launched an updated iteration of a policy designed to deliver tailored insurance coverage recommendations, among other things.
Chubb said it has beefed up features of a tool it has to help an organization spot relevant, global cyber threats.
Specifically, it has added upgraded features to its Chubb Cyber Index designed to help identify a range of global cyber threats based on an organization’s industry and size. Additionally, the new tool also offers cost analysis, insights on cyber insurance limits and deductibles, and an estimated incident costs calculator that helps organizations better understand how to protect themselves against current and emerging cyber threats.
Chubb said the newly enhanced Chubb Cyber Index provides additional insight into costs that go beyond potential loss, such as cost of incident response support services, that are designed to help organizations get back to productivity quickly. In addition, the new, user-friendly interface of the Chubb Cyber Index, which is accessible via desktop and mobile device, now offers a quantifiable and detailed means for quickly identifying the cyber risks a business may face. Users can now access resources centered on industry and size-specific incident response costs, insights on cyber insurance limits and deductibles, international data, and a library of white papers, videos and other research materials specific to the size and industry in which a company operates.
The Hartford launched an updated iteration of its Spectrum Business Owner’s Policy (BOP) that delivers tailored insurance coverage recommendations; real-time, transparent pricing; and simplified coverage explanations.
The new policy offers tailored coverage recommendations as the quote is being built. If there is a question about a recommended coverage, a pop-up window is available with a simple description and an explanation for why the coverage is recommended for a customer’s specific business, The Hartford explained.
Agents can see the pricing of each coverage selection on the screen immediately, providing transparency as they move through a quote – it is an overall process that has not been seen in the industry.
In addition, the quote proposal and policy documents have been rebuilt with the customer in mind. They include easy-to-understand descriptions, intuitive coverage groupings, detailed pricing explanations and a glossary of terms to ensure small business owners fully understand their insurance coverage and limits.
This next generation of Spectrum is available in 16 states and will be rolled out nationwide by early 2020.
Sources: Chubb, The Hartford