PriyaPatel
TLDR:
Lexasure Financial Group Limited and OneDegree Global have partnered to launch a new cyber insurance platform for businesses in South and Southeast Asia. The platform offers a fully digital customer experience with real-time risk assessment and instant policy issuance for small-to-medium-sized enterprises. It aims to address the gap in cyber insurance coverage in the region, where cyber incidents are common but insurance penetration is low.
Full Article:
Lexasure Financial Group Limited and OneDegree Global have partnered to unveil a new cyber insurance platform for businesses in South and Southeast Asia. The alliance aims to address the increasing cyber threats faced by businesses in the region by offering a Reinsurance-as-a-Service (RAAS) solution for cyber insurance.
The platform enables insurers to offer a fully digital and seamless customer experience, including onboarding, risk profiling, underwriting, and policy issuance. It integrates an advanced cyber risk exposure scanning solution into the underwriting process, allowing for a real-time security posture score for prospects within a minute.
The focus of the partnership is on providing SMEs with a robust cyber insurance solution that is scalable and cost-effective. The newly launched platform aims to bridge the gap in cyber insurance coverage, which currently represents less than one percent of the insurance market in Asia.
With cyber incidents on the rise in the region, the platform offers instant policy issuance in under 10 minutes for eligible SMEs, aiming to provide comprehensive protection against various cyber threats. The collaboration between Lexasure and OneDegree Global is seen as a critical response to the increasing vulnerability of Asian businesses to cyberattacks and ransomware.
The partnership’s innovative approach to cyber insurance aims to meet the specific needs of small and medium enterprises in the region, optimizing for digital reinsurance without the need for significant additional infrastructure.
