The solution provides a quantitative connection between a company’s cybersecurity efforts and the terms of their cyber insurance policy. Credit: NONGASIMO/Shutterstock.

UK insurance intermediary Howden has introduced Howden Safe+, a new cyber insurance solution tailored for mid-size corporates with annual revenues ranging from $250m (£193,648m) to $2bn.

The launch is part of Howden’s strategy to expand cyber insurance access and simplify the quote process without compromising on coverage quality.

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Howden Safe+ is a collaborative effort with Safe Security and is supported by Mosaic Insurance, Chubb and Liberty Specialty Markets.

It offers a streamlined risk assessment process, requiring 30% fewer underwriting questions than traditional methods, stated Howden.

The solution provides a quantitative connection between a company’s cybersecurity efforts and the terms of its cyber insurance policy.

This approach enables clients to enhance their cybersecurity measures, which can lead to lower insurance premiums.

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Mosaic Insurance international cyber head James Tuplin said: “Mosaic is excited about our partnership with Howden, Chubb, Liberty Specialty Markets and SAFE. We believe inside-out scans powered by SAFE’s software are the future.

“They are the best way to obtain direct, accurate information around an insured’s cybersecurity posture, and offer far more insightful information, obtained more quickly and efficiently, than the standard application form process.”

The solution leverages Howden’s global broking expertise, SAFE Security’s advanced risk-management platform, and the underwriting capabilities of Chubb, Liberty Specialty Markets and Mosaic Insurance.

Howden Safe+ follows the roll-out of Howden Cyber+, a cyber insurance platform for small and medium-sized enterprise (SME) clients.

Howden cyber international head Jean Bayon de la Tour said: “Following the successful launch of Howden Cyber+ earlier this year, Howden Safe+ is another proactive, seamless, data-driven solution that safeguards businesses while simplifying the purchasing process.

“Safe+ creates a clear, predictable and transparent link between cybersecurity and cyber insurance, ensuring that companies that invest in the latest cyber security measures are duly rewarded.”

In August this year, Howden partnered with software-as-a-service company FullCircl to streamline operations and reduce compliance costs.