Brightly Insurance has launched a cyber insurance product for small businesses.
Hoping to do insurance differently, Brightly wants to make the process simple. It bundles traditional insurance with customised services.
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By GlobalDataThe firm hopes to reimagine the user experience and make it quick, easy, and digital. It also wants to end the days of looking at insurance only when something goes wrong.
Brightly cyber insurance will add touchpoints to the customer journey and help those affected by breaches. Coverage is offered via phone or e-mail.
The coverage protects business for the costs of a breach of PII or protected personally identifiable information. This includes any private information that has been given to your business. This can be email addresses, names, phone numbers or anything unique to an individual.
The coverage has two different limits – $250,000 or $1m.
“When you ask anyone about the way insurance works today there is one thing we all agree on—it’s confusing and complex. The insurance industry is steeped in tradition and doesn’t speak to today’s consumer,“ says Chris Christensen, chief revenue officer of Brightly.
“Brightly is reimagining insurance to be simple and elegant. We want people to be able to sign up for insurance in a few minutes, anytime and anywhere.”
Making cyber insurance simple
British specialist re/insurer Beazley has added a number of features to its cyber insurance product to provide enhanced coverage to UK businesses against a cyber-attack.
Forms for both its Beazley Breach Response (BBR) and InfoSec offerings have been streamlined to provide simpler and user-friendly policies to customers.
BBR has been designed for small- and medium-sized enterprises whereas Beazley’s InfoSec is aimed at offering information security and privacy coverage to larger corporations.
The company has integrated first-party covers, such as cyber extortion, data recovery costs, business interruption, contingent business interruption and e-crime, into the main policy instead of adding them by endorsement.
This, in turn, will make coverage offered clearer to understand for brokers and customers.
Additionally, the company has extended access to its in-house breach response unit, BBR Services, to give larger organisations the option to use the services under their policies.
