Cybersecurity and insurance platform Upfort has partnered with Arch Insurance to expand cyber insurance access for small and medium-sized enterprises (SMEs), associations and risk pools.
The partnership will focus on providing security tools to enhance the sustainability of cyber insurance programmes.
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Upfort and Arch will work with brokers to develop group programmes, which will prioritise competitive pricing, broad insurance coverage, embedded security solutions and a seamless digital experience.
The collaboration is expected to allow insurance agents and brokers to promote wider cyber resiliency.
Upfort managing director Josh Riley said: “We are excited to join forces with Arch Insurance to revolutionise how cyber insurance is bought and sold.
“By integrating our technology with Arch’s industry-leading insurance solutions, we are accelerating the world’s journey toward cyber resilience. We are proud to be the partner of choice for Arch to expand its cyber offering.”
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By GlobalDataUpfort said more market sectors are required to secure coverage to protect against changing cyber threats, as premiums for cyber insurance are anticipated to increase by 20% annually until 2025.
Upfort said the integration of robust loss control and automated underwriting into a streamlined, user-friendly process allows Arch’s brokers to effectively address the requirements of businesses amid dynamic market conditions.
Arch Insurance professional liability and cyber executive vice-president Jamie Schibuk said: “At Arch Insurance, we have been thoughtfully growing our cyber brand to meet the needs of our customer base.
“Partnering with Upfort equips us with the tools to deliver a sophisticated solution that combines the financial strength and experienced incident response services we provide with the powerful yet practical security solutions that Upfort has to offer. With Upfort, we are well positioned to lead the pack in the fastest-growing commercial insurance line of business in history.”
