Generali teams up to launch cyber insurance services

Generali teams up to launch cyber insurance services | Insurance Business Asia

Generali teams up to launch cyber insurance services

Generali has announced a partnership with Accenture and Vodafone Business to launch a suite of cyber insurance services. The initiative includes cyber risk assessments, phishing simulations and learning programs.

The new services are aligned to the “Generali 2021” strategic plan, which aims to reinforce the company’s position within the corporate and SME segments and develop modular products and prevention services in the property-casualty business.

As global cybersecurity provider, Accenture will offer Generali customers cyber risk assessments and provide timely responses to cyber incidents. It will also give Generali’s cyber insurance underwriters access to its Security Academy platform, which offers learning programs, in multiple languages, on cyber threats and how to address them.

Vodafone Business will focus on the SME market, providing post-breach incident response services and managing the contractual relationship with the insured.

Europ Assistance will provide global coordination and serve as a point of contact for both corporate and SME customers, Generali said.

The services will be offered globally, starting in Europe at the beginning of next year, and allowing for customisation depending on local market and client preferences.

“Technology, consumer needs and cyber risks evolve rapidly, and the insurance industry must accelerate to embrace new digital opportunities and respond to increasing cybersecurity needs,” said Bruno Scaroni, Generali group chief transformation officer. “As part of our ‘Generali 2021’ strategic plan, we have allocated over €1 billion to boost the group’s innovation and digital transformation in order to address these very needs. Building on the strategic collaboration with Accenture and Vodafone Business, Generali will be able to help its corporate and SME customers understand their risk profile and define the best cyber insurance solutions.”

“Cyber risks and threats vary by industry and from one region to the next,” said Paolo Dal Cin, Accenture security lead for Europe. “Our approach is to bring together the right technology and talent to fit specific industries to help clients be more resilient. This collaboration with Generali and Vodafone Business demonstrates our capability to develop global solutions that truly address local needs.”

“We are delighted to enter into this partnership with Generali and Accenture,” said Andrzej Kawalec, head of cybersecurity at Vodafone Business. “By leveraging our existing relationship with Accenture, we are able to offer small and medium-sized enterprises an unrivalled range of security services across the globe. Working together with Generali and embedding these services into their cyber insurance solutions portfolio offers customers the reassurance that they can respond to the rapidly evolving threat landscape.”

Meanwhile, Manlio Lostuzzi, CEO of Generali Global Corporate & Commercial, commented on the need to be at the forefront of emerging risk.

“Today’s announcement further confirms our commitment to cyber resilience, an increasingly significant and tactical space for individuals, companies and organisations,” he said. “The GC&C cyber insurance function represents a strategic competence centre within the Generali Group, with the aim, among others, of improving clients’ cybersecurity awareness and internal governance. Thanks to this collaboration with Accenture and Vodafone Business, our cyber insurance underwriters can further enhance their expertise and capabilities, while leveraging a broader, customised offer based on specific market and client needs.”