Blue Zebra has launched a cyber insurance product to the Australian broker market following a successful pilot program.
The new product, Blue Zebra Cyber, was underwritten by Lloyd's underwriters. It aims to simplify the application process for brokers through a fast, technology-driven application process backed up by robust cover and emergency response capabilities.
Blue Zebra Cyber's features include: $250k to $2 million limit of liability options; “normalisation of income” business interruption indemnity period definition; up to $250,000 criminal financial loss sub-limit, customer phishing theft cover (included in criminal financial loss); and service provider coverage by default.
Commenting on the new product, Blue Zebra head of cyber Richard Smith said: “The cyber pilot program has been very successful and has allowed us to work with a small amount of brokers to streamline our cyber offering to meet their needs. We are now delighted that our entire broker network can access the product via the Zebra Lounge to offer it to their clients.
“As the cyber market here in Australia evolves, a number of industry sectors are showing increasing appetite to protect their business by purchasing cyber insurance. We have a broad appetite across sectors to ensure we can accommodate both established and new buyers of cyber insurance.”
Blue Zebra Insurance managing director Colin Fagen added: “This launch comes at a time when we have significantly increased our appetite on our core SME offering and are rolling out a strong personal accident offering in the Zebra Lounge. In addition, the upcoming anniversary of our collaboration with Youi on personal lines is bringing the consistency of approach that brokers expect in these products at a time where capacity is withdrawing.
“The Zebra Lounge is now firmly established as an extremely efficient platform for Australian brokers. The strong demand for our products and services is an endorsement of our approach to provide our broker partners with the tools they need to compete effectively in the market.”