The property & casualty (P&C) and specialty risk division of AXA has teamed up with global professional services company Accenture to offer AXA XL clients additional bespoke cyber risk mitigation services.
Initially rolled out on an industry basis for the likes of manufacturing, retail, healthcare, and financial services, the proposition is slated to be expanded to cover the P&C spectrum by early 2020. AXA XL clients outside the US will benefit from post-breach security services such as incident management and IT forensics. In the US, Accenture will provide post-breach services as part of a panel of vendors.
“We are very excited to announce this end-to end security partnership, which is designed to identify and serve the cyber-related needs of our clients,” commented Jason Harris, chief executive of AXA XL’s global P&C insurance business.
“As a leader in the cyber insurance market, AXA XL is committed to being a trusted partner in helping our clients improve their cybersecurity. It is paramount that we promote improved cybersecurity while also protecting clients from an insurance perspective in a transparent and forward-thinking way.”
Meanwhile Max Richter, Accenture UK’s general insurance sector lead and the firm’s global account lead for AXA XL, cited huge potential for a differentiated cybersecurity proposition through its tie-up with the insurer.
“This partnership will give AXA XL’s underwriters, and particularly their clients, vast access to Accenture Security’s ecosystem, including threat intelligence, risk mitigation, and post-breach services, which should foster more informed decisions about cyber risk and better post-breach outcomes,” said Richter.
According to Accenture’s research, cyberattacks could cost companies US$5.2 trillion in value-creation opportunities over the next five years.