Cyber insurance specialist Emergence Insurance Pty Ltd (Emergence) continues to invest in technology, making its personal cyber protection insurance policies available on brokers' websites.
Almost a year ago, Emergence launched its personal cyber protection policy for individuals and families to protect them against the costly ramifications of cyber events, including hacking, ransomware, identity theft, cyberbullying, and personal financial loss. It provides broad coverage, affordable cover (starting at $99 a year), and a 30-second online transaction to purchase the cover.
Now, it has introduced the Personal Cyber Express gateway, a co-branded online portal that allows brokers' clients to quickly and efficiently purchase the insurance policy directly through their brokers' websites with minimal broker interaction.
Emergence founder and CEO Troy Filipcevic commented: “We have listened to our broker partners who were keen for us to develop a frictionless solution for individuals and families to manage their ever-expanding exposure to cyberattacks, hence our Personal Cyber Express technology.”
Gerry Power, the national head of sales at Emergence, said the cyber insurance specialist has developed a quick onboarding process for brokers to access the Personal Cyber Express gateway.
“All we need is the broker's logo and contact details to go live,” Power continued.
Filipcevic said people remember to safeguard physical assets by locking doors and keeping their wallets secure, “but what about access to digital assets?”
“Internet usage is now a daily habit, and all families use a wide range of smart devices. The risks have increased dramatically in the pandemic, with statistics showing an 80% growth in e-commerce since the World Health Organisation declared COVID-19 a pandemic,” he said.
“The pandemic has supercharged online shopping, and we're using digital technology to find efficiencies and communicate, but criminals are also using technology to scam people and steal their identities. There's also been a 40% increase in cyberbullying.”
According to Emergence, personal cyber insurance provides insureds with access to professionals who can help re-establish credit histories after ID theft and assist in trying to reclaim stolen funds. They can also receive professional advice on cyberbullying, a wage replacement benefit, and child-minding costs while parents and carers devote time to managing cyberbullying incidents.
However, Emergence clarified that the policy does not cover business enterprises, including home businesses, but it has commercial cyber policies for those risks.