Delta Insurance has partnered with London-based specialty reinsurance broker Prospect Insurance Brokers, which will market and distribute Delta’s personal cyber insurance product (PerCy) across the UK and Europe.
The PerCy product offers cover for individuals for various cyber risks including data loss and ransomware, and is also being launched to the Asian market through Delta’s Singapore office. It will be available in the UK and Europe through Prospect, and is also looking at a United States release at some point in the future.
Delta Insurance managing director Ian Pollard says the product has been a long-term project, and is the result of a successful partnership with Prospect.
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“Our relationship with Prospect goes back around five years where we worked with them on our unmanned aerial vehicle (UAV) product, which was the first UAV policy to be launched in the New Zealand marketplace,” Pollard told Insurance Business.
“They were instrumental in helping us get that off the ground, and we got them involved in our personal cyber product around four years ago. They helped put the finishing touches on that from a capacity perspective, so this product is something we’ve worked on for a long time.”
“All of the insurance solutions for cyber globally and in New Zealand are for businesses, and nobody was really addressing the personal or family aspect,” he explained.
“We’ve further refined that product over time, and we’ve developed our partnership with DynaRisk, which is a cyber security provider in the household and personal use space. They offer a range of risk management tools and services, and they help identify when personal or business information has been compromised.”
Pollard says that although some policies catering to individual cyber risk do exist in the UK and European market, the integration of risk management tools through DynaRisk will make the offering unique, along with its simple online platform.
“There are other players in the market, particularly coming out of the Lloyd’s insurance marketplace,” Pollard said.
“But much like our products in New Zealand, we don’t just provide the insurance aspect - we also provide the risk management aspect through DynaRisk, and an easy to use platform through Sentro. It’s certainly the first to market in the personal cyber space that provides really easy to use risk management on a tech platform.”