Arch Insurance (UK) Limited is making its foray into cyber insurance official at this month’s BIBA 2019.
It’s been announced that the annual event in Manchester will bear witness to the launch of Arch’s “Cyber Searchlight,” which will cater to small- and medium-sized enterprises (SME) with a non-traditional approach. The new offering features app-based notifications and online assistance following a cyber incident.
“Our ambition has been to design a simple, service-led policy proposition to overcome the historic complexity in the cyber segment,” said Arch UK regional division chief executive Steve Bashford (pictured). “When a business experiences a cyberattack, it needs a responsive, straightforward service – a lifeline in its hour of need.
“We’ve designed Cyber Searchlight to be a fifth emergency service, empowering brokers to sell more policies with more confidence and to get their clients back up and running swiftly if they experience a cyber incident.“
Marcus Breese – Arch’s cyber class underwriter in London who joined the financial lines team earlier this year – oversaw the development of the new SME product, which will initially be rolled out as a specialist standalone offering in the UK before being introduced in Australia.
In time, Cyber Searchlight will be integrated into the Arch UK regional division’s commercial SME business package solutions that are offered by a network of over 2,000 regional brokers. Meanwhile claims will be handled by the Arch claims team, whose round-the-clock cyber breach response service is provided in partnership with law firm Kennedys.
“We are particularly excited as cyber at Arch Insurance International has been built from scratch with the needs and concerns of brokers and clients front and centre,” commented Breese, who will be delivering a presentation on the features and benefits of Cyber Searchlight on May 15.