Markets/Coverages: Howden Launches Cyber Solution With Chubb, LSM and Mosaic
Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion.
Safe+ simplifies the procurement process by reducing the number of questions required at quote without compromising coverage quality, while providing clients with risk quantification insights, said Howden, noting that this solution reflects Howden’s ongoing strategy to widen access to cyber insurance coverage.
Howden Safe+, developed in partnership with SAFE Security and backed by Mosaic Insurance, Chubb and Liberty Specialty Markets (LSM), enables quicker risk assessment without compromising coverage quality, with clients required to answer 30% fewer underwriting questions while gaining more objective insights into actual cyber risk gaps and exposure while obtaining a quote versus competitors.
Howden Safe+ also provides a quantitative link between a client’s cybersecurity measures and the terms of their cyber policies, incentivising clients to invest in enhanced cybersecurity measures to lower their insurance premiums.
Howden Safe+ follows the launch of Howden Cyber+, a cyber insurance platform backed by three global carriers aimed at SME clients, enabling them to obtain a quote in four simple steps.
Each of the Howden Safe+ partners then commented on the product.
Howden
“Following the successful launch of Howden Cyber+ earlier this year, Howden Safe+ is another proactive, seamless, data-driven solution that safeguards businesses while simplifying the purchasing process,” commented Jean Bayon de la Tour, international head of Cyber, Howden.
“Safe+ creates a clear, predictable and transparent link between cybersecurity and cyber insurance, ensuring that companies that invest in the latest cyber security measures are duly rewarded,” he added.
Mosaic Insurance
“Mosaic is excited about our partnership with Howden, Chubb, Liberty Specialty Markets and SAFE. We believe inside-out scans powered by SAFE’s software are the future,” according to James Tuplin, head of International Cyber, Mosaic Insurance.
“They’re the best way to obtain direct, accurate information around an insured’s cyber security posture, and offer far more insightful information, obtained more quickly and efficiently, than the standard application form process. Our streamlined process with Howden offers broader coverage at better terms with up-front incentives—it’s how buying cyber insurance should be done,” Tuplin said.
Safe Security
“The Safe+ program in a partnership with Howden is ushering a new paradigm shift across the cyber insurance market. Safe+ enables a new degree of efficiency, transparency, and trust between customers and insurers,” said Steven Schwartz, cyber insurance leader, Safe Security.
“It’s time we move beyond the death-by-paper cut, tedious renewal application process and focus on continuous risk management with unique policy incentives and partnerships that support the same – this is a defining moment in the cyber insurance market fostering resilience and sustainable growth,” Schwartz continued.
Chubb
“Chubb is delighted to partner with Howden, Safe Security, Liberty Specialty Markets and Mosaic to launch Safe+. Together we are helping businesses stay ahead of cyber threats with our collective real-time insights and innovative risk management underwriting,” said Raheila Nazir, SVP COG Cyber at Chubb.
Liberty Specialty Markets
“Liberty Specialty Markets is pleased to support Howden Safe+, making cyber coverage more accessible while highlighting the value of strong cyber security. This partnership empowers clients to see real benefits from their risk management investments,” according to Jelmer Andela, head of Cyber Underwriting, Liberty Specialty Markets.
About Howden
Founded in 1994, Howden operates in 55 countries in Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employs 19,000 people and manages premiums totalling US$42 billion on behalf of its clients.