Reinsurance, insurance, and insurtech solutions provider Lexasure Financial Group and OneDegree Group’s technology arm OneDegree Global (ODG) have introduced a collaborative cyber insurance solution.
The new digital-first cyber insurance platform is aimed at addressing the rising cybersecurity threats in South and Southeast Asia.
It was launched during the ITC Asia conference held in Singapore.
Through the partnership, both parties will combine their cyber risk assessment strengths and technologies to deliver a reinsurance-as-a-service (RAAS) solution for cyber insurance.
The RAAS solution is a platform that enables insurers and their distribution channels to offer a fully digital and seamless customer experience from onboarding, risk profiling, straight-through underwriting, to policy issuance.
Lexasure Financial CEO Ian Lim said: “By combining ODG’s assessment solutions with our platform’s ongoing innovations for digital reinsurance, the RAAS platform delivers a scalable and cost-effective way to manage risk without investing in their own reinsurance infrastructure.
“Particularly for small and mid-sized companies, they are confronted with a critical challenge where a significant portion of cyber risks remains uninsured or underinsured.”
By integrating an advanced cyber risk exposure scanning solution into the underwriting process, the platform improves technology risk assessment by producing a prospect’s real-time security posture score within a minute.
This new method provides a seamless onboarding experience, enabling instant policy issuance in less than 10 minutes for eligible small to medium-sized enterprises.
Incorporated in Singapore, OneDegree Global provides IXT modern insurance core solutions and Cymetrics cybersecurity services to insurers and enterprises.
OneDegree Global CEO Michelle Ip said: “As digital technology continues to permeate every aspect of our lives, the digital domain is facing an unprecedented escalation of cyber threats.”
