The platform, which offers a reinsurance-as-a-service (RAAS) solution, incorporates advanced risk assessment technologies to enhance digital insurance services.
The partnership combines the cyber risk assessment capabilities and technological expertise of both companies to provide a fully digital customer experience. This includes streamlined processes from onboarding and risk profiling to underwriting and policy issuance for eligible small to medium-sized enterprises (SMEs). Lexasure claims that the platform’s integrated cyber risk exposure scanning tool offers a security posture score, improving the technology risk assessment process. This feature aims to simplify the onboarding experience and provide instant policy issuance for SMEs.
According to a Cisco report, 56% of SMEs in the Asia-Pacific region experienced a cyber incident in the past year. However, the International Association of Insurance Supervisors’ (IAIS) Global Insurance Market Report 2023 indicates that cyber insurance still represents less than 1% of the total insurance market in Asia and Oceania. Despite many SMEs intending to increase their cyber insurance investments, coverage gaps remain a significant issue. While companies might have protection against data breaches, they often lack policies covering email compromise or ransomware attacks.
Lexasure CEO Ian Lim said: “With increased digitisation, Asian businesses are increasingly vulnerable to cyberattacks and ransomware. These attacks can cause devastating financial losses and irreversible brand damage – highlighting the critical need for cyber insurance.
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.”
“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,” she added.
Late last year, OneDegree partnered with Dubai Insurance to provide digital asset insurance in the United Arab Emirates.
