With Marketplace and Chubb Cyber ERM now available via Sunrise, more brokers have an easy way to improve the cyber resilience of Australian small and medium businesses.
Chubb has launched a new online trading platform in Australia, called Marketplace, where insurance brokers can arrange cyber risk protection for small and medium enterprises.
Marketplace offers functionality to interact with Chubb electronically to quote, bind, endorse and renew the Chubb Cyber Enterprise Risk Management (Cyber ERM) product.
Broker access to this trading platform is available both directly and through the Sunrise Exchange. It has been developed to efficiently deliver Cyber ERM policies for businesses with an annual turnover of up to $25 million.
Chubb Marketplace is supported by dedicated cyber underwriters for product enquiries and underwriting referrals.
“Brokers can access Chubb’s full Cyber ERM policy wording via Marketplace. With this online trading platform, the same breadth of coverage and quality cyber services that Chubb is renowned for in the open market is now available to SME clients,” said John DePeters, Chubb Cyber & Technology Practice Manager, Australia & New Zealand.
As part of the Cyber ERM solution, Chubb offers a range of cyber loss mitigation services to help SMEs prepare for and respond to cyber incidents.
If a cyber incident occurs, Cyber ERM policyholders have access to Chubb’s Cyber Incident Response Platform. This service includes an on-call crisis response hotline and an incident manager who will coordinate a team of expert vendors to manage cyber incidents such as ransomware, cybercrime and employee error.
Chubb’s Cyber Index, via chubbcyberindex.com, provides access to real-time data on current and emerging cyber threats. Small and medium business owners can use the Cyber Index to identify their individual exposures and learn how to better protect their enterprise.
Jarrod Hill, Chubb Country President, Australia & New Zealand, said: “Our 2019 SME Cyber Preparedness research found that only 27% of SMEs in Australia had cyber insurance. With Marketplace and Chubb Cyber ERM now available via Sunrise, more brokers have an easy way to improve the cyber resilience of Australian small and medium businesses.”
“Brokers can efficiently help their SME clients mitigate cyber risk with Chubb’s broad insurance cover, cyber risk mitigation services and incident response management. It is a compelling cyber solution and we are proud that brokers rated Chubb best in class for Cyber Liability in the recent NIBA Broker Market survey,” said Mr Hill.
Cyber is the first policy in a suite of SME products that will be available on Chubb Marketplace. Brokers will soon be able to trade Professional Indemnity, PremierTech (IT Liability), and Casualty on the platform.
About Chubb in Australia
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide.
Chubb, via acquisitions by its predecessor companies, has been present in Australia for 100 years. Its operation in Australia (Chubb Insurance Australia Limited) provides specialised and customised coverages including Business Package, Marine, Property, Liability, Energy, Professional Indemnity, Directors & Officers, Financial Lines, Utilities as well as Accident & Health, to a broad client base, including many of the country’s largest companies. Chubb also serves successful individuals with substantial assets to protect and individuals purchasing travel and personal accident insurance.
More information can be found at www.chubb.com/au
Chubb Insurance Australia Limited
O +61 2 9335 3343 M +61 434 180 553