Howden has introduced Howden Safe+, a cyber insurance solution for mid-size corporations with revenues between $250 million and $2 billion. The platform reduces underwriting questions by 30%, aiming to streamline the procurement process without compromising coverage quality. Overall, it is an intriguing cyber insurance proposition for mid-size corporations.
Developed in collaboration with Safe Security and backed by Chubb, Liberty Specialty Markets, and Mosaic Insurance, Howden Safe+ provides clients with enhanced risk quantification insights. It links cybersecurity measures to the terms of cyber policies, encouraging companies to invest in security improvements to enhance their risk profiles and potentially lower insurance premiums.
“Inside-out scans powered by Safe Security’s software provide more insightful information obtained more quickly and efficiently than standard application forms,” said James Tuplin, Head of International Cyber at Mosaic Insurance. “Our streamlined process with Howden offers broader coverage at better terms with upfront incentives.”
Steven Schwartz, Cyber Insurance Leader at Safe Security, commented, “It’s time we move beyond the tedious renewal application process and focus on continuous risk management with unique policy incentives. This is a defining moment in the cyber insurance market fostering resilience and sustainable growth.”
“Cyber Threats”
“Together, we are helping businesses stay ahead of cyber threats with our collective real-time insights and innovative risk management underwriting,” stated Raheila Nazir, Senior Vice President at Chubb.
Jelmer Andela, Head of Cyber Underwriting at Liberty Specialty Markets, added, “This partnership empowers clients to see real benefits from their risk management investments.”
“Howden Safe+ simplifies the purchasing process while providing data-driven insights into cyber risks,” noted Jean Bayon de la Tour, International Head of Cyber at Howden. “It creates a transparent connection between cybersecurity investments and cyber insurance.”
The platform requires fewer underwriting questions and offers objective insights into cyber risk gaps and exposures. This approach quantifies the relationship between a client’s cybersecurity measures and their cyber policy terms.
The launch of Howden Safe+ is part of Howden’s strategy to widen access to and simplify cyber insurance purchasing. It follows the earlier introduction of Howden Cyber+, a platform aimed at small and medium-sized enterprises.
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