New cyber underwriting platform in Asia

Lexasure Financial Group and OneDegree are launching a cyber insurance solution touted as Reinsurance-as-a-Service (RAAS). This platform enables insurers and their distribution channels to offer a fully digital, seamless customer experience from onboarding, risk profiling, and straight-through underwriting to policy issuance.

With an advanced cyber risk exposure scanning solution integrated into the underwriting process, the platform significantly enhances technology risk assessment by generating a prospect’s real-time security posture score within a minute. This approach offers an onboarding experience with instant policy issuance in under 10 minutes for eligible small to medium-sized enterprises, according to the companies.

“With increased digitization, 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.” – Ian Lim, Chief Executive Officer of Lexasure.

“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.” – Michelle Ip, CEO of OneDegree Global.