AXA XL collaborates with Microsoft to push cyber insurance
AXA XL, Slice Labs, and Microsoft will work together to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The new relationship will give qualifying customers discounted access to cyber insurance provided by AXA XL.
Microsoft customers will benefit from a “holistic end-to-end solution” that won’t just help them secure their environment but will give them the critical services and support they need for incident response and remediation in the event of a successful cyber-attack. These services are all part of AXA XL’s cyber insurance policy, which will be offered at discounted pricing to qualified customers who represent a lower insurance risk based on a security posture assessment that will be provided by Microsoft Secure Score.
Last year, AXA XL introduced cyber insurance for small and mid-size businesses powered by Slice’s Insurance Cloud Services platform, but as of May 2019, under 10 policies were sold according to a source familiar with the matter. Slice didn’t respond to a request for comment.
“This new level of integration with Microsoft and Slice Labs reinforces the fact that insurance is no longer an after the fact product that companies should use as a band-aid when an incident occurs. We’re excited to bring a solution to market that only large enterprises have procured in the past to SMB’s who need it just as badly.” – John Coletti, Chief Underwriting Officer, AXA XL’s cyber insurance team in North America.
“Today’s announcement is continued validation that our foresight as the pioneer of on-demand, cloud-based insurance that protects digital ecosystems aligns with today’s B2B, B2B2C, and B2C appetites for more intelligent and flexible insurance protection. Thanks to the cloud, insurance has changed and is now a must-have asset in order for businesses in any market to ensure they profitability achieve their goals.” – Tim Attia, CEO and cofounder of Slice.
“Slice Labs and AXA XL share our vision to improve cyber health so that businesses can confidently achieve their goals without the fears of being paralyzed by cyber criminals. Cyber insurance is a critical component for our customers. Now, Microsoft 365 Business and Office 365 Business customers who are able to demonstrate an elevated security posture can be rewarded with better insurance rates.” – Tara Knapp, Senior Business Development & Strategy Manager of Microsoft Security & Compliance.