B4B is a full lifecycle platform for business insurance that streamlines the end-to-end process for brokers when servicing SME clients. Through this new partnership with Chubb, B4B will provide SME insurance brokers with a greater choice on the platform as the demand for cyber insurance skyrockets after several high-profile cyberattacks hit Australian businesses.
“The launch of BizCover for Broker's new offering presents a huge opportunity for brokers who can now quote, compare, and bind from three market-leading insurers within minutes on one platform,” said Jane Mason, head of product, channels, and risk, at B4B. “Cyber insurance is especially topical, given the current environment, and we want to help brokers protect their SME clients from the growing risk of cybercrime.”
Chubb is a leading provider of cyber risk solutions since it launched its first product in 1998, giving it years of claims and underwriting experience to incorporate into its coverage. Its product, Chubb Cyber Enterprise Risk Management, covers a wide range of risks – including privacy and security liability and business interruption – and offers incident response services, among many other covers.
B4B will also include existing insurers' latest market wordings on its platform, including AIG CyberEdge Commercial and Dual Australia Cyber Liability and Privacy Protection 11.20.
Currently, brokers may quote all three new products and bind from December 23 with a simple question set through the B4B platform. However, The AIG and Dual policies, with an inception date before December 23, will be bound to the existing product rather than the new ones. After the launch date, the existing products will be unavailable on the platform.
