Collaboration gives Microsoft customers access to on-demand, cloud-based cyber insurance for the first time
New York, NY (Dec. 11, 2019) – AXA XL, the P&C and Specialty Risk Division of global insurer AXA, Slice Labs Inc., the leader of on-demand insurance cloud technology, 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 Slice on-demand, cloud-based 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.
Recent Forrester survey results found that cybersecurity attacks are a business reality for small and mid-size businesses (SMBs), with nearly half having had a breach within the last year. What was more concerning was that 27% of SMBs were unaware if they’ve had a breach. One primary issue is that 58% of the SMBs struggle to maintain basic cybersecurity hygiene.
“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,” said John Coletti, Chief Underwriting Officer, AXA XL’s cyber insurance team in North America. “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.”
“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,” said Tim Attia, CEO and Co-founder of Slice. “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.”
“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,” said Tara Knapp, Senior Business Development & Strategy Manager of Microsoft Security & Compliance. “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.”
Small business Microsoft customers can access AXA XL Cyber Insurance offered by Slice here.
1. Source: A commissioned study conducted by Forrester Consulting in October 2019.
Slice Labs is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through Slice’s Insurance Cloud Services (ICS) platform, Slice is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, pay-as-you-go digital insurance products protecting the insured anytime and anywhere. Slice is licensed in the US and the UK. To stay up to date with Slice, visit www.slice.is.
- Learn more about Slice in the InsurTech Spotlight.
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
About AXA XL Insurance
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. To learn more, visit www.axaxl.com.
Microsoft (Nasdaq: MSFT) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more. For more information, visit www.microsoft.com.
SOURCE: AXA XLTags: AXA, Cloud, Cyber Insurance, cyber risk, InsurTech Spotlight, Microsoft, on-demand, partnership, Slice