Global re/insurance broker AON launches of a CyFi - digital cyber insurance for SME

Global re/insurance broker Aon, a leading provider a broad range of risk, retirement & health solutions, launches of a CyFi – digital insurance solution for small and middle market businesses.

The practice’s name stands for “cyber” and “financial” lines of insurance.

With this new offering, businesses across a wide spectrum of industries can go through the full end-to-end process of buying and managing cyber liability insurance online. They also have access to an insurance specialist to walk through the application process and coverage details.

Digital insurance solution is designed for any business generating up to $100 million in annual revenue across sectors including retail, technology, professional services, manufacturing, and more.

We’re using our innovative tech processes along with our traditional broking style to ensure that clients’ needs are met from a coverage standpoint and pricing standpoint, but also with a high quality service and efficiency that can be provided by accessing this one group

Jim Loughlin, senior director of broking, Aon Digital Client Solutions

Aon aggregated separate lines in the firm. CyFi aims to improve efficiency.

“That makes it easier and quicker to negotiate with the markets and for them to work with us as well, and to match up our talents and expertise with their underwriters”.

The new offering builds on other insurance products that Aon has recently introduced to middle market businesses, providing clients with access to a seamless platform to help manage all of their insurance coverages under this offering in one place.

As the world becomes increasingly interconnected online, cyber risks pose a growing threat to small and middle market businesses, which may have limited technology and security resources

Christian Hoffman, CEO, Cyber Solutions North America at Aon

With online platform, Aon are making cyber insurance coverage incredibly accessible (see Cyber Insurance Trends in 2023). “We can also help businesses of various sizes protect themselves against risks including data breach, ransomware, contractual liability, media liability, business interruption, social engineering, and more.”

By leveraging CoverWallet, the insurtech startup Aon acquired in January 2020, Aon is further expanding the solutions and services it provides to 30 million small and medium-sized U.S. businesses.

New and existing clients now benefit from a dedicated team for small and middle market businesses, a user-friendly digital platform, and self-service tools.

CoverWallet, an Aon company, is dedicated to making commercial insurance simple, fast and convenient. With leading carriers as partners, CoverWallet helps customers around the world quickly get the insurance coverage they need so that they can get back to what matters – growing and managing their business.

Powered by deep analytics, thoughtful design and state-of-the-art technology, CoverWallet is reinventing the $200 billion commercial insurance market for small and medium-sized businesses.

by Nataly Kramer