The Cyber insurance solution is designed to streamline the underwriting process and incentivize clients to improve their cybersecurity posture.
Howden Safe+ leverages Safe Security’s advanced risk assessment technology to provide a more efficient and accurate underwriting process. By reducing the number of underwriting questions by 30% compared to traditional methods, Howden Safe+ simplifies the process for clients.
Remarking on the partnership and launch, Raheila Nazir, SVP COG Cyber at Chubb said: “Chubb is delighted to partner with Howden, Liberty Specialty Markets and Mosaic to launch Safe+. Together we are helping businesses stay ahead of cyber threats with our collective real-time insights and innovative risk management underwriting.”
“The Safe+ program in a partnership with Howden sets a new standard in the cyber insurance market. Safe+ enables a new degree of efficiency, transparency, and trust between customers and insurers,” said Steven Schwartz, VP, Insurance Strategy & Underwriting, Safe Security.
He continued: “It’s time we move beyond the death-by-paper cut, tedious renewal application process and focus on continuous risk management with unique policy incentives that support the same — This is a defining moment in the cyber insurance market fostering resilience and sustainable growth.”
Traditional cyber insurance underwriting often relies on outdated methods, such as external security assessments and questionnaires. Safe Security’s technology offers a more comprehensive and accurate approach by continuously assessing an organisation’s cyber risk from the inside out. This enables insurers to offer more tailored and competitive policies.
By correlating cybersecurity improvements with policy terms, Howden Safe+ incentivizes clients to invest in robust security measures. This proactive approach not only benefits the client but also helps to mitigate risk for insurers.
A Collaborative Effort
The partnership between Howden, Safe Security, Chubb, Mosaic Insurance, and Liberty Specialty Markets brings together industry leaders to create a powerful solution for clients. By combining their expertise and innovative technologies, these companies are setting a new standard for cyber insurance.
Jean Bayon de la Tour, International Head of Cyber, Howden said: “Following the successful launch of Howden Cyber+ earlier this year, Howden Safe+ is another proactive, seamless, data-driven solution that safeguards businesses while simplifying the purchasing process. Safe+ creates a clear, predictable and transparent link between cybersecurity and cyber insurance, ensuring that companies that invest in the latest cyber security measures are duly rewarded.”
James Tuplin, Head of International Cyber, Mosaic also commented, saying: “Mosaic is excited about our partnership with Howden, Chubb and Safe Security. We believe inside-out scans powered by Safe Security software are the future—they’re the best way to obtain direct, accurate information around an insured’s cyber security posture, and offer far more insightful information—obtained more quickly and efficiently—than the standard application form process.”
Tuplin added: “Our streamlined process with Howden offers broader coverage at better terms with up-front incentives—it’s how buying cyber insurance should be done.”
