WTW launches cyber insurance solution for SMEs in North America
Global insurance broker WTW has launched a new cyber insurance solution tailored for small and medium-sized enterprises (SMEs) spanning industries across North America. This solution is tailored for businesses with annual revenues under $50 million, including start-ups and pre-revenue accounts.
The firm states that this new cyber solution is crafted to meet the unique needs of SMEs and aims to address historical challenges they face in traditional underwriting processes that often favour larger enterprises.
Jessica Klipphahn, North America Head of MM Cyber/E&O, WTW, commented, “This moment signifies a transformative effort, dedicated to addressing the distinctive challenges SMEs face in the realm of cybersecurity.
“Through strategic partnerships with top-tier cyber insurance carriers and the delivery of resources, we assure SMEs access to affordable and comprehensive coverage. This initiative not only resolves concerns previously facing SMEs but also positions cybersecurity as an integral and manageable component of their business strategy and enterprise risk management.”
The broker emphasised that in the current digital landscape, SMEs face substantial cyber risks, including the challenge of obtaining suitable and affordable coverage.
WTW has strategically partnered with leading cyber insurance carriers dedicated to serving these unique needs.
The tailored product provides quick and easy access to competitive insurance quotes through self-service quoting platforms.
The firm has also allocated dedicated underwriting staff to focus on the specific needs of SMEs and offers policyholder resources, including tools and support to implement and maintain robust cybersecurity measures.
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