Zurich Insurance Group recently entered an international partnership with Toronto-headquartered Insurtech firm BOXX Insurance (BOXX), which offers integrated cybersecurity and insurance services to SMEs, individual consumers and families.
As noted by its management, BOXX Insurance Inc. is a new type of insurance firm for “a new type of risk.” They work cooperatively with various insurance and technology partners to offer solutions that help small business clients with better managing their total risk exposure – “starting with cyber risk.”
The company also shared:
“Our flagship product, Cyberboxx™, is the first fully-integrated cybersecurity and insurance solution for small-to-medium-sized businesses. With Cyberboxx™, businesses can stay ahead of cyber threats, respond to attacks, and re-secure their business faster and more cost-effectively.”
They added that they’re pleased to be an insurance coverholder with Lloyd’s of London, which enables them to offer cyber insurance policy coverage internationally. They had also been chosen as one of KPMG’s top 20 startups to take part in the 2018 Singapore Fintech Festival Hackcelerator.
As mentioned in the announcement, technology has brought considerable benefits to companies and individual users – enhancing lifestyles and connecting individuals wherever they might be in the world.
But the rising adoption of all-digital business models and platform has led to increased levels of cybersecurity issues including cyberattacks, business disruption, declining revenue and regulatory measures taken to maintain data protection.
Zurich Insurance Group also confirmed that they will be taking part in BOXX’s $10m Series A round in order to establish a strong presence in the cybersecurity-focused SMEs and consumer sector.
Jack Howell, CEO at Zurich Global Ventures, stated:
“We expect the innovation and capabilities of this collaboration with BOXX to strengthen our ability to execute on our customer-focused strategy and exceed the needs and expectations of our customers and partners around the world. BOXX’s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for this customer segment.”
“They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance. The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich’s customers and BOXX.”