With Capacity Provided by Allianz Australia, the Company Brings a New, Comprehensive Digital Risk Management Solution to the Market to Help Businesses Improve Cyber Defences
SYDNEY–(BUSINESS WIRE)–Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today launched its suite of innovative Active Cyber Insurance products in Australia. Active Cyber Insurance is more than risk transfer; it’s a new type of insurance built for the digital age, as it works with organisations to help them understand their cyber risk profiles, improve their defences, and, ultimately, prevent future attacks.
“In the last year alone, countless businesses in Australia have suffered high-profile cyber-attacks, affecting millions of Australians and pushing cybersecurity and data privacy to the forefront of the national conversation. Yet, only 20% of Australian SMEs currently have cyber insurance, and even fewer brokers specialise in the coverage area,” said Joshua Motta, Coalition’s Chief Executive Officer and co-founder. “We have observed the intense business need in Australia for access to a comprehensive solution like Active Cyber Insurance that can detect, assess, respond to, and, ultimately, prevent cyber risk. We are excited to bring our unique and innovative solution to brokers and their clients and to be a partner in helping businesses before, during, and after a cyber incident.”
Active Insurance combines assessment, protection, and response all in one place. Policyholders can receive a risk assessment to better understand their existing security posture and cyber defensive areas they should reinforce. Through Coalition Control™, the company’s flagship cyber risk management platform, organisations can receive real-time alerts about current vulnerabilities and emerging threats through continuous scanning and monitoring to help identify risks before an incident can escalate and lead to significant business disruption. Lastly, if and when an attacker inevitably breaks through, Coalition offers an in-house claims team to help businesses quickly recover from an incident and get back to normal operations.
Capacity for Coalition’s offering is provided by a multi-year agreement with Allianz Australia. Allianz is a strategic partner of Coalition, also providing capacity for the company’s U.S. and U.K. cyber insurance programs.
“Cyber risk is a significant threat impacting Australian businesses today,” said Phuong Ly, Chief General Manager, Commercial, at Allianz Australia. “Allianz is proud to partner with Coalition and help provide our broker partners and their customers this unique solution, which combines comprehensive insurance coverage and active security protection to help safeguard Australian businesses against future cyber-attacks.”
“The last months witnessed the continuation of growing cyber threats. Early detection and effective response capabilities will be key for our customers as threat actors continue to exploit vulnerabilities. In partnership with Coalition, our customers will be able to reinforce their cyber controls and resilience,” said Scott Sayce, Global Head of Cyber at Allianz Commercial.
Coalition offers comprehensive cyber coverage as the standard and covers most industries. Current providers typically present 20+ page applications, which makes it challenging for new buyers and small businesses to access and understand coverage. Coalition provides a streamlined and efficient quoting process with an end-to-end platform where brokers can generate bindable quotes in minutes. For brokers new to Coalition’s product offerings and seeking to learn how to protect their clients better, the company provides an extensive library of training materials and resources to help advise on cyber risk.
Australian brokers can now sell Coalition Cyber Insurance and Tech E&O Insurance coverages on a primary basis to businesses with up to $2 billion in turnover and no minimum premium. Coalition’s Active Cyber Insurance offering is available for brokers to start quoting now. To learn more, visit: https://www.coalitioninc.com/au/.
Australia is Coalition’s fourth global market, having launched in the U.S. in 2018, Canada in 2020, and the U.K. in 2022. The company will continue expanding its Australian offices, building local business development, underwriting, claims, and incident response teams in the region. To learn more about open positions, visit: https://www.coalitioninc.com/careers.
About Coalition
Coalition is the world’s first Active Insurance provider designed to help prevent digital risk before it strikes. By combining comprehensive insurance coverage and cybersecurity tools, Coalition helps businesses manage and mitigate digital risks. Coalition offers its Active Insurance products in the U.S., U.K., and Canada through relationships with leading global insurers, as well as cyber capacity through its own carrier, Coalition Insurance Company. Coalition’s Active Risk Platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses worldwide remain resilient against cyber-attacks. Headquartered in San Francisco, Coalition is a distributed company with a global workforce that collaborates digitally and in office hubs.
Insurance cover is issued by Coalition Insurance Solutions Pty Ltd (“CIS AU”) (ABN 33 657 140 791, AFSL 539846) under a binding authority given by Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708) (Insurer). This information is of a general nature only and does not take into account any person’s particular circumstances. All descriptions of coverage are subject to the terms, conditions, and exclusions of the individual policy. Before making a decision (or advising your client), please refer to the relevant policy wording available here or by contacting your broker. CIS AU may receive compensation from an insurer or other intermediary in connection with the sale of insurance cover. See Disclaimers. Copyright © 2023. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc.
About Allianz Australia
Allianz Australia has been securing the future of our customers in Australia since 1914. We deliver a wide range of personal, commercial, and corporate insurance products and services to more than 3 million policyholders. We also provide support for workers compensation insurance to around 25 per cent of the top 200 ASX companies, making us one of the leading workers compensation insurers in Australia.
Allianz Australia Limited is a wholly owned subsidiary of the worldwide Allianz Group. The Allianz Group is one of the world’s leading insurers and asset managers with corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life, and health insurance to assistance services, credit insurance and global business insurance. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index.
Contacts
Marisa Graves
Communications at Coalition
Read the orginal article: https://siliconcanals.com/news/business-wire/coalition-launches-active-cyber-insurance-in-australia/
