UK insurance intermediary Howden has introduced a new cyber insurance platform specifically designed for SMEs.  

The platform aims to break down one of the main barriers SMEs face when trying to access cyber insurance by streamlining the process of purchasing coverage. 

SMEs with annual revenues of up to $250m (£196.33m) can obtain cyber insurance through a four-step process via the platform as the system avoids lengthy questionnaires and complex jargon. 

The platform, supported by three global carriers, offers limits of up to $6m in capacity.  

The insurer said that every client is pre-approved for an insurance proposal, requiring only four pieces of information for a quote – name, industry, annual revenues and website.  

Additional data is sourced through open application programming interfaces to ensure that underwriting standards are maintained while simplifying the purchase process. 

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Howden, citing a report by Munich Re, noted that the cyber insurance market has historically underserved SME clients, with only 14% of SMEs having cyber insurance coverage in place. 

Howden international head of cyber Jean Bayon de la Tour said: “Cyber insurance is predominantly purchased by large corporates because they typically have the resources to navigate an advanced procurement process.  

“Our new cyber platform addresses this imbalance by providing SMEs with a simple process to obtain top-quality cyber insurance cover in just a few hours, which includes 24/7 assistance and access to advanced data and analytics software including Cyberwrite, which provides additional insights to clients before, during and after policy inception.”  

Earlier this week, Howden expanded its portfolio by acquiring MiCRO, a specialist in microinsurance for natural catastrophe coverage in Latin America.  

MiCRO’s parametric insurance model offers financial assistance to smallholder farmers and microenterprises impacted by natural disasters.