The partnership gives CPP a “strong footprint” in the UK broker market
Insurtech – CPP Group UK has partnered with Gallagher to provide a new cyber product to small business clients of the broker’s UK retail division.
The partnership will see Gallagher offer a cost-effective cyber protection solution to its smaller SME clients. It cements Gallagher as one of CPP’s first major commercial insurance broker partners following its Acturis launch.
The product is underwritten by Lloyd’s and will be offered by CPP Secure (CPP’s Managing General Agent business) will primarily be a bolt-on addition for clients purchasing SME package insurance.
It follows the UK’s 5.9 million SMEs being most at risk to cyber-attacks, yet only 1 in 10 have cyber cover.
In 2018, 58% of cyber-attack victims were SMEs, with the total cost of cybercrime across all UK SMEs amounting to £13.6bn.
What does it include?
Gallagher will access the product through the Acturis insurance administration and trading platform following the launch of CPPs SME policy on the platform last year in October.
The cover includes access to a 24/7 helpline, free antivirus software, cloud-hosted backup storage.
And if an incident does occur, access to an IT forensic company and PR support.
It also includes protection against any liabilities arising from a cyber-attack or breaches of data protection laws.
Michael Whitfield, managing director of CPP, said: “It gives us a strong footprint in the UK broker market, which we will continue to build upon.
“Cybercrime against UK businesses is becoming more commonplace and severe, and the nature of attacks are becoming more sophisticated. Our cyber insurance policy aims to substantially reduce small business exposure to risk, by offering them a product that is fit for purpose and cost effective for their size.
“It is through working with organisations like Gallagher that we can significantly boost our efforts to help keep small businesses protected and keep the UK’s SME economy thriving.”
Meanwhile, Barry Duffin, managing director of SME at Gallagher, said: “The partnership with CPP enhances our existing cyber insurance provision.
“The level of cover provided, combined with a lower than market-norm excess, allows us to offer a product that specifically meets the needs of SMEs, that don‘t have the support of a large IT team but are exposed to cyber risk.
“We look forward to a long and mutually beneficial relationship with CPP.”
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