WTW formed its CyberCrime task force within its financial, executive and professional risks (FINEX) global practice.

The CyberCrime task force is dedicated to understanding the intricacies of cyber and crime insurance and the interplay between them. It aims to approach cyber and crime in a unified manner, so clients can benefit from enhanced coverage that addresses gaps and overlaps, pricing synergies, leveraging carrier relationships and the ease of claims handling, according to a WTW press release.

The objectives of the task force include tailoring traditional or alternative risk transfer solutions that align with clients’ enterprise risk management objectives, identifying and advising on emerging risks relevant to financial institutions and actively engaging with commercial insurers. The task force also aims to quantify the exposure with an integrative modeling tool to allow clients to align their risk transfer approaches with their key strategic measures.

Led by Emily Lowe, regional cyber leader for New England, and Colleen Kutner of US Fidelity, the task force will consist of a global team of industry and product experts.

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Colonial Surety, a direct and digital insurer, introduced an entry-level, SMB-focused cyber liability insurance, with $50,000 of available coverage for less than $175 per year to its product suite.

The cyber liability insurance will be available via Colonial’s SMB-focused digital platform, which was purpose built to make it easier and quicker for SMBs to find, purchase and manage all of the insurance and bond products they need to build their businesses, with products available to protect both their company and any retirement plans they may sponsor.

Colonial Surety’s SMB cyber liability insurance aims to help SMBs manage their risk of data breaches while minimizing liability for their organization. Owners of SMBs can sign up via the company’s digital platform in under three minutes. The cyber liability insurance covers assistance at every stage of incident investigation and breach response. Additional highlights of the plan include legal services, access to computer experts, call center services, customer notifications and more.

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Archipelago, an artificial intelligence-driven technology platform, has enhanced its services to address exposures among buyers from all major corporations with insurable property assets.

The company’s new enterprise solutions for its SaaS platform include cloud management of property data, AI-enhanced enrichment of geo-coding, COPE and cat-risk data, data insights and benchmarking.

Archipelago enables large buyers of commercial property insurance to connect, manage and analyze detailed risk and insurance data about their portfolio exposures while communicating and securely sharing data and insights with insurance brokers and carriers across the market. This commercial property risk data is used by underwriters to evaluate risk as they write commercial property insurance and to facilitate analysis.

Sources: WTW, Colonial Surety, Archipelago