GEORGETOWN, Cayman Islands, June 6, 2024 /PRNewswire/ -- Lexasure Financial Group Limited ("Lexasure"), a provider of reinsurance, insurance, and insurtech solutions in South and Southeast Asia, and OneDegree Global ("ODG"), the technology arm of OneDegree Group best known for its innovative IXT insurtech solutions and Cymetrics cybersecurity services, today announced the launch of a collaborative cyber insurance solution during the ITC Asia conference in Singapore which took place June 4 to 6, 2024.
The strategic partnership between Lexasure and ODG combines cyber risk assessment strengths and technologies to provide a Reinsurance-as-a-Service ("RAAS") solution for cyber insurance – a platform that allows insurers and its distribution channels to deliver a 100% digital, seamless customer experience from onboarding, risk profiling, straight-through underwriting, to policy issuance.
With an advanced cyber risk exposure scanning solution integrated into the underwriting process, the platform greatly enhances technology risk assessment by generating a prospect's real-time security posture score within a minute. This modern approach offers a fuss-free onboarding experience with instant policy issuance under 10 minutes for eligible small—to medium-sized enterprises.
"With increased digitization, Asian businesses are increasingly vulnerable to cyberattacks and ransomware. These attacks can cause devastating financial losses and irreversible brand damage – highlighting the critical need for cyber insurance," said Ian Lim, Chief Executive Officer of Lexasure.
"The real-time risk assessment in such a complex field and near-instant policy issuance for eligible companies is a significant advantage and is optimized for the needs of small and medium enterprises and industries. By combining ODG's assessment solutions with our platform's ongoing innovations for digital reinsurance, the RAAS platform delivers a scalable and cost-effective way to manage risk without investing in their own reinsurance infrastructure."
A Cisco report indicates that 56% of Asian Pacific small and mid-sized businesses reported experiencing a cyber incident in the past year. In contrast, cyber policies only represent less than one percent of the insurance market in the Asian and Oceanic regions, according to the IAIS' Global Insurance Market Report 2023. Although reports agree that most small- and mid-sized companies plan to increase cyber insurance spending, many of these enterprises may face unexpected gaps in coverage. For example, an entity may be covered for a data breach, but it does not have a policy that addresses compromised email or ransomware attacks. It is paramount to ensure that companies understand their policies and address potential gaps and vulnerabilities.
"As digital technology continues to permeate every aspect of our lives, the digital domain is facing an unprecedented escalation of cyber threats. Particularly for small and mid-sized companies, they are confronted with a critical challenge where a significant portion of cyber risks remains uninsured or underinsured," said Michelle Ip, CEO of OneDegree Global.
About Lexasure Financial Group
Lexasure Financial Group is a leading Southeast and South Asia group providing reinsurance and digital insurance solutions, including Reinsurance-as-a-Service (RaaS), that enable our clients to manage risk, accelerate growth, and effectively compete. We are driving the digital transformation of the insurance and reinsurance industry with scalable and innovative products that meet the local needs of companies and people in fast-growing Asian markets. Our management team has deep expertise in reinsurance, insurance, and insurance tech. Our values are based on a belief that our products enable customers to live and grow boldly while enhancing resilience. We serve over 60 primary insurers across 22 countries in Asia and North America. For more information, go to lexasure.com.
About OneDegree Global
OneDegree Global, incorporated in Singapore and with a presence across Asia and Middle East, is a leading technology company that offers IXT modern insurance core solutions and Cymetrics cybersecurity services to insurers and enterprises. With a firm belief in the transformative power of technology, we are deeply committed to driving insurtech and cybersecurity innovations. OneDegree Global is ISO 27001 and ISO 27017 certified. For more information, visit IXT's website and Cymetrics' website.
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