by Fintech News Singapore June 12, 2024 Lexasure, a reinsurance and insurtech solutions provider, and OneDegree Global , known for its IXT insurtech solutions and cybersecurity services, have announced a new collaborative cyber insurance solution. The platform, launched during the ITC Asia conference in Singapore, aims to tackle the rising cybersecurity threats in South and Southeast Asia. The partnership combines Lexasure’s reinsurance expertise with OneDegree’s technology for a digital-first cyber insurance platform.
This platform, Reinsurance-as-a-Service (RAAS), offers a fully digital customer experience, from onboarding and risk profiling to policy issuance. It integrates an advanced cyber risk exposure scanning solution into the underwriting process. This technology enhances risk assessment by generating a real-time security posture score within a minute, allowing eligible small and medium-sized enterprises to obtain instant policy issuance in under 10 minutes.
Ian Lim “The real-time risk assessment in such a complex field and near-instant policy issuance for eligible companies is a significant advantage and is optimised for the needs of small and medium enterprises and industries. By combining ODG’s [OneDegree Global’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.” said Ian Lim, Chi.
