Singapore, 30 September 2020 – New Zealand-headquartered insurance business Delta Insurance Group, an insurtech firm that specialises in cyber, technology and professional risk protection, has launched its Personal Cyber (PerCy) insurance offering in Singapore and the wider Asian market, available through Delta Insurance Singapore. PerCy offers protection for individuals against cyber-risks such as ransomware and data loss.
The company has also signed an agreement with UK London-based Lloyd’s of London specialty reinsurance brokers Prospect Insurance Brokers to market and distribute Delta’s Personal Cyber Insurance product outside of Asia-Pacific.
Delta Group Chairman and Managing Director Ian Pollard says the agreement means the company’s Personal Cyber (PerCy) insurance offering will shortly be available in the UK and Europe through Prospect and will possibly be released into the United States in the future.
There is a pressing need in Asia to increase personal cyber security as more people adapt to the “new normal” of work arrangement. The Cyber Security Agency of Singapore (CSA) revealed in June that cyber threats have grown in scale and complexity since 2019. In Singapore, the frequency of phishing attacks increased by more than 100 times since the start of COVID-19. As more people embrace collaboration tools and remote work, workers and organisations need to prioritise cyber threat prevention.
United Kingdom and Europe Expansion
Mr Pollard says the agreement with Prospect marks another step forward in Delta’s alliance with the specialist UK brokerage. “We’ve been working closely with Prospect for some years and a number of our niche insurance products, such as our Unmanned Aerial Vehicles/Drones insurance, have arisen from our association with the company, while Prospect has also played a significant role more recently in helping us develop PerCy.”
Founded in 2010, Prospect Insurance Brokers is an independent insurance and reinsurance Lloyd’s of London broker specialising in binding authority, reinsurance and alternative risk transfer business placed into Lloyd’s, European and international company markets. Prospect’s recent work has included innovative developments in the cyber, cryptocurrency, gig economy, drones and parametric structures areas. The company was acquired by private London-based brokerage, Costero Brokers, in August 2020.
Prospect Managing Director Jamie Webb says the agreement cements a strong collaborative relationship between the two businesses. “Delta and Prospect have a very similar view of the insurance world and a shared desire to make great products for the times. We look forward to PerCy catching on in our markets so that people can actively reduce their exposure to the recent, dramatic increase in cyber-crime.”
Pollard says the agreement and expansion of the alliance with Prospect is an exciting development for Delta. “This gives us a considerable step up in our global reach with that UK-Europe market opening up, and we are also very hopeful of expansion into North America through Prospect’s parent company Costero.”
Delta’s personal cyber insurance was very much a product for the times and has attracted considerable interest both here and in Asia since its NZ release, says Pollard. “There was already a significant growth in risk to people in their homes from cyber-criminals and that has soared since COVID-19 arrived. According to cyber security company InPhySec, globally, around 64% workers are now remote, a 148% increase with the pandemic, and there’s been an almost 100% increase in the personal use of managed devices.”
He says the research also showed a 161% increase in traffic to high-risk apps and sites and a 600% increase in traffic to porn sites under COVID-19, while cloud-based delivery of malware, rather than web-based delivery, now counted for 63% of incidents.
Pollard says PerCy provides a one-stop solution, accessed through an integrated customer portal provided by NZ-based Insurtech company Sentro, that also enables clients to access a unique personal risk-assessment and monitoring tool supported by DynaRisk, and general insurance policy administration.