Local insurtech Surer today announced a partnership with specialist underwriting firm Delta Underwriting (“Delta”) to give intermediaries quick and easy access to a suite of insurance products, with focus on Cyber and Technology Liability, as well as Professional Indemnity and Directors & Officers Liability insurance.
Cybersecurity is increasingly becoming top-of-mind for SMEs in Singapore and APAC. Based on a report by Cisco, 75% of SMEs in the region said they are more worried about cybersecurity now than 12 months ago; this number stands at 67% for SMEs in Singapore.1 Consequently, these SMEs are turning towards cybersecurity insurance as a key investment area.
“SMEs are now very well educated on potential cyber threats and the impact it may have on their business. As such, there has been a rise in demand for cyber and tech related insurance products for SMEs. However, such insurance products are not the most simple to understand and many SMEs rely on intermediaries for advice and arrangement of such. Intermediaries can now access such products offered by Delta via the Surer platform and our tech-enabled process that alleviates a traditionally cumbersome workflow for them.” said Derren Teo, Co-founder of Surer.
Eugene Cheong, Managing Director of Delta Underwriting, concurred – “The Cyber and Technology landscape continues to be a difficult one for SMEs to navigate and it will only get worse with the increase in the frequency and severity of breaches and the stricter regulations. We have seen an uptake of Cyber and Technology related insurance offering at an ever-increasing rate over the years but the accessibility of such products remains a challenge for most SMEs. This partnership makes simple the procurement process and allows intermediaries and SMEs to have easy access to Delta’s unique suite of the most relevant market leading insurance offering to tackle the everyday challenges faced by SMEs.”
The same Cisco report showed that two in five SMEs in Singapore have suffered a cyber incident in 2021. Intermediaries serving SMEs can access and request quotations via Surer for five of Delta’s products including Technology Liability Insurance and Cyber Liability Insurance. They can find out more via this website.