CPP signs 3-year contract with Partners&
Partners& to roll out CPP’s SME cyber insurance product enriching cybersecurity offering
CPP Group UK, the Managing General Agent (MGA) and insurance ancillary product and services provider, has secured a three-year contract with Partners& on its cybersecurity offering.
CPP UK initially partnered with Partners& in November 2020, providing its team of insurance advisers with access to the industry-leading cyber risk management tool, KYND.
Owing to that trial’s success, the partnership has been extended to give Partners& advisers access to CPP’s cyber insurance policy designed with a vastly reduced question set specifically configured for SMEs.
Cyber risk has long been treated as low-priority by SMEs. In 2018, UK SMEs paid £13.6bn in recovery from cyberattacks, yet uptake of cyber insurance remains chronically low at 12.7%. Partners& has highlighted the SME market as a key growth area for cyber and is targeting initial sales of at least £1m for the partnership in the next 12 months.
Cyber Insurance by CPP Secure is now available through Acturis after Partners& selected the administration platform as a technology partner. The insurance policy was originally launched on Acturis by CPP in October 2019, and was the first-ever SME-specific cyber add-on for general commercial use on the platform.
Carl Carter, CEO at CPP Group UK, comments:
“Existing cyber products are often unnecessarily complex and unsuitable for the SME market, despite those businesses forming 58% of cyber victims. Like CPP, Partners& recognised this, and extending our partnership to include our specialist cyber insurance product has been one of the ways we’re striving together to bring about change.
“By giving Partners& advisers access to both KYND’s disruptive tech and CPP Secure’s tailor-made features, we’re arming SMEs with a range of bespoke preventative and protective measures that empower them to effectively tackle cyber risk.
“This is a partnership which has been crucial in protecting an already under-served market, and certainly has the potential to grow in the near future.”
Carl Carter, CEO of CPP Group UK
Matthew Clark, Risk Management Partner says:
“Cybersecurity has been a prime focus for Partners& since its launch. The relentlessness of the cyber threat, compounded by Covid-19 and remote working, is why we make sure cyber risk is at the top of our agenda with most of our clients.
“CPP helped us to explain the seriousness of these risks to our advisers, and through the KYND report, provide this much needed advice to our clients. Now, with its market-disrupting CPP Secure, we’re able to help our clients understand the unique risks directly facing SMEs today.
“This level of bespoke configuration has addressed an important gap in our existing cyber provision, and we’re excited to continue working with CPP to lead the way in cybersecurity.”