Howden, renowned for its innovative insurance solutions and speciality expertise, has launched a blended insurance product.
This new policy amalgamates Professional Indemnity (PI), Crime, and Cyber Liability into one unified policy under a single limit.
In response to a significant uptick in intricate cyber claims such as ransomware and phishing, Howden has created this new product. By integrating different coverages into a fully blended policy, Howden aims to provide potential cost savings and improved efficiencies. The initiative is designed to address the cumbersome processes and delays experienced when dealing with multiple insurers for claims related to cyber events.
Howden is a global player in the insurance industry, offering a diverse range of products and services tailored to different market needs. With a commitment to delivering excellence in insurance protection, Howden leverages its specialty expertise across the group to develop advanced products that remain relevant to its clients. The company focuses on offering innovative solutions that cater to the increasingly complex demands of the modern financial landscape.
The newly launched blended insurance product by Howden is a revolutionary approach that consolidates Professional Indemnity, Crime, and Cyber Liability into a single policy. This integration aims to enhance claims responsiveness and simplifies communication with the insurer, particularly in the context of sophisticated cyber claims. By unifying these coverages under one limit, it promises a streamlined process and increased efficiency.
This comprehensive product has been developed in collaboration with a panel of leading specialist insurers, including players from the Lloyd’s market. By offering seamless and efficient solutions, Howden’s blended product is set to play a pivotal role in assisting financial services clients in navigating the challenging environment of cyber threats.
The launch of this blended product is part of Howden’s broader strategy to use its collective speciality expertise for client benefit. The alignment of different insurance coverages into one comprehensive policy is a testament to Howden’s commitment to future-proofing its services and providing joined-up protection.
Howden Managing Director for Financial Institutions and D&O (FIDO), Financial Lines, Ed Brennan said, “This product was developed to provide seamless and efficient solutions to address financial services clients’ increasingly complex cyber requirements in the midst of rising cyber events. This product will help clients navigate this difficult environment, and I look forward to working with them to maximise efficiencies and improve their insurance protection.”
Howden Specialty CEO, Sarah Hughes said, “The launch of this blended product reflects Howden’s broader strategy to harness its collective specialty expertise across the group for the benefit of clients, developing advanced products that provide joined up protection, ensuring that our solutions remain relevant to clients now and in the future.”
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