Cyber Fast Lane
Attractive offers for smaller companies.
A simple process is needed to insure clients with a revenue of up to 50 million euro against Cyber risks.
The Finlex Cyber Fast Lane model allows you to do just that. A fast and lean placement process with only 3 simple pieces of information needed, 100% digital from risk assessment to policy issuance, while still offering a selection of providers relevant to the segment.
With the help of a few risk-related questions – tailored specifically to the client’s segment – the Cyber Fast Lane immediately shows attractive quotes for small to medium-sized companies.
The insurers’ minimum IT security requirements are tailored precisely to the client’s segment and are therefore practical and easy to implement.
As a broker, you immediately receive a customized quote for your clients that can be implemented directly.
Customized solution for small
and medium-sized companies
Custom-fit solution for SMEs thanks to a new placement process on the Finlex platform.
Fast and straight-forward
processing
Thanks to the simple handling, a contract can be concluded for your client within a matter of minutes.
Finlex Cyber Fast Lane in 2 steps
Step 1:
Enter the policyholder's basic information.
— Name
— Revenue
— Industry
— URL
Step 2:
If the minimum IT requirements are met, simply check the box - and the quote can be accepted. If your client is unable to meet these IT security requirements, you need to move to the "big platform".
Cyber Fast Lane
Benefits forpolicyholders:
- Fast lane to insurance coverage.
- Processing transparency.
- Very competitive premiums.
- The overview clearly shows the impact of implementing additional IT security measures for premiums: Which IT measures does the policyholder need to implement to obtain better value insurance coverage?
Benefits forbrokers:
- Fast and straight-forward processing and easy handling.
- Customized solution for small and medium-sized businesses.
- Finlex platform integrates insurers' application models and enhances them with supplemental agreements that improve and expand the scope of coverage.
- Full transparency into premium and IT security measures.
„The Fast Lane is Cyber insurance 'to go'. In particular for small and medium-sized companies taking out Cyber insurance should not become a 'project' but should remain an easy purchasing decision. Our new approach to apply for Cyber insurance enables the broker to see exactly which coverage is available to their customers with the existing IT security level.“
Sabine Sander, 2023
Cyber Fast Lane
Cyber crime has become a real threat to each and every business, large or small. Data kidnapping via ransomware, IT espionage and sabotage – never before have there been so many Cyber attacks. The German digital industry association Bitkom found out that in 2021 German companies incurred losses in the range of 223 billion euro. However, according to the German Federal Office for Information Security (BSI), only 16 percent of companies increased their IT security budget during the Covid-19 crisis in 2021.
With Corvus, Gothaer, Markel, Württembergische* and Baobab, we currently have five very strong and competitive Cyber insurance provider in the Cyber Fast Lane. We are working on adding additional insurers and are constantly expanding our offering on the Cyber Fast Lane.
*only in Germany
A number of reasons might lead to no quote being received. Either the company’s revenue or its business activity might not fit (yet). In this case, you can perform a tender as usual via the regular platform.
Alternatively, the client might not meet the few minimum IT security requirements, meaning that no insurer is willing to give a quote. Again a tender can be submitted via the regular platform, however we would recommend that you first discuss with your client which basic IT security measures need to be in place to be insurable. We can support you by integrating relevant IT service providers and consultants as required. Learn more
No, the premiums in the Cyber Fast Lane correspond to the regular premiums of the insurers for a quote in the selected combination of insured sum and excess, taking into account the agreed coverage modules and sublimits.
No, the minimum IT technical requirements that insurers ask for in the Cyber Fast Lane represent the lowest common denominator among Cyber insurers in this regard. These are very basic technical security measures that should be implemented in the interest of the company concerned.
In the Cyber Fast Lane, we enhance the respective insurers’ wordings with our Finlex supplementary agreements that improve and expand the scope of coverage.
First impressions of the Cyber Fast Lane:
