Zurich Insurance Group (Zurich) today announced a global collaboration with Toronto-based Insurtech, BOXX Insurance (BOXX), which provides fully-integrated cybersecurity and insurance solutions for small-to-medium-sized businesses (SMEs), consumers and families.
Technology has brought significant benefits to businesses and individuals – improving lifestyles and connecting people wherever they are in the world. However, the increased adoption of digital business models has also led to growing cyber risks resulting in cyber-attacks, business disruption, loss of revenue and regulatory action on data protection.
“Cybersecurity is a large and fast-growing market as the awareness and need for cyber protection and services has increased significantly,” said Jack Howell, CEO of Zurich Global Ventures. “Our goal is to inspire confidence in an increasingly digital society by helping our customers stay ahead of threats as well as being better prepared to respond to an incident. We expect the innovation and capabilities of this collaboration with BOXX to strengthen our ability to execute on our customer-focused strategy and exceed the needs and expectations of our customers and partners around the world.”
Mr. Howell added: “BOXX’s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for this customer segment. They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance. The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich’s customers and BOXX.”
As part of Zurich’s plan to build a presence in the Cyber SME and Consumer space, the Group is participating in BOXX’s Series A funding round.