Covéa Insurance is taking a different approach in its development of a personal lines cyber insurance product with the launch of a Covéa cyber support line that will go live at the beginning of December.
Cyber insurance in the personal lines space is still a market which is firmly in its infancy, with only a small number of insurers offering a product designed to cater for the mass market.
However, cyber insurance products have been developed at a far greater pace within commercial lines; with the cyber risks faced by businesses and individuals being largely similar, these insurers are well positioned to leverage their current commercial policies. This is something a number of insurers have done in order to move into the personal cyber insurance market.
The launch of the cyber support line, which is free to customers holding a Covéa home insurance product, will allow the insurer to develop a personal lines cyber insurance product through a different lens.
Covéa cyber support
The approach in developing a personal cyber insurance product through listening to customer concerns and issues relating to cyber incidents differs considerably from currently available personal cyber products, and will likely prove to be a hit with consumers, who may find it easier to relate to the terms of cover outlined.
Individuals who use the cyber support line will benefit from 24-hour support and advice about how to respond should a cyber incident occur, whether that is how to restore personal equipment which has been hacked, virus removal, or what to do if financial loss has occurred.
Clearly this service will benefit Covéa household insurance customers should they fall victim to a cyber incident. Yet Covéa hopes this service will not only be beneficial for customers, but will also allow it to gather data on the types of incidents which occur and respond by developing the appropriate personal cyber insurance products.
With the development of a personal cyber insurance product alongside household insurance, it’s clear that the industry sees the development of personal lines cyber insurance as a product that should cover the household rather than individuals or single devices.
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