ICMIF member CyberScout has this week announced a new partnership with another member of the Federation, Länsförsäkringar, a group of customer-owned insurance companies that provides personal, commercial, pet and life insurance, as well as bank, life and pensions services throughout Sweden.
Established in 1843, Länsförsäkringar is the largest non-life mutual insurer in Sweden, with a market share exceeding 30 percent. The group is comprised of 23 companies that work in cooperation with each other to provide top-tier services in everything from insurance to banking, always with a strong focus on customer service.
The partnership will mark the launch of Länsförsäkringar's new small medium enterprise (SME) cyber insurance product. The partnership will provide services to their commercial lines policy for small- and medium-sized businesses, with plans to introduce services gradually from 1 September 2018, with full deployment over the following six months.
CyberScout's robust breach education and response services will be added to Länsförsäkringar's offerings, including a 24/7 help line connecting customers to cyber resolution experts in the Swedish language. CyberScout on-demand support helps to minimize the consequences of a breach, and the CyberScout breach team will work closely with the Länsförsäkringar claims team to ensure a seamless customer claims journey.
The announcement of this partnership marks Länsförsäkringar's entry into cyber insurance, which is timely now that the GDPR is in place. Länsförsäkringar says that their organisation is one of the most trusted brands in Sweden largely because they have always empowered the customer in the decision-making process. With its customer-centric focus, CyberScout is a perfect partner for this new product offering.
"We are delighted to be partnering with Länsforsäkringar to deliver this brand-new product for the Swedish market," said CyberScout's Divisional Director of Global Markets, Tom Spier. "LF have looked at the clear risks to small businesses post-GDPR and reacted to these by saying that cyber cover is so important that they will endorse it to every SME policy. CyberScout's global expansion means that we have been first into many markets around the world and this initiative represents a continuation of this."
"We are very happy for the partnership with CyberScout," said Maria Munkby, Head of the Liability department at Länsförsäkringar Sak. "CyberScout´s competence and their experience in the field combined with the fact that they are easy to work with made them an excellent choice for us to partner with. Since we both have a strong customer focus they were also willing to provide services to customers in Swedish which was important for us."
CyberScout sets the gold standard for identity and data defense services—from proactive protection to education to successful resolution. Since 2003, CyberScout has combined on-the-ground experience with high-touch personal service to help commercial clients and individuals minimize risk and maximize recovery. To learn more, visit www.CyberScout.com.
The Länsförsäkringar Alliance is unique in the Swedish bank and insurance market. The 23 customer-owned regional insurance companies cooperate, thereby combining the ability of a small company to adapt to its customers with the strength of a large company. All of the companies have a strong local base in their individual home markets and have no ownership interests other than those of their own customers. Everything developed in the form of products, concepts and system support is based exclusively on customer needs. To learn more, visit www.lansforsakringar.se.