Länsförsäkringar & CyberScout launch cyber insurance product

Swedish insurance group Länsförsäkringar has partnered with CyberScout to help SMEs manager global cyber risk post GDPR. 

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, providing personal, commercial, pet and life insurance, as well as bank, life and pensions services throughout Sweden.

The partnership will mark the launch of Länsförsäkringar’s new small medium enterprise (SME) cyber insurance product. They will provide services to their commercial lines policy for small- and medium-sized businesses, with plans to introduce new services gradually.

“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.”

CyberScout’s 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.

The company’s on-demand support claims to help to minimise 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.

“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.”

Copyright © 2018 FinTech Global

Enjoying the stories?

Subscribe to our weekly InsurTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.