Delta Insurance, a fintech company that specializes in cyber, technology and professional risk protection, has begun operations in Singapore. The company is part of the Delta International family, and sister company to Delta Insurance New Zealand, a financial lines, casualty and unmanned aerial vehicle (UAV) insurance specialist.
Delta Insurance Singapore aims to work with fintechs, startups, SMEs, technology firms and corporates, especially given its expertise in specialist insurance classes. It has also introduced the Cyber Risk Management Package, in order to provide a complete solution across the full spectrum of cyber risks – before, during and after any cyber incident.
“We help firms to protect themselves from areas of risk – cyber, financial and professional – that the fast-growing innovation and start-up ecosystem in Singapore is facing, especially as Singapore moves towards becoming a Smart Nation and a centre of excellence for innovation and technology,” said Eugene Cheong, Managing Director, Delta Insurance Singapore.
“Our innovative business model, including a Cyber Risk Management Package and our proprietary underwriting technology platform, allows us to nimbly and effectively meet the dynamic needs of an increasingly digital Singapore,” Cheong added.
Alongside the insurance policy, the comprehensive Package includes:
Prevention: Identify organisations’ potential exposure to cyber risk and assist in implementing a comprehensive proactive plan with Delta Insurance’s panel of experts – lawyers, cybersecurity specialists, crisis management experts.
Claims handling: Delta Insurance’s team of experts assist with IT triage (investigating the breach and determining how to recover), crisis and reputation management, system and data analysis and restoration, as well as third party claims.
Post lost services: Once the claim is resolved Delta Insurance may also assist with the cost of strengthening the organisations cyber security (such as with shielding) and reviewing the emergency response plan to ensure better outcomes in the future.
Elaborating on the company strategy, Eugene Cheong said, “Our business planning anticipates that Singapore and Asia Pacific will be one of the fastest growing regions for Cyber Insurance, increasing from around USD50 million today to USD500 million by 2025.”
“Cybercrime is now the second most prevalent economic crime in Singapore, with 43 per cent of companies impacted and costing Singapore more than SGD1.25 billion annually. Delta Insurance Singapore wants to work with companies to holistically safeguard against cyber risks, allowing them to fully leverage the technology wave sweeping through the region,” he explained.
Delta Insurance Singapore aims to change the industry dynamic using technology solutions to streamline processes, reducing the time taken for application submission, quotation and policy issuance from what is now typically a one month time frame to within 24 hours of going on risk. The firm will work with brokers and insurance agents initially, with an aim to expand to other distribution networks to provide its risk protection products.