Singapore and Asia-Pacific is expected to be one of the fastest growing regions for Cyber Insurance which has led to the opening of a new specialist in that area.
Delta Insurance Singapore, (Delta) the first cyber, technology and financial lines Lloyd’s Coverholder in Singapore, has opened for business.
The company is a locally owned, innovation and technology driven insurtech specialising in cyber, technology and professional risk protection, with Lloyd’s underwriting backing.
Nimble and Dynamic
Delta aims to work with financial technology firms, start-ups, SMEs, technology firms and corporates, especially given its expertise in specialist insurance classes.
«Our innovative business model, including a Cyber Risk Management Package and our proprietary underwriting technology platform, allows us to meet the needs of an increasingly digital Singapore,» said Eugene Cheong, Managing Director of Delta Insurance Singapore.
Cheong previously worked for AIG for 12 years and held a range of senior positions. He was the Regional Head of Professional Liability and Cyber for Asia.
Streamline Processes
Delta wants 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 timeframe 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.
