Revamped Personal Cyber Insurance Breaks New Ground
Delta Insurance has refreshed, expanded and simplified its unique Personal Cyber Protection insurance – “Percy” - which now includes covers for online-shopping fraud and cyber-bullying.
Cyber-crime affected around 1.3 million Kiwis in 2019 alone and identity theft is estimated by the Department of Internal Affairs to cost the New Zealand economy $209 million annually. In the second quarter of 2021, CERT NZ saw ransomware reports leap by 150% on the previous quarter, while unauthorised access climbed 37% and, unsurprisingly, reports of financial loss increased by 30%.
Delta launched Percy in early 2020 in response to the alarming trends in cyber-crime, which soared with the arrival of COVID-19. Since then, experience in the market and the increase in phishing, ransomware and unauthorised transactions have prompted several product improvements to the Percy offering, says Delta Head of Personal Cyber Laura Murray.
Ms Murray says Percy originally covered the most common and potentially disastrous cyber-risks such as ransomware attack and identity theft. The new version, which goes live on 22 November, retains these covers but adds two new cyber-protections, for online shopping fraud and cyber-bullying. “Those cyber-risks can have serious repercussions – financial and emotional – and the new Percy product will cover costs for a psychologist and cyber-security consultant, for example.”
Other key changes include simplification of the offering to two product levels, a significant increase in the insurance coverage ($25,000 or $50,000 for the group policy options), and removal of all sub-limits and reinstatements.
Ms Murray says Personal Cyber cover was previously only available on a group basis, to organisations for their staff or customers, for example, but will now be available to individuals – “which is something customers have been asking Delta for.” For individuals, there will also be two coverage options available – at a sum insured of $10,000 or $25,000.
The new offering (for group and individual policies) includes a widened scope for cover where bank accounts are hacked and widens the definition of a personal bank account, so the product will cover more potential unauthorised transactions than it previously could
A major aspect of the Percy offering, reflecting Delta’s philosophy of providing proactive risk management tools as well as insurance, is the partnerships with cyber-security specialists in support of this product, says Ms Murray.
Percy customers get access to DynaRisk’s “Ultimate” cyber-security tool, which assesses the security of their family’s data and devices, as well as providing education on cyber-risks they may be vulnerable to. 10 smart devices and 10 email addresses can be monitored, as well as phone numbers and credit cards.
Delta has also teamed up with New Zealand company Geeks on Wheels, who will provide a free IT consultation service for Percy customers. The free consult includes a technical assessment of the customer’s device and home network and personalised recommendations to improve their cyber-security.
24/7 claims support will be provided by CyberScout, international experts in managing personal cyber insurance claims, with follow-up assistance provided by the Geeks on Wheels technicians where needed.
All the new Percy products include full electronic on-boarding to an online portal which houses all the information relating to the customer’s policy, risk management tools, cyber-security tips and Delta claims information.