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2022 Innovation Awards: Risk Protection Program



Google, Munich Re & Allianz
Risk protection program

Google LLC partnered with Munich Reinsurance Co. and Allianz Global Corporate & Specialty to create the Risk Protection Program, which provides insurers with previously unavailable data while streamlining Google Cloud users’ underwriting process.

The two parts of the collaboration are a diagnostic tool for risk managers, with cybersecurity information provided by cloud users, and a quota sharing policy designed by Munich Re and Allianz SE’s enterprise risk unit.

The program offers up to $50 million in limits and provides broad first- and third-party cyber coverages, as well as Google Cloud-specific coverage enhancements. It is initially intended for companies with $500 million to $5 billion in annual revenue.

“We really wanted to create an ability for our cloud customers to benefit from our improved security,”

; said Loren Nickel, director of business risk and insurance for Google in Menlo Park, California.

Changes customers have made in the past to improve security haven’t always been reflected in their cyber insurance products and pricing, he said. “We wanted to change that dynamic,” he said.

Google risk consulting manager Monica Shokrai said the company could create a situation where insurance acts as an incentive for customers to be safer online.

Developing the program, which took about a year, was challenging. “Getting the insurance industry to think about cyber insurance in a different way took some time,” Nickel said.

It was also necessary to balance the needs of customers and help assess their risks, while protecting their privacy and providing insurers with the information they need to improve their decision-making, he said, adding that this created “a very complex system” that work through. .

Bob Parisi, New York-based head of cyber solutions for Munich Re, said the program “allows us to get a deeper look” at applicant data and to have a more data-driven underwriting process.

“That’s really the way for us to go forward to make cyber a viable product,” he said.

The program has been well received by risk managers, Google officials said.

Pointing to the difficult cyber market, Nickel said, “I think everyone is pretty excited about the opportunity to have more control” over their cyber insurance through the program, which the company aims to expand.

“It’s really a great solution in a time of need,” said Tresa Stephens, New York-based regional product leader, cyber, tech & media, North America, for Allianz Global Corporate & Specialty.


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