Commercial insurance broking insurtech Upcover has partnered with Coalition to launch a self-serve cyber product.

The insurance is aimed at financial services and allied health businesses, which Upcover CEO Skye Theodorou says “generally have the most to lose from a cyberattack given the sensitive nature of the information they deal with”.

Ms Theodorou says cyber risk “isn’t going away any time soon”, but insurance uptake is low.  

“We’re looking to reduce the complexity involved with attaining coverage for this kind of incident. Upcover’s digital-first insurance distribution platform enables us to continue protecting the unprotected,” she said.

Upcover also offers professional indemnity, public and products liability, property damage and management liability. Cyber is one of several new products it aims to offer this year to more than 60,000 businesses, sole traders and scale-ups.  

“By using Upcover’s streamlined platform, customers can now rapidly quote and bind Coalition’s unique active cyber insurance online,” Coalition Australia head of underwriting Trent Nihill said.

Upcover completed a $19 million funding round in February.