Cyber insurance specialist Emergence has launched in New Zealand.
Emergence Insurance CEO Troy Filipcevic said New Zealand was always part of his long-term strategy.
“It’s been a key goal to expand internationally and launch Emergence’s dedicated cyber insurance products into new markets.
“Providing greater capacity and a technology solution that offers quote-and-bind functionality with full policy lifecycle capability enables New Zealand brokers to efficiently provide adequate cyber protection for their clients,” Troy said.
The new company, Emergence NZ Limited, has an Auckland office and will be headed by long-term insurance industry professional Fraser Walker.
Fraser has 18 years’ experience in the insurance industry including more than a decade with AIG. His most recent role there was Head of Client & Broker Engagement at AIG Insurance New Zealand Ltd.
Since 2021, he has been Head of Risk & Insurance at Construction Cost Consultants, a role that includes hosting and presenting educational sessions to broker networks throughout New Zealand.
Troy said Fraser’s experience and strong broker relationships would be valuable in building the brand and providing solutions for the broker market “over the ditch”.
“New Zealand will benefit from everything we’ve learned from our Australian experience, including Emergence’s 24/7 inhouse incident response capability.”
Fraser, who starts as Emergence NZ’s Business Development Manager on 17 July, plans to visit brokers in the north and south islands to outline the benefits of Emergence’s products.
Initially, brokers can access the Cyber Event Protection policy for SMEs, which has limits up to $NZ10 million, and the Cyber Enterprise Solution and Cyber Excess policies, with limits up to $NZ20 million.
Brokers can soon access an online portal to quote and bind at emergenceins.co.nz.
Fraser welcomed the opportunity to work with a start-up. “Brokers want consistency and market accessibility. I’ll be doing a lot of travel, including regional and rural New Zealand, to engage strategically with brokers.
“We need to earn our stripes here, so it helps having someone local who understands the nuances of the New Zealand market and can offer our strong proposition to the market.
“Cyber insurance uptake is in its infancy in New Zealand but gaining momentum.”
Troy said Emergence NZ offered 100% Lloyd’s security and a broad appetite.
“Like Australia, New Zealand has been subject to serious cyber security breaches and we’re ready to offer high limits and proven capability to the nation’s brokers,” he said.
Emergence NZ has joined the New Zealand Underwriting Agencies Council and Fraser will use NZUAC and other industry events to reach out to brokers to “show them the quality of the Emergence offering and how easy it is to do business with us”.
Troy foreshadowed further expansion and more dedicated cyber services from Emergence. “We have just launched cyberSuite, a dedicated cyber advisory practice, and other initiatives are planned.”