ELEMENT and CPP cooperate on cyber protection
- 08.05.2018 08:01 am
ELEMENT, the technology platform with a BaFin license for property, liability and accident insurance, and CPP, one of the first providers of smart services, have entered into a cooperation agreement. ELEMENT extends the identity theft protection Owl of CPP with cyber insurance, which effectively covers financial damages through digital data theft. The first result of the cooperation is "OwlPremium", which will be available this month for CPP business partners in the financial services industry.
OwlPremium offers credit institutions and credit card issuers added value for their customers. The OwlPremium product allows bank customers and credit card holders to protect themselves from the financial and reputation damage caused by digital identity theft and avoid the costs associated with data misuse. Companies that include the service in their portfolio and offer it to their customers as an additional service, not only address current consumer needs, but also present themselves as on the forefront of digital technologies. OwlPremium helps reduce damage to internet users from data theft and reduce the bank's own expenses for the settlement of misused credit cards.
The service stores data only within the European Union, has the highest security standards through PCI certification and 2-factor authentication and includes TÜV-certified comprehensive and quick support in the event of data theft and misuse.
Sören Timm, Managing Director of CPP Germany, is pleased about the cooperation with ELEMENT: "With Owl we offer a unique service for modern digital identity protection. Owl is now responsible for prevention and ELEMENT for claims management. Together we launch a holistic and highly innovative identity theft protection system for our bank customers".
Richard Hector, CSO at ELEMENT, comments on the cooperation: "Our tailor-made service is in line with the growing need for security among consumers whose lives are increasingly digital. With our platform we can design an individual insurance product in the shortest possible time, integrate this seamlessly into existing product and service providers, such as Owl, and guarantee the customer digital claims settlement.