Zurich Insurance Group has agreed to acquire BOXX Insurance Inc., a Canada-based insurtech firm focused on cyber risk protection.
The deal will see BOXX continue operating independently, following a partnership between the two companies that began in 2021.
Zurich officials stated that the acquisition is intended to expand the insurer’s capabilities in digital risk management, with BOXX’s tech-first approach expected to complement Zurich’s existing digital services. According to Zurich representatives, BOXX’s model could support improved customer engagement through integrated cyber insurance and security offerings.
BOXX to maintain operations post-acquisition
Founded in 2018, BOXX has grown its operations to serve nearly one million users across five continents. Its flagship offerings include Cyberboxx Business Edition and Cyberboxx Home Edition, packages that combine insurance coverage with cybersecurity tools for SMEs and households, respectively. Another product, Cyberboxx Assist, provides digital security tools aimed at helping users identify, mitigate, and respond to online threats.
Representatives from BOXX noted that the acquisition by Zurich will give the firm greater global scale and resources to expand its reach. They also highlighted the growing reliance on digital services in everyday life, pointing to the need for better cyber resilience solutions for both individuals and organisations.
The insurtech recently launched its services in the United States and expanded its footprint in Europe, India, and Australia. BOXX has also announced new partnerships and hiring initiatives in connection with this international growth strategy.
The state of insurtech in Canada
According to the State of InsurTech Report from the Insurance Council of British Columbia, the global insurance industry is evolving. Global innovations in technology, changing climates and shifting consumer demands post the COVID-19 pandemic are transforming the way societies and industries operate, placing new demands on insurance products and distribution methods.
According to the Insurance Council of British Columbia’s (Insurance Council) research, Canada’s insurance industry has widely adopted technology across most aspects of insurance distribution, underwriting and adjusting, but technology is not deeply entrenched in everyday practices. On average, most workflows are still led by humans, with technology used to support rather than replace human judgment.
