Zurich has entered a global collaboration with Toronto-based BOXX Insurance and backed the insurtech’s Series A funding round.

Boxx provides cybersecurity and insurance solutions to small-to-medium-sized (SME) businesses and families, and Zurich says the partnership supports its ambition to build new services and business models beyond insurance, and is part of its plan to build a cyber presence in the SME and consumer space.

Increased adoption of digital business models has led to cyber-attacks, business disruption, loss of revenue and regulatory action on data protection, Zurich Global Ventures CEO Jack Howell says, and cybersecurity is a large and fast-growing market as awareness and the need for services increases significantly.

“BOXX’s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for small to mid-sized businesses and consumers,” Mr Howell said. “They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance.”

BOXX, launched in 2018, closed its oversubscribed $US10 million ($13.77 million) Series A-round with new investors Zurich, Cyber Mentor Fund (CMF) and SixThirty Ventures. It trades in Canada and in selected markets in Europe and Latin America.

BOXX was selected for the industry’s leading innovation program, Lloyd of London’s Lab, and the Monetary Authority of Singapore’s prestigious program for fast growing fintechs.

“Our model has been proven to help clients identify and stop attacks and should an incident occur, minimise the trauma and damage that typically ensues,” BOXX CEO and co-founder Vishal Kundi said.

The Series A funding will help expand the team to support increasing growth in demand from brokers, partners and clients and prepare for international expansion, he said.

CMF Partner Tim Eades said a “massive opportunity” exists to help reduce growing digital risk exposure.

“We are thrilled to be investing at a time in the BOXX journey when they are seeing unrivalled traction and staking a claim as a dominant force in the industry."

BOXX’s digital health tracker and cyber training platform helps consumers and businesses improve their cyber “hygiene practices”, reducing the chance of a breach occurring.