Google LLC has teamed up with two major insurers to develop a cybersecurity insurance offering that will provide Google Cloud customers who sign up with coverage against cyberattacks.

The offering, detailed today, is described by the search giant as the first of its kind from a leading cloud provider. On top of coverage against data breaches, it includes a risk analysis tool that will enable companies to find weak points in their cloud environments’ security.

The two insurers that have partnered with Google for the offering are Allianz SE’s corporate insurance unit, AGCS, and Munich Re Group. The search giant says that the firms will provide “specialized and enhanced cyber insurance designed exclusively for Google Cloud customers.” According to Google, the price of purchasing the insurance for customers will be directly tied to how well they secure their information technology environments.

The search giant has developed a tool called Risk Manager to go along with the offering. Risk Manager assesses the security of companies’ cloud environments to identify issues. After the evaluation is complete, the tool generates a report that customers can use to reduce their cloud deployments’ susceptibility to breaches and, in the process, optimize their insurance costs.

Another benefit Google promises is a simpler insurance application process. The reports Risk Manager generates are not only useful for internal use but can also be sent to AGCS and Munich Re Group, which use the data on customers’ cloud security posture to inform underwriting decisions. To Google Cloud customers, Risk Manager could offer a more convenient alternative to manually putting together risk reports for their cybersecurity insurance providers.

“Bringing the Risk Protection Program to market is possible due to our strong partnership with leading cyber insurers, Allianz and Munich Re, who collaborated with us to develop this groundbreaking program,” said Google Treasurer Juan Rajlin. “We believe the program provides our Google Cloud customers with both access to superior cyber protection, as well as a more efficient insurance procurement process.”

The Risk Manager tool is available to Google Cloud customers by request. As for the cyber insurance coverage against data breaches, it will initially be offered to organizations in the U.S. Munich Re specified that the offering will at first be launched for companies with $500 million to $5 billion in revenue, with plans to open access to organizations in more countries and revenue segments further down the line.

Google is touting the partnership with AGCS and Munich Re as the first such collaboration in the industry between a leading cloud provider and major cyber insurance companies. But that could change over time. If the new offering catches on, the search giant’s competitors in the public cloud market may be motivated to bring similar products to market.

The company says India is one of the world’s largest and fastest-growing auto insurance markets, relies largely on traditional ways to renew policies and process repair claims, which usually required inspectors to physically look over vehicles and assess damages. This leads to a delay in the process of inspection, resulting in keeping the cars and policyholders off the road for longer. To mitigate this challenge, Reliance General Insurance collaborated with Celebal Technologies, a Microsoft partner, to create the new AI solution, which allows customers to buy or renew policies anytime, anywhere.

The new technology uses AI to identify damage from the vehicle image feeds and procures the correct assessment which gets instantly delivered to consumers. In this process, right from the accident spot, the insured can access Reliance Selfi app to intimate the claim, upload the photos and documents to get the claim registered. Once the claim is generated, the AI tool starts processing and almost instantly generates a provisional repair work order for the customer. It also gives an option to the customer to opt for on-the-spot settlement which can be credited in customers’ account immediately.

The insurance company says Rapid brings down the process of claims intimation to claims settlement period, to complete in less than an hour, from an otherwise time-consuming and hassled process that took an average period of 10 to 12 days.

Rakesh Jain, CEO, Reliance General Insurance said, “Introducing this AI-based solution, makes the entire vehicle claims process completely superfast and hassle-free for our customers. This technology brings the much-needed acceleration to more than 60% of claims we receive for our passenger vehicles which have just peripheral damages. With the use of Rapid, a significant decrease in the claim processing time is achieved, which will result in an enhanced customer service experience. This initiative connects well with our brand philosophy ‘Tech + Heart’, offering tech solutions with human touch.”

Venkat Krishnan, executive director, Commercial Partners, Microsoft India said, “Microsoft’s goal is to amplify human ingenuity by making the benefits of AI accessible and valuable to everyone. We are pleased to collaborate with Reliance General Insurance to bring the power of artificial intelligence and its transformative impact to reimagine the experience for their customers. We thank our partner Celebal Technologies for creating the solution, which makes the both the renewal and claims processes agile and more efficient, in a secure and scalable manner.”