How do I sell more cyber insurance products and engage more deeply with my clients on cyber risk?

Commercial insurance buyers are generally well-versed on their risks, needs, and market options for traditional lines of insurance. This is not always the case for cyber insurance. Buyers may not be knowledgeable on the risk in general or may not understand the true risk exposure of their organization. As an insurance advisor, you need to be able to educate prospects and clients while demonstrating that you understand their needs and exposure. So, how can this be done quickly and efficiently for both generalist and cyber specialist brokers?

Broking Manager combines a large number of data sources – from internal and external security data, historical losses and enterprise data – and applies specialized analytics to produce targeted information on your client’s cyber risk profile. This is achieved without any input from the insurance buyer and without introducing friction into the sales process.

With Broking Manager’s CyberCube Signal report, you can educate your prospects and clients on potential sources of loss, recent and relevant cyber events and benchmarking against peers. When reports are enhanced with minimal additional data points from the client, you can have even more impactful discussions around company-specific risk mitigation or insurance strategies and security data signals that may influence buying decisions.

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How does Broking Manager’s CyberCube Signal Report help:

Understand and explain the financial implications of cyber risk
Educate your clients about the nature of the cyber threats they face
Educate clients on potential loss classes, recent and relevant cyber events, and benchmarking cyber exposure against peers
Quickly produce reports and update in real-time during meetings

How do I provide comprehensive, data-driven reports to clients and discuss estimated financial losses with carriers?

Having comprehensive data-driven reports to discuss with both clients and carriers can aid a broker in having informed, more effective conversations. However, data collection shouldn’t cause a bottleneck or be difficult for any of the parties involved. As more underwriting information is provided, you can use company-specific insights, reduce exposure and secure the appropriate coverage for your client. How can this be done quickly and efficiently manner for both initial meetings as well as follow up negotiations?

Broking Manager allows for instant reports to be created with minimal inputs. These reports allow the broker to display aggregate severity distributions for particular potential cyber exposures, as well as severity distributions for significant event classes such as data breach and software impairment attacks. To avoid adding friction and complexity to your sales cycle, Broking Manager is optimized to deliver maximum insight with minimal client interaction.

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How does Broking Manager’s CyberCube Signal Report help?

Instant reports for millions of companies globally, with minimal information input required
Analytics tied back to insurance product features, known claim types, and security data signals that may impact buying decisions
Quickly produce reports and update in real-time during meetings
Full severity distributions illustrating expected losses should a cyber event occur

How do I ensure my clients get a tailored insurance policy based on their needs and budget?

Just knowing overall loss estimates is not enough to truly identify the product, coverage and terms and conditions necessary to appropriately address your client’s needs. Brokers need to be able to align a client’s goals, budget, and exposure to the best-fit carrier policy. With cyber risk, this means understanding the types of scenarios that may cause financial loss and the costs that would drive losses. Knowing where a client can increase or cut back on premium dollars while still hitting their coverage goals is imperative to helping them optimize their budget. This could come through adjusting exclusions, sub-limits, and overall occurrence/aggregate limits.

Broking Manager provides granular severity loss distributions at the cost component level. These reports can be quickly created and further tailored based on additional information provided within the risk assessment function to enhance discussions around coverages, limits, sub-limits and additional pre/post-loss services that may be of interest.

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How does Broking Manager’s CyberCube Signal Report help?

Full severity distributions illustrating expected losses should a cyber event occur
Analytics tied back to insurance coverage impacts, known claim types, and security data signals that may impact buying decisions
Enhanced information to educate clients on potential loss classes, recent cyber events, and benchmarking against peers
Ability to show financial exposure impact of client-specific security posture and business practices