Insurance brokers want to make confident recommendations around cyber risk for their clients, but this can be challenging without quick and easy access to the right information. As the cyber insurance market continues to change and develop, having the right cyber risk modeling solution tailored to brokers’ requirements is even more essential to facilitate meaningful engagements with clients.
Enter Broking Manager
CyberCube’s broker-centric cyber risk analytics solution, Broking Manager (BM), helps brokers answer the fundamental question of what cyber coverages and limits should their clients consider purchasing.
Brokers need to be empowered to identify and manage risk, leading to better buying decisions — all without having to be an expert in network security or be an expert modeler. This article outlines how Broking Manager helps:
- Assess enterprise risks to smooth insurance transactions
- Estimate financial loss from cyber attacks/events
- Benchmark clients against peers
- Improve team workflows
These features help brokers make confident, informed recommendations and achieve profitable growth in a rapidly changing market.
Assess enterprise risks to smooth insurance transactions
Brokers aim to ensure their clients’ insurance transactions proceed seamlessly. By advising clients with analytics and metrics derived from the most advanced and credible cyber risk data, they help clients understand the type of insurance needed, the appropriate coverage amount, and the underlying reasons for these recommendations. They enable clients to make informed decisions on their risk profile and tolerance levels for this ever-evolving threat..
Quantify and benchmark exposure across multiple threats
The kinds of cyber attacks and events we see today are constantly evolving, and with ransomware and social engineering attacks on the rise, quantifying this risk exposure is key. The right insurance analytics tool — Broking Manager — will help brokers stay ahead of these evolutions, enabling them to quickly and confidently advise their clients and prospects on insurance purchasing decisions.
Understand cybersecurity profiles
In today’s digital era, it’s impossible to completely escape cyber risk. Cyber threat actors will often prey on vulnerable targets with weak cybersecurity measures. CyberCube’s Prep Module, an add-on module of Broking Manager, enables brokers to gain a proactive understanding of their clients' cyber hygiene profiles, even before underwriters assess them, to identify any heightened exposure to various threats.
Outside of external malicious threats, organizations are also vulnerable to interconnected digital supply chain dependencies and even accidental mishaps (i.e. “the CrowdStrike outage”, 2024). These require a robust cyber risk management toolbox, such as the toolbox inside Broking Manager which includes effective risk mitigation strategies that inform financial risk transfer decisions. The insights provided by Broking Manager empower brokers to guide their clients in determining the appropriate cyber coverage limits for inherent and growing risk that is not all in their control.
Estimate financial loss from cyber attacks
Equally important to assessing enterprise risk, brokers also need to be able to estimate financial losses from cyber attacks and events.
With its Financial Loss Model, Broking Manager delivers an easy and efficient workflow that removes complexity and friction from the purchasing cycle. BM offers data-driven analytics and modeling to estimate potential financial losses, enabling brokers to effectively discuss these insights with their clients.
Facilitate coverage and limit decisions
Alongside estimating loss potential, Broking Manager informs insurance coverage and limit purchasing decisions. When buying cyber insurance policies, businesses aren’t just buying cover for data breach limits — there are multiple areas of cyber risk involved, including malware attacks (like ransomware) or network outage, which means coverage needs to address these events too.
CyberCube’s solution addresses this challenge by delivering immediate answers, enhancing brokers' workflows with clear insights into the financial impact for their clients. This streamlined approach helps determine coverage and limits without the distraction of extraneous data or statistics.
Risk Transfer Benchmarking (RTB)
Broking Manager captures insurance limit purchasing trends. This makes it easy to see what risk transfer strategies other companies of similar size and industry are considering.
RTB is a differentiating feature within Broking Manager, enabling brokers to compare the risk strategies and appetites of a client’s peer group. By highlighting these strategies, this approach helps standardize comparisons between peers and clients, acknowledging that each client has distinct risk profiles, budgets, and cybersecurity hygiene protocols and processes.
Ultimately, rather than brokers manually collecting data about their clients' peers, BM does the heavy lifting, allowing brokers to compare buyers' risk strategy and purchasing decisions effectively.
Improve workflows
Every second counts for brokers which is why improving their workflow is critical to optimizing revenue. Broking Manager accomplishes this, being easy to use, easy to understand and easy to explain.
Easy to use
Given the volume of prospects and clients managed, brokers cannot afford to waste time on cyber risk analytics tools that are too complex for their use case. BM is a quick, user-friendly modeling solution that enables brokers to better serve their clients. The platform leverages a best-in-class data ecosystem, allowing brokers to easily obtain and apply data with just the client’s name and basic firmographic information. Additionally, Broking Manager is a browser-based tool, ensuring easy accessibility.
Find out how you can selectively integrate elements of Broking Manager seamlessly into your existing systems with CyberConnect, maximizing efficiency for your team.
Easy to understand
Broking Manager presents data in a clear manner that is easy to understand, ensuring non-technical users can readily grasp the information. The platform is designed to provide answers even with limited information, enabling brokers to make quick progress in their workflows. Additionally, Broking Manager's clean interface allows brokers to quickly access the precise insights needed for their client discussions.
Easy to explain
Broking Manager provides the data brokers need to glean insights and present client reports. Since the information is already simplified, no further distillation or translation is necessary. Brokers can even customize their presentations with the relevant charts and graphs they need. All that remains is to share the cyber risk insights with clients and explain them, facilitating informed decision-making.
Empowering the broker to advise clients
At CyberCube, we understand the challenges brokers have when it comes to advising clients on cyber insurance purchasing decisions. Being able to answer clients’ questions quickly and effectively is key to accelerating client engagements and optimizing workflows.
Designed from the ground up, Broking Manager was built with brokers’ needs in mind. It pulls information from a large data ecosystem to empower brokers to estimate financial loss, quantify cyber threat exposure and inform cyber insurance purchases. Broking Manager streamlines the advising process, so brokers can accelerate client engagements and consistently increase revenue.
Find out more about how Broking Manager helps brokers by reading our case study — Grow your cyber book with Broking Manager.
