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. This is particularly difficult in a hard market, but having the right cyber risk modeling solution tailored to brokers’ requirements can help accelerate engagements with clients.
Enter Broking Manager
CyberCube’s cyber risk analytics solution, Broking Manager (BM), can help brokers answer one of the most fundamental questions they’re facing today: what coverages and limits do your clients need?
Broking Manager empowers you to identify and manage risk, leading to better buying decisions — and you don’t even have to be an expert in network security to achieve this! This article will outline how Broking Manager can help you:
- Assess enterprise risks to smooth insurance transactions
- Estimate financial loss from cyber attacks
- Benchmark your clients against peers
- Improve your workflow
These elements will help you make confident, informed recommendations and achieve profitable growth in a rapidly changing market.
Assess enterprise risks to smooth insurance transactions
As a broker, you want to ensure that your clients’ insurance transactions are as smooth as possible. Advising clients with analytics and metrics based on the most advanced and credible cyber risk data will help them understand what kind of insurance they need, how much they need to buy and why.
Quantify and benchmark exposure across multiple threats
The kinds of cyber attacks we see today are constantly evolving, and with ransomware and social engineering attacks on the rise, the right solution will stay ahead of these evolutions. Quantifying risk is key for brokers to quickly and confidently advise their clients and prospects on insurance purchasing decisions.
Understand cybersecurity profiles
In today’s technology era, it’s impossible to completely escape cyber risk. Broking Manager’s Cyber Threat Model will help you understand different cybersecurity profiles, making it easier to determine whether your clients are more exposed to different threat scenarios. After all, threat actors view companies with poor cybersecurity policies as low hanging fruit — and they’ll be sure to exploit those vulnerabilities!
As part of the cyber risk management toolbox, it’s essential that cyber risk mitigation efforts are being made, as well as the right financial risk transfer decisions. The information delivered in Broking Manager will allow you to help your clients determine their appropriate cyber limits.
Estimate financial loss from cyber attacks
While assessing enterprise risk is crucial, you also need to be able to estimate financial losses from cyber attacks.
As a broker, you want an easy and efficient workflow that removes complexity and friction from the purchasing cycle. Broking Manager can help deliver that with its Financial Loss Model, providing data-driven analytics that estimate financial losses, which you can easily discuss with 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 software impairment or network outage, which means coverage needs to address these too.
CyberCube’s solution solves this problem by providing the answer you need immediately. It improves the brokers’ workflow as it outlines the financial impact for their client, helping to determine the coverage and limit without getting distracted by unnecessary 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, helping you to compare the risk strategies and appetite of a client’s peer group. This approach of regarding strategies helps to normalize the comparison between a peer group and your client because CyberCube recognize that everyone has different risk profiles, different budgets, and separate cybersecurity hygiene protocols and processes in place.
Rather than manually having to collect data about your client’s peers, the tool does the heavy lifting for you, ensuring you can compare buyers’ risk strategy purchasing decisions.
Improve your workflow
Every second counts for brokers which is why improving your workflow is critical to optimizing revenue. Broking Manager can accomplish this, as it’s easy to use, easy to understand and easy to explain.
Easy to use
With the number of prospects and clients you have, you can’t afford to waste time trying to figure out how to use a complicated cyber risk analytics tool. A quick, easy-to-use modeling solution will help you better serve your clients.
The platform pulls from our best-in-class data ecosystem, allowing you to easily obtain and use data — all you need is the client name and basic firmographic information. What’s more, Broking Manager is a browser-based tool, making it easy to access.
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
The data provided is presented in a clear manner that is easy to understand, so non-technical users will have no trouble grasping the information. We’ve built the platform so that even with limited information, you’ll always get an answer, helping you make quick progress within your workflow.
Broking Manager’s clean interface also means you can get the answers you need right away for the exact conversation you’re going to have with your clients.
Easy to explain
Broking Manager provides all of the data you need at your fingertips and will help you glean insights and reports needed for clients. As the information is already simplified, nothing else is required to distill or translate. You can even customize your presentation with the relevant charts and graphs that you need. All that’s left for you to do is pass along the cyber risk insights and explain it to your clients, enabling 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 your client engagements and optimizing your workflow.
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. This makes advising clients simple and efficient for brokers, so they can accelerate their client engagements and continuously increase revenue.
Check out our website to learn more about Broking Manager and how it can help you, or get in touch with one of our experts today — contact us.