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Cyber insurance readiness: Preparing your clients for the cyber underwriting process

Cyber brokers need the right data in order to help clients prepare for the underwriting process, and the right tool can help. CyberCube's Prep Module aims to help smooth the broker workflow.

  • 4 Minute Read

Cyber brokers need to smooth their client’s path to cyber insurance. This is especially critical at a time when underwriting processes and scrutiny have not faded even as the market stabilizes.

Traversing the dynamic cyber threat landscape is a must if brokers want to deliver continuous value to clients. They need the appropriate data and analytics — a solution that encapsulates timely insights on critical issues with next step recommendations.

This blog will explore how brokers can gain access to this information and minimize friction when preparing clients for their cyber insurance placement.

The obstacles brokers currently face

Underwriting scrutiny is more stringent than ever, stemming from previous hard market conditions. It is then difficult for brokers to effectively place risk with an appropriate amount of coverage for clients.

Some of the obstacles organizations currently face with cyber underwriting include:

  • Stricter underwriting processes, including longer application forms and supplementals
  • More technical terminology that is unfamiliar to brokers — they need guidance or clarification in order to translate insurers’ questions into advice and actionable next steps they can give the client
  • Perimeter scans that check whether an organization has any observed problems putting them at greater risk for cyber attacks
  • Underwriters demanding evidence and confirmation that any issues found were addressed.

Brokers must help clients overcome these obstacles, or at least set better expectations regarding placement. Preparing for placement requires the right data that is valid and applicable for their purposes — but finding the right data within the ocean of information available takes time. Poring over pages of data isn’t efficient. So what should brokers do to solve this?

How brokers can overcome these hurdles

In order to traverse the many obstacles within the current market, including increased cyber attacks and claims activity, brokers need to utilize data and analytics effectively. A placement might not always be smooth sailing, which is why it’s vital that brokers have the opportunity to set expectations from the get-go. They need to ensure their clients understand the complexities of the market as well as how dynamic cyber risk can be.

A tool that sifts through vital information brokers need can save them time, helping to create an optimized workflow that accelerates their client engagements. Brokers can also generate reports when needed, helping them to inform clients of any potential obstacles well in advance — even months before the renewal period if necessary!

The right solution can also prevent brokers from encountering last minute surprises. This is especially useful when integrating changes or controls which can take six to eight months — or longer — for large organizations. For example, providing brokers with a security scan report containing actionable insights, like closing an open port, allows brokers to serve their clients to give them the best quote. This also increases insurability, streamlining the broker’s workflow.

How Prep Module helps

When advising clients, brokers must aim to minimize friction and red flags. However, this advice must be data driven. CyberCube understands the importance of effectively utilizing data in the cyber insurance market. As the market-leading cyber risk analytics provider, CyberCube equips brokers with the solutions they need to best advise and prepare their clients for placement.

One such solution, Broking Manager, provides brokers with the necessary financial and risk analysis. When paired with Prep Module, brokers will also have access to data that helps them with risk mitigation.

Prep Module helps brokers to:

- Identify — identify potential obstacles to a client’s insurability months before the underwriters do
- Mitigate — mitigate the obstacle by offering insights the clients can action
- Strategize — brokers can tackle problems ahead of renewals based on up-to-date information
- Renew — renew smoothly and quickly in spite of changing market conditions

This efficient process results in brokers providing clients with the most appropriate coverage based on the most relevant information. Prep Module also helps to smooth the broker workflow by offering the ability to customize as well as actionable insights.

Create a tailored profile

With Prep Module, brokers have the ability to add and subtract website domains to customize the profile of their client to the appropriate insurance needs. If the client needs to review the scan results for one subsidiary but not the parent company, then the parent company’s domain/website can be excluded. Or, if a domain is missing, then it can be easily added from the millions of domains tracked in CyberCube’s database.  

Gain actionable insights

Having a tool that offers actionable next steps can help guide brokers in advising clients. Prep Module provides this, leaving no room for guesswork and ensuring that brokers are making the most out of the information they have available. Not only can the information be used to inform upcoming cyber insurance placement discussions, but it can be used as a guide for risk mitigation.

Receive monthly updates on clients

Prep Module also provides a monthly view on how clients are performing, including a trendline view to see how they’re performing over time. This helps highlight any problem areas that have cropped up in the recent months, meaning they can be tackled quickly ahead of the renewal period.

Minimize friction in the broking workflow

With the appropriate tools, brokers can better set expectations with clients and create a smooth workflow that benefits both them and their clients. Relevant insights can even set brokers up to be better cyber risk advisors, delivering clients the value they need.

CyberCube understands the value brokers want to deliver to clients and aims to provide the necessary analytics that brokers need to accomplish this. Prep Module is the tool that can improve the overall renewal or placement process, especially in a tumultuous and unpredictable market that we’re currently in.

Find out more about how Prep Module, when paired with a data and analytics partner like CyberCube, can assist cyber brokers in preparing clients for placement  — Contact us.

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