Jenna is a Client Product Advisor at CyberCube, based in London who works closely with the European and Asian markets. She helps brokers leverage CyberCube’s cyber risk analytics to support policy placements. In this article, she outlines some of the key market developments seen in the cyber broking space.
How would you describe market conditions at the moment for cyber broking?
There continues to be an increase in the demand for cyber policies, driven by several key factors. One trend is the growing appeal of standalone cyber coverage, particularly among small and medium enterprises (SMEs). This transition away from package policies to specialized cyber insurance is driven by a combination of contractual obligations and the escalating reliance on technology dependencies such as cloud service providers and sales intelligence. Brokers play an essential part in navigating clients and prospects through the cyber landscape and mitigating their overall financial exposure to cyber threats.
What criteria are brokers using to measure their success?
Cyber brokers can measure their success by focusing on client engagement, risk mitigation, and revenue growth. By building engagement around cyber protection and raising awareness of its importance, brokers can cross-sell additional products and services to clients, expanding their portfolio while enhancing client resilience to cyber threats. Upselling higher insurance limits promotes a more risk-averse community, as clients are better equipped to handle potential losses and disruptions.
Additionally, brokers provide ongoing support to help clients understand their current vulnerabilities, such as scanning for end-of-life products and open ports to enable them to utilize risk mitigation tools. This ultimately reduces the frequency and severity of their clients’ cyber incidents and minimizes their potential losses.
How can brokers successfully grow in the cyber market?
The current market conditions present an opportunity for brokers to reemphasize the cyber value proposition for companies, particularly for those that may have adjusted their cyber coverage in response to previously stringent market conditions. Brokers need to proceed strategically to achieve success. A successful broker will develop a holistic analytics strategy that can be utilized by specialists working on large cyber placements and generalists operating in the SME space, reducing uplift and maximizing time to value.
Investing in cyber risk analytics is vital to helping make placements and advise clients, but choosing the right analytics partner is key. Cyber brokers must ensure that the data and approach the analytics provider uses are suited to their broking business goals and can better accelerate cyber broking engagements.
CyberCube’s Broking Manager and Prep Module platform 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.
To find out more about how Broking Manager and Prep Module can empower broker partners to have informed communications with clients, go to www.cybcube.com. Meet Jenna and the CyberCube team at Stand B67 at the BIBA Conference 2024.
