Tech-based cyber risk solutions combined with insurance coverage improvements help agents improve close ratios.
Almost six in 10 small and medium-size enterprises (SMEs) do not purchase any type of cyber insurance. Only 33% purchase stand-alone coverage. Less than 15% of SMEs are trust currently used cyber defenses to detect and respond to cyber-attacks with two-thirds of SMEs reporting a cyber attack during the last 12 months. Despite aggressive pricing and increasing risk, traditional cyber insurance solutions remain a tough pitch for agents. The good news for agents is new insurers are capitalizing on these market realities with technology driven, broker-friendly offerings and market coverage improvements to assist agents to close more deals.
Engineered Cyber Insurance Solutions
“Engineered” cyber risk solutions are gaining traction in the expanding market for small to medium-sized risks. These products go beyond traditional risk finance and claims services to include the use of security technology to assess risk as well as ongoing security services historically affordable only to large enterprises