Brokers are looking for cyber insurance more than any other product on the policy search engine insurr – it has accounted for 20% of searches on the platform since January.
According to Colin Burke, insurr’s project manager, the demand for cyber is rising in parallel to the digitization of our world in general.
“We are in a time when, habitually, people are moving into the online world for everything that they do - whether it be smartphones, online gaming, even grocery shopping. This means that businesses must have an online/digital presence, and whether it is for marketing or ecommerce there is a requirement to securely store data,” Burke said.
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“As a business owner you need to protect your online platform and the data behind it. If your website goes down for 10 minutes, that not only has a monetary impact but from an optics point of view it can cause big damage to your reputation.”
The conversation around cyber has accelerated over the past five years but questions around adoption and capacity have lingered given there is no standardization in the market.
“You are now beginning to see cyber extension products being added to insurr such as Markel’s Privacy, Data Breach and Electronic Risk Extension which can be added to other commercial policies,” Burke explained. “Providers will need to be creative with where they move to.”
The confusion over the product and the plethora of new policies gives brokers a great opportunity, however, as clients seek guidance on the right product for them. Brokers who are early adopters of digitization will grab clientele said Burke.
“A forward thinking broker is going to use online tools and technology to help them find markets,” Burke said. “They want to operate efficiently and insurr gives them that experience, it makes it hassle free.”
There are currently 250 cyber products, standalone policies and extensions, listed on insurr and Burke said the number is growing every month.
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