William Finley is a senior cyber and tech underwriter at QBE, which was recently named a 5-Star cyber insurance provider. He has over nine years of experience in the field and is an expert when it comes to cyber and other emerging risks.
In this interview, Finley notes that the firm being recognized as a 5-Star cyber insurance provider was prompted by a few key considerations - the first being that QBE offers a range of products and services all of exceptional quality which are designed with a solution-based approach in mind. They stay consistent whether it be in the face of fluctuating rates, risk management, or updates to policy terms and conditions. Second is having the flexibility and fluidity to evolve during a turbulent market. Offering clients consistent solutions to their concerns and offering flexibility to both brokers and insureds when it comes to their needs, is crucial in an ever-changing market.
Another particular point of interest is the changes made to risk control and mitigation. Finley talked about how it’s not a “one size fits all” approach and different organisations need different customisation when it comes to cyber security plans. He went into detail on which types of businesses prefer which types of products. Larger businesses typically focus more on training workshops and special claims, whereas smaller and more mid-sized businesses prefer technical expertise such as threat intelligence services and vulnerability assessments.
Finley then explained the most common threats in the area. Ransomware was a common topic and is unlikely to go away anytime soon. Fake business emails and bad actors pulling phishing scams were common and Finley expresses that these types of fraud are becoming more sophisticated and that businesses need to be aware they are potentially vulnerable. The idea of “It’ll never happen to me” is something a lot of companies latch on to, but of course, they only think that way until the worst happens. The best course of action is to be aware, stay alert, and invest in the proper cyber security measures.
Finley then discusses the common trends that he’s seen in the market over the past couple of years. Cyberattacks have been up and down over the course of 2022 to 2023, however one thing that remains stable is the difficulty of selling cyber insurance. Many products offered are still very new and businesses need a good reason as to why they should invest their money. Finley says the best way to change that is through educating potential customers and explaining the new benefits that come with the most recent offerings.
Finally, Finley gives some advice to the brokers out there on what they can do to sell policies more effectively. Finley emphasises to really think of it on a case-by-case basis, think about who you are selling to and what their needs really are. Realise that they are specialised products, and one size doesn’t fit all, so you’ve got to understand where the customer is coming from and how you can best serve them.
