Insurance and technology may traditionally not be the most natural collaborators but the role of tech insurance has come into its own in recent years – particularly, in a post-COVID environment where digitisation has become the new normal.
Watch now: What’s next for the tech insurance market?
Offering insight into how the tech insurance space has evolved over the last 12-24 months and how brokers can meet the changing demands of the market, Dan Brown, senior technology underwriter at Travelers Europe emphasised the value brokers can bring.
“Brokers have got a great role in explaining some of the pitfalls to their customers,” he said. “And also in bringing us in so that we can form a three-way relationship with their customer and really understand the detail of what a tech company does, and what the ultimate downside of their services failing looks like in terms of the knock-on effects it has on the customer.”
Brokers facilitate a greater understanding of the situation facing clients after an outage, he said, but also around the contractual element as well as to what a claims dispute might look like. Brokers can help insurance companies get under the skin of a business, he said, by enabling meetings with clients that help underwriters figure out how to create the best coverage possible.
“And also, brokers have got a great job to do in terms of educating customers on the importance of multi-factor authentication across the business and endpoint detection,” he said. “Because the cyber landscape is changing so fast, it’s hard for everyone to keep up, customers included.”
The tech insurance sector is a great one to work in, Brown said, as it’s fast-paced and exciting, and the end customers are very interesting. When you speak to clients, you often get a glimpse into the future, and he advised brokers to embrace that this industry is not London-centric. Major technology events and conferences are taking place all across the UK and Ireland, and brokers should be looking at every opportunity to broaden their horizons.
Watch now: What’s next for the tech insurance market?
