3 tips for brokers to improve client relationships using Cyber risk reports
Threat actors are becoming more dangerous, forcing companies to gain awareness of their cyber risk. Cyberwrite’s comprehensive cyber insurance risk platform empowers brokers with data-driven insights to inform more meaningful conversations with clients and provide them with the insurance coverage they need.
Threat actors are becoming more dangerous, forcing companies to gain awareness of their cyber risk. The FBI estimates more than $4 billion was lost to cybercrime in the United States in 2020, and IBM reports data breach costs continue to rise to a new average of $4.45 million.
Businesses of all sizes are vulnerable to data breaches, ransomware attacks, and other cyber threats. Many underestimate their exposures and rely on brokers for expertise and guidance on managing risk.
In the past, it was difficult for brokers to explain to customers what their cyber risk was and what the minimum insurance coverage would be. Generic questionnaires provide limited visibility into what exposures look like. Cyberwrite’s comprehensive cyber insurance risk platform empowers brokers with data-driven insights to inform more meaningful conversations with clients and provide them with the insurance coverage they need.
Robust risk assessments can analyze clients’ digital footprints across public, deep, and dark web sources. They can identify security gaps, benchmark against peers, pinpoint data leaks, and quantify financial exposures from potential cyber incidents. With this objective data, brokers can highlight priority risk areas and have informed discussions with clients about risk mitigation and insurance needs.
Rather than brokers making vague recommendations, data-backed reports illustrate why cyber insurance is crucial for each individual client. Without information specific to the client, brokers’ conversations are typically very shallow, with coverage and premium rates merely an ill-informed estimate.
Here are three ways Cyberwrite’s risk reports empower brokers to be more than just salespeople and advise their clients more authoritatively.
Become a value-added provider
Offering clients a customized cyber risk report that includes an economic impact assessment and risk benchmarking against industry peers. This shows that brokers are invested in informing customers about risk levels, vulnerabilities specific to their business, and cyber risk in general. The reports quantify their exposures based on specific data, not just theoretical industry trends typically seen with companies in their sector.
Concrete visibility into threats gives clients a way to mitigate their risk, which, in turn, may also decrease claims and help keep premiums affordable. Benchmarking against industry peers also contextualizes risk, so clients know where they stand against competitors.
Cyberwrite cyber insurance reports are simple to use and straightforward for clients to understand, as they were designed for brokers from day one. Access to these reports is cost-effective and an easy way to increase a brokerage’s credibility within the cyber insurance landscape. The reports help all parties understand the minimum coverage needed for a particular client based on actual historical data, AI analytics, and data collected on the customer. Brokers can also put their logo and branding on the reports to reinforce their expertise and provide helpful marketing collateral to new and existing customers.
Demonstrate due diligence
Clients depend on brokers for guidance. A comprehensive external cyber insurance risk analysis illustrates the broker’s knowledge of the client’s cyber risk and highlights potential vulnerabilities. Data-driven insights tailored to their digital footprint leave no room for ambiguity. The reports identify security gaps, highlight priority risk areas, and quantify possible financial impacts. This intelligence empowers clients to make informed risk mitigation and insurance decisions.
A broker’s due diligence in compiling the report demonstrates concern for the client’s security and inspires confidence in actionable recommendations generated by the report.
Use cyber to open new doors
While cyber insurance may be the starting point, assessments can open the door to broader conversations about clients’ risk management needs. Brokers can offer solutions to fill gaps, positioning their firms as strategic advisors looking out for clients’ best interests. This strengthens trust and loyalty.
Effectively communicating cyber risks also underscores the value of insurance as a whole. When exposures are clearly conveyed, clients better grasp the benefits of adequate coverage across all policies. Cyber assessments provide education to facilitate smart insurance decisions and future growth opportunities.
Don’t just take our word for it
Our technology was built by cyber and insurance-industry veterans to make cyber insurance easier. The reports are powered by our patented 4SEEN® AI algorithm, which has consistently shown a correlation to lower-than-average loss ratios. Our clients have seen the impact cyber risk assessments have.
“Cyberwrite gives our clients an insight into cyber risk, including critical findings and a potential loss estimate that clearly illustrates how much their exposure is,” said Edward Wong, Regional Director of Howden Broking. “Having access to Cyberwrite has given our brokers a tremendous advantage and our clients confidence in their decision to purchase cyber insurance and how much to purchase.”
“The Cyberwrite platform gives insurance professionals another means of enhancing the customer experience through high-quality data and intuitive service,” added Tyler O’Connor, a Broker with CRC, the largest U.S. wholesale brokerage firm.
To learn how your firm can use Cyberwrite’s cyber risk assessments to make clients safer, request a demonstration or contact our team.