Four Strategies to Sell Cyber Security Insurance
Cybersecurity has become one of the topmost priorities in corporations and businesses. The increasing dependency and technology usage has opened up several possibilities of a data breach, theft, or loss. Therefore, professionals recommend cybersecurity insurance for businesses. Here are four strategies to sell the policy.
1. Understand the scale of business
Cybersecurity insurance is usually written as a stand-alone policy or package it with other business policies. Small and medium-sized enterprises are more likely to purchase a packaged policy due to their tight budget and general use of technology. However, insurers are beginning to exclude cyber protection from such business insurance packages instead of offering it as a separate policy. Therefore, large corporations that require specialized security are more likely to purchase a separate cybersecurity insurance policy. Understanding your business client’s scale will help figure out their need and your offer for them.
2. Personalize the Policy
Similar to the first strategy, this strategy also encourages agents to understand their clients. The need for cybersecurity insurance can vary depending on your clients. Some may only have minimal cybersecurity needs and want just a medium or limited coverage. On the other hand, some may wish for comprehensive coverages due to higher cyber risks and more significant tort liabilities. The coverages are unique and varying according to the insurers, and the type of policies you offer must cater to the insurers’ specific needs. Talk to your clients in-depth about their operations and use of technology to understand their business needs and personalize their cyber policy.
3. Be Proactive in Analysis
Due to the complex nature of cyber insurance, there is no standard policy for cyber insurance. Many variables are unknown to the clients, as well as to the insurers. So, to bridge the gap between potential insureds and insurers, insurance agents must be proactive. Agents must explore the needs of their clients to get an in-depth understanding. Then they can decide to what extent insurers can offer protection and create a personalized policy. So, ask your clients questions regarding the risks they’ve identified. Then, proactively analyze those threats and the other potential threats that your customers may not be aware of.
4. Choose Trusted Carriers
Cyber security insurance is an ever-growing need, and it already has a significant demand as internet-based risks breed all over the world. This means that there are high chances of finding loopholes in insurance products or contracts. Therefore, as an agent, you should be careful while selecting the carriers you recommend to your clients. A helpful tip is to look for insurance companies with proven records of underwriting cybersecurity policies.
