Today’s market has many cyber insurance professionals searching for solutions to rising premiums and limited capacity.This is causing an immense strain on agents' and brokers' ability to get quotes and generate proposals. Not to mention, the renewal discussions with insureds who are still reeling from price shock.
Agents and brokers who are agile, innovative, and open to change will see success in this competitive and complicated marketplace.
That’s where insurtech can help. A combination of “insurance” and “technology,” insurtech refers to tools designed to improve the efficiency of the insurance industry. These solutions are essentials for brokers and agents to secure capacity in a hard market.
Cyber insurance is complicated. Renewals aren’t guaranteed for most markets, and eligibility can be restrictive as you look to match prospects with the right level of coverage.
Breaking into the market can also be painful as carriers are hesitant to appoint agents and brokers without experience or large books of cyber business.
How Insurtech Helps
Instant (API) quoting allows brokers and agents to optimize the application, quoting, and submission process.
The Relay platform, for example, enables agents and brokers to submit quotes through a unified single-entry submission form and instantly generate sleek, branded Smart Customer Proposals™ from multiple carriers. This, in turn, increases efficiency and allows agents and brokers to write business up to 90% faster than they could via manual processes and go to multiple markets at once.
Dealing With Rate Increases
Current books of business have clients seeing increases that make even the most seasoned, innovative agents in the field question how the market and insured can survive together. According to Aon PLC, cyber coverage policyholders saw rates increase by 20% to 50% throughout 2021 — a trend that has only continued into 2022.
As a result of this premium increase, insurance brokers are facing a significant spike in requests from policyholders to shop for alternative quote options.
How Insurtech Helps
Insurtech can increase broker efficiency, reduce labor costs, and create opportunities to write new business with cyber insurance carriers.
Insurtech also minimizes time spent searching for a match and provide the real-time information needed for decision-making. The ability to compare products in one platform, offer branded proposals, and make informed decisions with your prospect or insured, thereby saving time and energy — both of which are hot commodities in a hard market.
Ultimately, insurtech brings data, people, and systems together. It empowers brokers to discover their edge in the digital era by delivering superior customer service with increased efficiency and accuracy across all lines of coverage and all complexities of risk.
Writing More Business
Agents and brokers can’t write new business if they don’t have a market to submit applications for cyber insurance risks. Currently, many carriers are cautious in handing out new appointments directly to brokers and agents who don’t have a solid understanding of the cyber insurance marketplace or an existing book of cyber business.
How Insurtech Helps
The right insurtech platform has markets to achieve any capacity goals. Relay, for example, works directly with trusted capacity providers, helping users get appointed either directly or through a wholesale partner so they can start writing cyber business quickly. Then, using our instant (API) quoting capabilities and Competitive Differentiation Table™, brokers and agents can more efficiently compare policies and submit winning proposals with the opportunity for a one-click bind.
Questions? Schedule your demo of Relay today to see firsthand how insurtech helps agents and brokers secure capacity in a hard cyber market.