The rate of cyber attacks has been increasing dramatically in recent years. And, despite policymakers, corporate executives, and IT professionals’ best efforts, many organizations remain vulnerable to data breaches, malware, and ransomware.
Increasing threats mean an increased need for cyber insurance which, in turn, puts pressure on the agents and brokers who sell these policies. Overall, quoting and writing proposals has become a time-consuming and tedious process — especially in a hard market with limited capacity.
No one ever said cybersecurity was easy. But what if there was a way to make quoting and placing easier and more efficient? With the right tools, you can create smarter proposals that reflect your client's specific needs to help them better protect their businesses from cyber threats.
Here’s an overview of how brokertech (broker technology) can be used to create smarter cybersecurity proposals in a fraction of the time it would take you to do it manually.
The Current State of Cyber Insurance Proposals
The current state of cyber proposals is that they are often long, complex, and filled with jargon that the average person doesn't understand. This puts more pressure on the agents and brokers creating these proposals and makes it harder for business executives to know what they're buying and whether or not it's worth the investment.
Using brokertech, you can create professional, branded proposals that are easy to understand and digestible for your clients.
The Benefits of Using Brokertech For Cyber Insurance Proposals
Broker technology allows you to input data into a system that will then auto-generate a client proposal ready for review. This means that the software does all the heavy lifting, freeing up your time so that you can focus on other things. In addition, some broker technologies come with pre-written content that can be used in your proposals, saving you even more time.
Writing smarter cyber proposals is all about putting client needs first. Brokertech used must be customer-centric, non-complicated, personalized, and intuitive. Taking this approach to generating cyber proposals is an efficient way to decrease selling friction and increase customer value.
Using brokertech like Relay Platform can aid in smart proposal creation by streamlining the custom proposal process, so multiple quotes are presented with less effort. This creates a practical, custom view for the customer on the front end and a simplified process for the broker on the back end.
With Relay Platform, brokers can access multiple sources of information using a single application. Once the client completes, application data is used to obtain quotes from multiple carriers. This results in an automated cybersecurity proposal customized to meet each client's unique needs.
Unlike traditional methods, Relay Platform aims to enhance your business's current operations rather than upend existing sales processes by operating in the background as a neutral platform, keeping your agency branding front and center.
How to Get Started With Brokertech For Cyber Proposals
Before choosing a brokertech platform, it's essential to understand your client's collective cybersecurity needs. What types of data do the majority of your clients need to protect? What common threats are they most concerned about? Once you clearly understand their requirements, you can begin researching different brokertech providers.
Next, it's helpful to get in touch with other businesses that have used brokertech services. Ask them about their experience, what they liked and didn't like, and whether they would recommend the provider to others. This can give you valuable insights into which provider may be the best fit for your business. If you’re still unsure, try taking advantage of any free trials to get a feel for the platform and its capabilities to meet your needs.
Finally, once you've selected a brokertech provider, be sure to stay engaged throughout the entire process. This includes keeping up with platform updates and changes. By following these tips, you can help ensure that you're using the platform effectively.
Bridge the Gap Between Customization & Efficiency
There’s no denying that brokertech changes the game for agents and their clients. Custom smart proposals can bridge the gap between the increasing need for cyber insurance and the offerings available. Using broker technology to automate custom proposals is the most effective sales method in the volatile cyber market.
Relay Platform has all the features needed to gather customer information, produce quotes from multiple insurers, and succinctly present quotes to potential customers in a custom, branded proposal. Contact Relay to learn more about educating clients about data breaches and giving them valuable cyber risk mitigation resources.