With growing reliance on technology, and an evolving cyber threat, companies are turning to insurance brokers for advice and solutions, including help with risk assessment and quantification. That is why Miller is offering risk assessment and quantification to our preferred intermediary partners free of charge.
Miller has partnered with cyber risk platform Corax to offer our preferred intermediary partners a free cyber risk assessment and quantification service for their clients, helping to bolster their capabilities and support the sales process. The effortless and non-intrusive process scores a company’s cyber risk, opening the door to a discussion on cyber risk and insurance.
Interest in cyber insurance is growing, with high profile attacks and tougher data protection rules, such as Europe’s GDPR and California’s recently passed Consumer Privacy Act of 2018. However, selling cyber insurance can still be challenging. It is a complex and technical risk, and many clients will need convincing before increasing their insurance spend.
A number of innovative technology firms are developing exciting new cyber risk assessment tools. Following an extensive review of these and traditional CAT modellers, Miller is now working with one such leading InsurTech firm, Corax Cyber Security, to offer an easy to use tool that gathers intelligence for lead generation, prospecting and cyber insurance sales.
How it works
Miller's preferred intermediary partners need only provide us with some basic information – namely an interested party’s website domain name – and we will generate a bespoke report. There is no need to involve the prospective client.
Using a range of public data sources, sector-specific threat intelligence, and loss scenarios, the tool is able to quantify the likelihood and potential severity of a cyber attack for a given company. The resulting report gives an overall cyber score, but also data on the loss potential, cyber hygiene and likely costs of a cyber attack or business interruption event. Once engaged and in dialogue, there is even a capability within the system to ‘ping’ the specific company to test out its security and cyber hygiene. This adds even greater credibility and value to the assessment tool.
Armed with the report, Miller’s intermediary partners have the ability to overcome many common cyber insurance purchase objections and increase conversion rates. The report helps clients visualise their cyber risk, by demonstrating the likelihood of a cyber incident and quantifying the potential financial impact. It can also benchmark a company’s cyber security and loss potential against a peer group or industry.
The tool is designed to assist insureds with assessing cyber risks and it therefore supports prospecting of new clients or cross-selling to existing ones. It makes it easy to identify individual or groups of clients with significant cyber exposures, as well as quantify the cyber risks of both potential and existing clients.
The report can also be used to inform and support the purchasing of cyber insurance, including the most appropriate cover and limits. The data can be used by Miller's broking team in underwriting negotiations and help assess exposure against attachment points. It can also strengthen our negotiating position with insurers, giving increased ability to justify premium, limits and deductibles based on real data.
The service can also support value added services, such as to inform risk management decisions and investments in cyber security. It is then possible to rerun the report to see how risk management steps have reduced the likelihood of loss and therefore achieve reduced insurance premiums that are more reflective of the improved risk profile.
Miller’s Cyber capabilities
Innovative solutions like Corax combined with Miller’s specialist knowledge and market influence can help brokers compete, putting them in a much stronger position when selling cyber insurance. Miller can back up the technology with both technical and insurance support, giving access to specialist cyber insurance product and advice.
Cyber can be a daunting risk, but with the right tools and support, it is also an opportunity for our preferred intermediary partners to better serve their existing clients and expand their client base.
Your next step
For more information on Miller's new cyber risk assessment
and quantification service, contact Daniel Leahy in our cyber team.