April 17, 2018 by Jason Contant
Listening to clients’ exposures before offering them a cyber policy could go a long way in selling the right coverage, a cyber insurer told Canadian Underwriter Monday.
“By asking the question: ‘What keeps you up at night and what do you look at as your biggest cyber exposure?’ for them can really open up the broker to be able to then tailor the messaging back to them as to what the cyber policy can provide,” said Lindsey Nelson, international cyber team leader with CFC Underwriting.
“The broker community could have a lot more success in selling cyber to their clients by not focusing on telling clients what cyber policies can offer them and what’s available in the market, but rather listening to their clients in terms of what they think their exposures are,” she said.
For example, a broker shouldn’t go to a Canadian manufacturer and discuss privacy liability, which tends to be a U.S. exposure, with “very few and far between” incidents in Canada. “Manufacturers don’t hold a lot of records,” Nelson noted. “So I think it would be beneficial for brokers to familiarize themselves with what’s available in the market, but [also] listen to clients’ exposures before we get into the habit of giving them applications that ask very control-based questions and yes and no tickboxes.”
Other suggestions include: