We were referred in to a Technology Company facing a problem where their Cyber Liability Insurance was not compliant with some of their contract requirements. They had tried a number of different ways to obtain the coverage they needed; however, after a year and half, still weren't where they needed to be.
This both exposed their business to potential threats, but it also made closing deals with larger clients more difficult than it had to be.
The Problem: Finding Affordable Coverage in a Hard Market
At the time we engaged with the client, the market for Cyber Liability Insurance was in turmoil. Costs of insurance policies were rising at average rates of 50%. Many insurance carriers were limiting the amount of coverage they were willing to offer.
The client's existing insurance broker did everything by the book - they collected information via insurance applications and approached a variety of insurance companies. But all to no effect.
The client was stuck with coverage that both expensive and inferior.
The Solution: Out of the Box Thinking
The client had already done all of the hard work. They had the IT and Cybersecurity Infrastructure in place. They proactively monitored it, actively tested and audited their programs and processes, and provided a strong training program for their employees.
What we brought to the table was two things: the knowledge of how to properly sell their business to insurance companies and the willingness to do the hard work.
The Result: Improved Coverage with an Emphasis on Communication
We worked closely with the client to learn the specifics of their operations, the information they held, and how they protected that information from cyber risks.
We then developed a strategy that worked for the client: compile an overwhelming amount of information that would guarantee attention from underwriters the right insurance companies. We didn't just supply an insurance application, we dug into details and provided several years worth of SOC Audits, Penetration Testing Results, Background and Resumes of the Executive Team and Key Personnel, and in depth review of the training they put in place for their employees.
It took about one month to go through the deep dive and to put together a rock solid submission. After clearing the final draft of the submission with our client, we took coverage to market. Within two weeks, we had found a solution that provided the client with the coverage they needed.
Improved Coverage, Twice Over
In working with us to solve their major problem, the client decided they wanted us to represent them for all of their insurance needs. Our first step was to take another deep dive - this time into the rest of their coverage. We identified several coverage deficiencies and over the course of the next 6 months, filled those gaps in coverage and streamlined their coverage.
And as a last step, we walked through their Cyber Liability coverages again. After a year, we replaced the combination of their original coverage and the supplemental coverage we provided with a much more comprehensive solution that eliminated the need for another expensive policy.
The Emphasis on Communications
Throughout this process, we utilized a communications process that put our client in the drivers seat while saving them time in their busy schedule. We utilized a series of video messages to communicate complicated insurance information in depth, and on demand. The client could view these videos on their own time and come prepared to meetings with questions.
Most business owners and executive teams want to have the right insurance coverage. But coverage is complicated and hard to explain. By putting them in the drivers seat and working with their schedule, the client was able to make informed decision about their coverage and be confident in their decisions.
Why Should You Choose Stillwell Risk Partners?
Our goal at Stillwell Risk Partners is to be a part of your Trusted Advisor Team. We won't sell you products you don't need and we'll give you the education and advice you do to make informed decisions.
Our systems are built to serve the needs of those who require a higher level of expertise and service.
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