All ends of the insurance industry are struggling to protect clients from cyber risks. The industry needs to offer robust coverage, while ensuring clients do their fair share to avoid the crosshairs of chaos. Several unique challenges exist at all ends of the market.
PRODUCERS: Understanding each clients exposure to technology risk is a big challenge, and clients don’t always have the answers. This complicated, time-consuming process equates to a ton of homework for both you and the client. Coverage keeps getting more expensive, and your insurance markets require deeper insight. Many clients today are uninsurable. Helping clients as these threats skyrocket is difficult, and the problem isn’t getting easier. What’s the solution?
AGENCY OWNERS: With the effort required to bind technology-oriented policies, how do you make cyber, crime, IP, E&O and even D&O associated risks profitable? How do you accelerate sales and address risk management to ensure clients are insurable? How can you manage a reasonable quote to bind ratio, better prepare clients and simultaneously avoiding a mountain of claims?
MGAs/MGUs/WHOLESALERs: You support agents everywhere, all of whom have different levels of expertise, knowledge and client insight. How do you standardized data to ensure what risks are ready for underwriting, identify the right markets quickly and identify the ones that will require increased effort?
INSURANCE CARRIERS: How do you get reliable data upfront for proper underwriting without overburdening the agents and insureds? You want to select risks among the right targets, while ensuring targets of choice can quickly put fixes in place to minimize the likelihood of a claim. Risk Selection is a sizable challenge while simultaneously addressing risk management, loss control and capacity constraints. How do you build a profitable, sustainable underwriting model?
TEKRiSQ solves these problems uniquely with improved upfront risk diagnosis for better underwriting, loss control and tracking ongoing risk management for long-term insurability. TEKRiSQ automates the application population process using its platform to remove the friction in the field that can .
