All facets of the Insurance business are struggling as processes evolve to better protect clients from technology-oriented risks, while requiring they do their fair share to escape the crosshairs of chaos.  Simultaneously, Insuretech is busy trying to disintermediate traditional insurance players, and rewrite the rules of the business. Deloitte reported that of all the reasons companies procure cyber insurance, independent risk assessments are at the top of the list. (TEKRiSQ provided graph). Several unique challenges exist at all ends of the market.

  • AGENTS: Whether you’re an independent agent with many markets, or focused on a single one, understanding a client’s exposure to technology risk is a big challenge, and clients don’t always know the answers. This can quickly become a complicated, time-consuming homework assignment. With a hardening market, and mature data on claims, your markets require more and more information. You want to help your clients as this threat skyrockets, but this small, ancillary coverage is so time-consuming with applications getting more difficult, not to mention increasing E&O risks! Unfortunately, this problem isn’t going away.  What’s the solution?
  • AGENCIES: With the time commitments and marketing efforts of binding technology-oriented policies, how do you make cyber, crime, IP, E&O and even D&O associated risks a good use of your time? With clients needing coverage more than ever, how do you accelerate your team and address risk management to ensure clients put the right practices in place? How can you manage a reasonable quote to bind ratio, while simultaneously avoiding too many claims?
  • MGAs/MGUs/WHOLESALERs: You support agents everywhere, all of whom have different levels of expertise, knowledge and client insight. How do you get the right 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 the necessary upfront information for underwriting without overburdening the agents chasing deals? You want to be able to address the right targets, while ensuring targets of choice can quickly put actions 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 will these issues get tackled going forward?   

Q: How can TEKRiSQ help solve these problems?

A: TEKRiSQ uniquely provides improved upfront risk diagnosis that results in better Underwriting, Loss Control and Ongoing Risk Management, while automating the application process and removing the friction in the field.

Learn more about how TEKRiSQ can help you ensure client cybersecurity today.