by Catherine France

Storytelling – we tell your cyber story to the underwriter.

What do insurers want to see? 

• Risk management

• Experience and team

• Security measures

• Growth plans

What do you need to explain to the insurer to make them want you as a client? 

What processes do you follow? 

What business continuity plans do you have? 

What does your disaster recovery plan look like? 

What mitigating factors are there in place for cyber gaps?

How to Pitch Your Business to Your Insurer for Better Cyber Coverage and Terms

One of the most overlooked strategies for securing better cyber coverage and terms is effectively pitching your business to your insurer. Much like a pitch on Dragon's Den, your approach should be compelling, comprehensive, and well-structured. Here's how you can make your case for better cyber cover:

Tell Your Cyber Story

Storytelling is a powerful tool. When you present your cyber story to the underwriter, you are not just sharing facts and figures but conveying the narrative of your company's cyber resilience in as much detail as possible. This involves highlighting your risk management strategies, the experience and strength of your team, the security measures you have in place, and your plans for future growth.

If you can paint a picture of your business for the insurer, including your cyber security posture in a way that is detailed, validated, and in the same language as a cyber expert, you will no doubt get better coverage and terms. Infoprotect is uniquely positioned to do this in a way that supports the Brokers submission to the underwriter. Our knowledge of what is required to achieve cyber resilience has shaped the globally accepted frameworks we use to assess a firm's cyber posture. In all cases, the cyber risk assessment produced provides the insurer with more in-depth detail than their proposal form.

What Insurers Want to See

Insurers are looking for specific elements when considering your application. These include:

• Risk Management: Demonstrate your approach to identifying and mitigating cyber risks.

• Experience and Team: Showcase the expertise and capabilities of your team.

• Security Measures: Detail the robust security protocols and technologies you have implemented.

• Growth Plans: Outline your business's future plans and how you intend to maintain and improve on your cyber resilience.

Key Areas to Explain to Your Insurer

To make your insurer eager to have you as a client, you need to comprehensively explain:

• Processes: What processes do you follow to ensure cyber risk management?

• Business Continuity Plans: What plans are in place to ensure business operations can continue during and after a cyber incident?

• Disaster Recovery Plans: What does your disaster recovery plan look like?

• Mitigating Factors: What mitigating measures are in place to address potential cyber gaps?

Adopting this structured and detailed approach can significantly improve your chances of securing better cyber coverage and terms. Remember, insurers are looking for businesses that demonstrate a proactive and thorough approach to cyber risk management. Make your pitch stand out by crafting a story showcasing your cybersecurity commitment.

Need Help?

If you need help understanding the information insurers want, gathering that information and validating it, we have the solution. The industry-leading cyber risk assessment frameworks we use mean that brokers, clients and underwriters all get the same detailed report that can help clients get better coverage and terms. Insurers get more detailed, accurate, and validated information on the risks they select (as well as a view of where claims will come from, yes, really!), and brokers get better client outcomes. 

Get in touch with Brad Fraser , brad.fraser@infoprotect.co.uk or Hazel Richardson , hazel.richardson@infoprotect.co.uk for a confidential chat.