In response to the rising threat of cybercrime, Brokerbility has unveiled a new end-to-end cyber insurance proposition designed to assist its broker members and their clients in navigating this complex landscape. This initiative aims to address the growing challenges associated with cyber risk assessment and management in the insurance sector.
To enhance its offering, Brokerbility has established partnerships with leading cyber insurance providers, including CFC, Coalition, and Optimum Specialty Risks (OSR). These partnerships position these companies as Brokerbility’s cyber affiliate partners, allowing brokers access to specialized insurance solutions tailored to the evolving needs of their clients.
A key component of Brokerbility’s new cyber proposition is the integration of Infoprotect, a company that specializes in risk management services. Infoprotect’s role will be to provide streamlined risk assessment tools, making it easier for brokers to evaluate and manage cyber risks accurately. This integration aims to improve the overall efficiency of the insurance process by ensuring that brokers have the necessary resources to assess potential threats effectively.
Brokerbility’s operations director, Michelle South, emphasized the challenges insurance brokers face in assessing and pricing cyber risk. She noted that the constantly evolving nature of cyber threats, coupled with a lack of standardized questionnaires and risk assessment methodologies, complicates the situation. Additionally, obtaining complete and accurate data from clients can prove difficult, further hindering effective risk management.
“Our cyber proposition provides our members with a comprehensive cyber offering, enabling them to trade directly with each affiliate partner and creating a one-stop shop to meet their clients’ cyber protection needs,” South stated.
Brad Fraser, chief executive of Infoprotect, described the new proposition as a “revolutionary solution” for the insurance market. He highlighted that this collaboration will streamline the process of capturing cyber risks and completing proposal forms, ultimately enhancing efficiency and success for brokers, insurers, and clients alike.
As cyber threats continue to evolve, Brokerbility’s new cyber insurance proposition represents a proactive approach to tackling the complexities of cyber risk assessment and management. By leveraging strategic partnerships and integrating advanced risk management services, Brokerbility aims to empower its broker members and ensure they are well-equipped to protect their clients in an increasingly digital world.
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