This often finds you figuring out what your client’s digital business assets and digital risks are. This is an involved process for many reasons; your client might not have the proper documentation supporting their dedication to good cyber security hygiene or they manage their digital risk poorly. However, you can increase your take rate by breaking down and eliminating complexities as your clients start to understand digital risk. Understanding digital risk can increase take rates for brokers, allowing them to connect more clients with cyber insurance coverage. When you understand your client’s risk, you can tailor their cyber insurance requirements to meet their unique needs.
Digital Risk Management and Digital Security
Understanding digital risk can increase take rates for brokers. You can start this process by assessing your client’s cybersecurity protocols and which of their digital business assets require coverage in the event of a cyber attack. From there you can identify gaps in coverage in their existing policy, offer risk mitigation advice, and provide tailored solutions for their policy. This is all part of your client’s digital risk management as you help them to understand digital security. When you break down these complexities for yourself, it’s easier to convey the information to your clients.
Identify Gaps in Coverage
If your client already has an existing policy, it’s good to review their digital business assets and digital risk profile and compare it against their policy. You’ll also need to know if they have effective first- and third-party coverage. During this review, you and your client can determine if the existing policy covers their needs. However, this review can allow you to identify any gaps in coverage that could potentially be devastating for your client. In this case, after you assess their digital business assets and digital risk management, you can work with the cyber insurance company for more coverage or other options to protect your client. In turn, the insurance company might ask that your client implement more digital security protocols or address other concerns in order to gain this extra coverage.
Offer Risk Mitigation Advice
To ensure that your client has effective digital security practices, be sure to go through their digital risk management protocols and see where they can improve. This will be helpful in your client gaining coverage if they don’t have any or achieve better rates and coverage under an existing policy. As their broker, you are familiar with their protocols as well as developing cybersecurity trends. You can recommend better protocols and continually give risk mitigation advice to help them get better coverage and rates, as understanding digital risk can increase take rates for brokers.
Provide Tailored Insurance Solutions
Because you know your client’s digital business assets and digital risk profile, you can come to them with tailored insurance solutions for their specific needs. Digital risk management is all about clients’ unique risks and vulnerabilities. As their broker, you can work with their cyber insurers about their digital business assets that need coverage and how they manage their digital risk. When you present your client with tailored solutions, they are more likely to move forward with the coverage and thus the sale.
Understanding digital risk can increase take rates for brokers, so what does eliminating complexities look like in the face of an ever-evolving field? Identifying gaps in coverage, risk mitigation advice, and tailored insurance solutions help clients get better coverage, but how do you anticipate and manage unseen digital risk? Maintaining client trust and recommending the best digital risk management tools are great ways for preparing your clients for the future of digital risk.
Future of Digital Risk
Of course, it’s impossible to predict the future. As a broker, you understand that digital risks and threats become more complicated as hacking technology and abilities evolve. However, anticipating future digital threats and preparing for the future of digital risk isn’t a lost cause. Maintaining client trust and using AI-powered digital risk management tools with your clients can help them keep their digital business assets secure.
Maintain Client Trust
As you work with your client, you build trust with them. It’s imperative that, even after finding your clients better coverage, you keep open communication with them. Your clients need to know that they can count on you to be up-to-date on cybersecurity trends and different cyber insurance policies. Clients that have a higher risk profile will likely depend on this more because their assets highly depend on coverage and your expertise in the field. As you build and maintain client trust, they are much more likely to stay with you as their broker, thus increasing your take rate.
AI-powered Digital Risk Management Tools
Understanding digital risk can increase take rates for brokers, what about digital risks that you and your client haven’t identified? In the future of digital risk, digital business assets need to be protected, more than what good cyber hygiene can offer. Complex digital risks and threats require even more complex solutions in order to protect these assets. At SecondSight, we’ve developed the first AI-driven risk management tools, including Digital Asset Inventory and Digital Risk Tracker. Humans can accidentally miss assets and misidentify digital risk, and our tools are built to identify these gaps. When you and your clients utilize our Digital Asset Inventory and Digital Risk Tracker Workbench, we will identify all of your client’s digital business assets that need coverage and the AI will recommend how to manage their digital risk profile. With our AI-powered tools, you and your clients can assess how to manage digital risk and keep their digital business assets secure.
As a cyber insurance broker, eliminating complexities in understanding digital risk can transform your take rates. When you thoroughly understand digital risk management and digital security, you can relay important policy information to your clients, ultimately building trust and increasing your sales rate. Tailoring your client’s policy to their specific needs based on their unique digital business assets and digital risk profile creates a great customer experience for your clients. Tailoring their options also builds their trust in you as their broker, as you listen to them and become knowledgeable in their business needs. While the future of digital risk is constantly changing, you can ensure that you keep increasing your take rates when you’re an effective broker.