Within the next decade the cyber insurance market is projected to grow to over $120 billion according to a report by Fortune Business Insights. That means there’s a lot of opportunity for insurers who are looking to either grow their cyber business or expand into the cyber market. But with growth opportunities comes risk. So, before you jump into the cyber game, you need to consider:
- Do you have the distribution network that will support your expansion into this rapidly growing market?
- Even as cyber-attacks continue to increase in frequency, how can you boost your loss ratios?
These may seem like incredibly complex questions. But with the right technology in place, the answers are within reach.
At Zywave, we’re committed to helping our insurer customers become leaders in the cyber market. We’re prepared to help you grow your distribution network, power your decision making with industry-leading data and insights and empower your teams and policyholders with industry knowledge and expertise. With the right combination of tools, you can become a cyber insurance leader while also growing your cyber business and protecting your loss ratios.
Let’s talk about how.
Distribution & Quoting
You can’t build your cyber business if you don’t get your coverage in front of the right brokers and their clients. With Cyber Quoting, Zywave is streamlining the distribution process for insurers and their broker partners.
This unique quoting platform combines embedded data insights with a simplified cyber questionnaire, allowing brokers to provide bindable cyber insurance quotes. And unlike other quoting tools available in the cyber market, Cyber Quoting enables brokers to present cyber coverage options along with benchmarked industry insights so policyholders can easily identify the coverage that’s right for their organization.
Data & Insights
Along with the growth in market size, the frequency of cyber-attacks continues to increase. According to a report by the Identify Theft Resource Center, in 2023 there were over 3,000 publicly reported data compromises, impacting over 350 million people. That represents a 72% increase over the year before.
And beyond frequency, the average cost of a data breach has risen to almost $5 million according to IBM, with 70% of organizations reporting that a breach caused significant or very significant disruptions.
Investing in the cyber market and become a cyber insurance leader means you need to have a thorough understanding of the risks your clients face. And your own first-party data isn’t going to get you there. Zywave’s proprietary data tools are designed to help you improve your underwriting efficiency, refine your rates and better educate policyholders on the risks they may face.
With Loss Insight, you get access to comprehensive historical cyber loss data, including over 200,000 cyber loss records representing more than $82 billion in loss value. This data can be fed directly into your underwriting and actuarial models, helping you sustainably expand premium opportunities without blindly assuming risk.
While making smarter underwriting decisions is essential to protecting your loss ratios, it’s also essential that you and your policyholders are working together as a team to lower their risk profiles and purchase the right amount of coverage. That’s where Cyber OverVue comes in.
Cyber OverVue offers a holistic view of a policyholder’s cyber risk profile, combining industry insights with historical loss data to forecast potential loss scenarios and how a potential loss could impact an organization. High-level insights offer guidance on limit adequacy and traditional benchmarking analyses provide a comparison to peer groups to assist in identifying existing gaps in cyber coverage.
Industry Knowledge
As the cyber market continues to grow, it’s also going to continue to evolve. Cyber attacks are going to happen. Policyholders are going to experience losses. Regulations are going to continually change. And you need to stay on top of it all.
Zywave is committed to building your cyber expertise. On a bi-weekly basis we’ll deliver Front Page News’ Cyber Edition to your inbox. Our team of editors brings together this newsletter with the newest trends in cyber, the latest data breach and privacy news, plus insights into industry innovations, relevant legislation and ongoing litigation. Meant for risk managers, insurers, intermediaries, attorneys and service providers, Front Page News will ensure that you and your team can stay ahead of the trends.
If you want to go a step beyond reading about the cyber market, take advantage of our lineup of our best in class Thought Leadership Events. Multiple times a year we bring together the top cyber insurance thought leaders for in person learning, networking discussions and workshops. Join us for Cyber Risk Insights London Conference on April 2, the Cyber Risk Awards on June 12, and the Cyber Risk Insights New York Conference in the fall.
And your clients could use a little knowledge boost too. With Client Engagement Suite, you can engage your policyholders throughout the policy lifecycle on all things cyber. With content, compliance courses and specialized tools designed to help you build out a more effective client engagement program, the suite will ensure that your clients have access to the cyber knowledge tools they need on their schedule, without any extra handholding from your team.
Learn More
If you’re ready to boost your expertise and become a cyber insurance leader, we’re ready to help. Click here to connect with a Zywave cyber expert today.
