Ask a small business owner whether their business processes, transmits or stores more than one million financial transactions or records containing personal information each year, and many will need you to explain the question before they can answer it. That is the moment a cyber quote stops being a conversation about risk and becomes a lesson in terminology.
BizCover for Brokers has cut the cyber specific underwriting questions needed to quote new cyber business from ten to two for most eligible businesses. Through one submission, brokers can quote with up to three insurance partners, DUAL, AIG and Chubb, which leaves more of the conversation for the client’s actual exposure.
Explore the new cyber question set.
“Cyber can already be a challenging conversation because some SME clients may not immediately see how the risk applies to their business,” says Peta Furlong, Senior Operations & Distribution Manager at BizCover for Brokers. “The easier we can make the quoting process for brokers and their clients, the more room there is to focus on the risk itself.”
Making Cyber simpler to quote
BizCover for Brokers has streamlined the underwriting questions used to quote Cyber Insurance through its online platform. For most eligible businesses, the two questions cover cyber incidents, claims or losses in the past three years, and any known circumstances that could give rise to a claim.
An additional question applies to IT businesses providing certain services to third parties.
Social Engineering and Fraud (SEF) cover is now also automatically included under the new approach. DUAL and Chubb include a $100,000 SEF sublimit, while AIG’s SEF sublimit varies according to the selected Limit of Indemnity (starting at $25,000 up to $250,000).
The change reduces the amount of underwriting information brokers need to gather from their clients when seeking a Cyber quote. Business details required to complete a submission still need to be provided, but the Cyber-specific underwriting conversation is significantly shorter.
“This makes it easier to bring Cyber into a broader SME insurance discussion, rather than turning the quoting process into a lengthy technical exercise,” says Furlong.
“The broker still plays the important role of understanding the client’s business and discussing the available options with them. What we’re trying to remove is unnecessary friction around that conversation and increase the proportion of eligible submissions that can receive a quote through the B4B platform.”
One submission, multiple quotes
Through one submission, brokers can access Cyber Liability quotes from up to three insurance partners (DUAL, AIG and Chubb) allowing them to review available pricing, cover, limits and exclusions with their client. Cyber can also be quoted alongside other relevant SME insurance products through the platform without brokers having to start again and rekey the same client information each time.
B4B’s Cyber offering is designed for SME and micro-SME clients across more than 5,000 occupations. The B4B platform offers Cyber Liability limits of up to $5 million for businesses with revenue of up to $10 million. Businesses exceeding this revenue threshold may still be considered through a manual process.
Support beyond the initial quote
The administrative work involved in servicing an SME client also continues well beyond the initial quote.
The B4B platform is designed to support these everyday stages of the client journey. Brokers can manage binding, amendments, cancellations and renewals online, while self-service Certificates of Currency can help with routine client requests. Reducing the time spent on administrative processes can create more capacity for the parts of that journey where a broker’s expertise matters most.
More time for client conversations
A shorter cyber quote process gives brokers more control over the conversation, allowing them to focus on clients’ needs rather than explain technical wording in a proposal form or gathering information an SME client may struggle to supply.
“Technology should exist to help brokers excel, not create barriers,” says Furlong. “If we can simplify the repetitive parts of SME insurance, brokers have more opportunity to focus on understanding their clients, applying their judgement and building the relationships that matter.”
“For Cyber, that starts with something tangible: a question set that is easier for brokers to work through with their SME clients.”
Explore the new Cyber question set through the B4B platform today.
Time saved creates an opportunity for better service
Reducing administrative friction doesn’t automatically create stronger client relationships. What it does create is an opportunity for brokers to redirect that capacity towards their clients – whether that means discussing changing risks, preparing for renewal or simply being available when a client needs help.
“When technology takes some of the administrative burden away, brokers can choose to invest that time back into their clients,” says Peta. “That’s where the real opportunity lies.”
The future is about quality, not quantity
Ultimately, the most future-ready broker may not be the one using the most technology, but the one whose technology gives them more time to do what clients value most: building relationships, providing advice and solving problems.
Discover how BizCover for Brokers can help simplify SME insurance