Not that long ago, cyber insurance was considered more of a specialty line; however, recently cyber is becoming more prominent in personal and commercial lines. With global shutdowns driving more online business, there has also been a surge in cyber threat activity. Individuals and businesses are turning to cyber insurance for protection, and insurers are turning to ClarionDoor to launch their cyber programs.
Cyber insurance is really at a pivotal point. Cyber threats are on the rise. Premiums are increasing. Losses are becoming catastrophic. And the work-from-home model is introducing new challenges to the cyber insurance market. Regardless, there is still a growing demand among employers and employees for cyber coverage.
Cyber insurance is one of the fastest growing coverages, currently at $2.25 billion with an annual growth rate of 11%. So it really is no surprise that insurers are scrambling to stake their claim in the cyber market. However, time is critical. If you cannot launch your cyber insurance program quickly, you may lose out on the market opportunity. That is why many insurers are partnering with ClarionDoor to launch their cyber programs. Here are a couple of examples.
The leading online insurer of small businesses in the U.S. recognized the complexities that small businesses face in choosing insurance products, especially when it comes to cyber protection. Leveraging the API-first, cloud-native, intelligent technology of ClarionDoor’s product distribution platform, they were able to rapidly launch a new cyber program complete with rating, quoting, and issuance.
Insurer Case Study
The WFH model is not something new, but with the increase in cyber threats, it does introduce new challenges that employers and individuals will need to evaluate. Individuals working from home no longer have the same level of protection and security they had in the office. Although WFH has its benefits, it is forcing employers to utilize third-party applications, creating security blind spots and a target rich environment for hackers.
Cyber insurance is not just for direct writers. MGAs and wholesalers, like RT Specialty, also have a stake in the game.
RT ProExec, a division of RT Specialty and a leading wholesale distributor of specialty insurance products and services, delivered a new insurance product, expanding their scope of cyber coverage leveraging ClarionDoor’s technology. Today, the impact of cyber security is broader than ever before and ClarionDoor helped RT ProExec take advantage of an emerging market opportunity with a reliable, dependable, and secure technology platform.
MGA/Wholesaler Case Study
ClarionDoor’s intelligent product distribution platform enables insurers, program administrators, and MGAs to create, launch, and distribute any product for any line of business and positions them to be futureproof. To learn more about how you can launch your cyber program or any other products, contact us at [email protected].
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