Insurance underwriters have always relied on agents to gather data about their clients' cyber risk exposures. But this process is cumbersome at best, especially for a peril as complicated and dynamic as cyber.
Agents must work with clients to fill out pages of applications that ask about firewalls, incident response plans, password policies and prior breaches—all of which requires a lot of back and forth, and the answers rarely, if ever, provide the whole picture of a business's risk profile.
Fortunately, with Big "I" Markets cyber partner Coalition, underwriting gets a whole lot faster—and smarter.
As an insurance company founded by a team of leading cybersecurity experts, Coalition brings comprehensive technical know-how to cyber risk assessment. They've built a sophisticated underwriting platform that is able to automatically collect thousands of data points with just a company's name and web address.
That means no more forms or even the need to research a client's cyber preparedness at all! All you have to do is enter a company's name and web address into the platform. Coalition takes care of the rest.
This powerful underwriting engine works by looking at a company the same way a real-life adversary would, which no form could ever capture. The assessment looks at everything from what vulnerabilities exist in the software an organization uses to whether they enable remote desktop connections, and even whether their employees' email addresses and passwords have been compromised on the dark web.
Utilizing Coalition's underwriting engine, Big "I" members can generate quotes, bind coverage and even receive issued policies, all in under four minutes. Coalition's automated underwriting platform also allows any agent to generate a free cyber risk assessment alongside a quote, and to automatically tailor coverage to a client's company and unique risk exposures.
Even more important, capturing the right data and analyzing it appropriately enables Coalition to provide superior limits, pricing and coverage for good risks.
To learn more about Coalition's mission to solve cyber risk and begin quoting business today, log into Big "I" Markets and select Cyber Insurance - Coalition from the Commercial Products menu.
Contact Carla McGee, Big "I" cyber liability program manager, at 800-221-7917 with any questions, or to have her walk you through a quote.