Big “I" Markets, the online market access system available exclusively to Big “I" members, has partnered with
Coalition, the leading technology-enabled cyber insurance solution, to give agents access to the cyber and technology errors & omissions insurance markets.
Cyber insurance premiums are expected to reach $7.5 billion by 2020, or 1% of all property-casualty insurance premiums and 25% of all errors & omissions premiums, according to PricewaterhouseCoopers. Small to midsize businesses remain the biggest untapped and underserved market for cyber insurance. According to a 2017 Better Business Bureau report, only 15% of small businesses have cyber insurance coverage.
“Cyber risks are becoming more pervasive and devastating, yet most small businesses remain unprotected," says Paul Buse, president of Big I Advantage®. “We are committed to giving our members the tools they need to help clients understand, combat and mitigate these changing risks. After surveying the market, we strongly believe that Coalition's holistic approach to insurance and risk management is the most robust cyber insurance solution available."
Coalition is the first insurance-enabled technology firm built to help businesses before, during and after a cyber incident. During the online quoting process, the insured's network and web properties undergo an automated risk assessment to identify known issues and potential weaknesses in the insured's security posture.
Once coverage is bound, Coalition provides ongoing monitoring for new and emerging threats specific to the information technology used by the insured, adding an extra layer of defense. All policies include this technology-driven approach, which includes automated alerts, threat intelligence and ongoing policyholder monitoring, along with a dedicated claims and security team should a breach occur.
“Our partnership with Big 'I' Markets advances our mission to solve cyber risk," says Joshua Motta, CEO of Coalition. “All 10,000 Big 'I' Markets agencies, and the millions of businesses they serve, now have access to the leading cyber insurance and cybersecurity solution."
Through the Big “I" Markets platform, any Big “I" member agency can quote and bind insurance online. Big “I" members also have direct access to Coalition's licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process. Watch our brief Coalition cyber insurance overview video (above) and a demonstration of our streamlined cyber submission process to see how the quoting process works.
In addition to protecting clients with cyber insurance coverage, independent insurance agents are also protecting their own liability. “'Failure to offer' continues to be a leading cause of insurance agency E&O claims," says Jim Hanley, Big “I" director of agency risk management. “Agents need to talk with their commercial clients about cyber liability, and now Big 'I' members can use the Big 'I' Markets platform to cover most anyone. All agents should offer—and use our sample declination form to document offering—cyber insurance to all business clients."
With the addition of Coalition to its product lineup, Big “I" Markets now has a complete range of admitted and non-admitted cyber insurance offerings, from automatic-issue, admitted policies for small business to complex risks that require flexible forms and underwriting in the surplus lines arena.
This product is currently available to members in AR, AZ, IA, NC, NE, NJ, NV, SC, TN, UT, VA & WA via the Big “I" Markets platform.
Contact IIABSC Membership Services Director Megan Thomas with any questions, or learn more on Big “I" Markets.