Cyber Product of the Year
New for 2019
This category is designed to recognise outstanding cyber products and their impact on the market.
The Insurance Times’ editorial team will select a shortlist of insurers/MGAs which are the top rated providers for cyber products according to brokers surveyed in our Broker Service Survey.
Providers selected were invited to present to a panel of judges who decided on the winner. Judges wanted to know how the cyber product has benefited the insurance community (brokers and customers) in areas such as quality of cover, claims, and overall expertise and support.
All the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
GOLD: Hiscox
Aviva
AXA
Chubb
Covéa Insurance
Aviva
What key achievement did your entry highlight?
Designing a clear and simple solution to a complex insurance need. We set out to design a cover that would be clear and relevant to all SMEs, whether they are tech savvy or not. We can provide a quote without the need for a long, complicated proposal form and our flexible cover package ensures our customers receive the benefit of all the covers we can offer. We have integrated the cyber coverage alongside the business combined policy, to provide one policy, with no gaps in cover and a seamless claims experience when the worst happens.
Can you share data or testimonials to back up your bid to win?
"Aviva are our preferred Cyber insurer, their product provides a fully comprehensive, easy to follow cover with exceptional support services pre and post loss. Their claims service is quick, effective and provides client confidence." Broker Wayne Cowley.
"How delighted all at xxx have been with the support offered by Aviva during what was a harrowing experience." A customer.
What sets your firm apart from the other shortlisted contenders?
We're committed to education of cyber risk and security vulnerabilities for all. By using data and tools available to us, we provide an upfront cyber health check with no obligation to buy the insurance product. We assess our insured's cyber resilience and price based on these results – meaning customers receive a bespoke price and without the inconvenience of a proposal form. Our 24/7 claims response also acts as an advice line for customers – no excess is payable until such times as an expert is appointed. Our Aviva Futures Team are dedicated to developing innovative solutions that address the evolving threats.
How will you celebrate if you are the victor?
Winning the award would be amazing, a fantastic recognition for the huge team involved – underwriters, suppliers, brokers, our CISO colleagues, re-insurers and many more. This would be a great reason to get the team together for drinks and nibbles to celebrate and thank them for all the hard work that got us here.
Covéa Insurance
What key achievement did your entry highlight?
Raising awareness of cyber risks to HNW customers and brokers through workshops, training and articles plus risk management information for customers. To protect against the risks around cyber (even for those customers who didn't fully understand this emerging risk) we automatically included cover in our HNW policies. We have had great feedback from customers and brokers who have needed to claim so are confident it is the right solution.
Can you share data or testimonials to back up your bid to win?
An example: Email from IFA requesting change in payment method from cheque to bank transfer after a hacker had gained access to email traffic and issued fraudulent bank details. The customer was unsuccessful getting reimbursement from their bank. Instead they received full assistance and settlement via Covea Home Cyber cover and forensic investigators were deployed who provided recommendations on how the insured could have prevented the issue. The incident was reported to Action Fraud Experts. Claim cost, including loss adjuster and IT forensic specialist, was £44,000.
What sets your firm apart from the other shortlisted contenders?
Covea puts its customers at the heart of everything it does. Automatically including full cyber cover for all customers has been proven to be the right decision.
How will you celebrate if you are the victor?
Celebrating with and thanking the team who continue to evolve our proposition and make it truly relevant for our HNW customers.