Insight and Intelligence on the London & International Insurance Markets

19 April 2018

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Cyber Rankings - definitions


New 2017 nominations

- Cyber law firm: legal service providers directly serving the cyber community.

- Cyber risk service provider: non-legal firms providing value to the cyber community through services such security advice, modelling, surveying and loss adjusting.

- Cyber broking initiative: broking programme (launched within the last two years) identifying and satisfying emerging customer demand, characterised for its originality and for successfully increasing the size and scope of the market.

- Cyber underwriting initiative: underwriting programme or new product (launched within the last two years) pushing the boundaries in terms of innovation and increasing the size and scope of the cyber market.

Attributes of Brokers

i) Risk knowledge: Level of preparation and understanding of the risk in order to select the most appropriate markets and present the risk effectively to underwriters.

ii) Honesty/Integrity: Quality of being trustworthy and holding high work and personal standards.

iii) Reasoning: Capacity to provide winning arguments and communicate effectively across a variety of contexts.

iv) Analytical skills: Knowledge of which markets will provide best value cover for a given risk.

v) Diligence: Year-round attention to the account throughout its the whole cycle; good record-keeping.

vi) Ownership: Willingness to respond when things go wrong for the client. Quality of interaction with the claims team.

vii) Consistency: Focus on long-term value for the client as opposed to short-term price gains.

viii) Creativity: Ability to work around a problem with the underwriter and/or client. Ability to improvise and to go outside of the usual to meet client needs.

Attributes of Underwriters

i) Knowledge/Experience: Deep technical and regulatory knowledge of the risk. Can provide on-the-spot advice and guidance.

ii) Negotiating skills: Effective negotiator across a variety of contexts, can come up with solutions that leave both sides feeling that they have not lost.

iii) Work ethic: Praised for his/her availability, fast response. A "no stone unturned" philosophy.

iv) Communication skills: Good at explaining their reasoning/decision.

v) Creativity: Ability to improvise, to go outside of the usual to meet client needs.

vi) Consistency: In step with the market. A consistent behaviour or treatment of risks and relationships.


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