Improve Client Insurability With Pre-bind Access to Control
A new era of cyber insurance is upon us. We now have the data, technology, and risk models to confidently say that cyber risk is insurable.
This is welcome news not only for the organizations relying on cyber insurance coverage, but also the brokers helping their clients manage this dynamic risk. As cyber insurance continues to keep pace with the threat landscape, businesses must also maintain a baseline cybersecurity maturity to become and stay insurable.
This requires brokers to play a more active role in helping clients navigate the complexities of cybersecurity and insurance — but brokers shouldn’t have to advise clients alone.
Coalition is in a unique position to empower brokers to succeed as cyber insurance advisors. That’s why we’re giving brokers the ability to invite clients to Coalition Control before they bind coverage.
How early access to Coalition Control helps you and your clients
As part of our quoting process, Coalition conducts an external scan of each applicant to provide them with a customized view of their cyber exposures; it also helps improve our underwriting and streamlines the application process.
In some cases, we detect exposures that indicate your client is at elevated risk for a cyber attack. To help minimize the likelihood of an incident, we typically flag these critical security findings as contingencies that must be resolved prior to binding a policy.
Contingencies can cause confusion for businesses, especially first-time cyber insurance buyers. They may seem like friction in the insurance-buying process, but with the right support they are manageable and resolving them is essential to help minimize the likelihood of claims.
Historically, we’ve given policyholders access to Coalition Control after they bind coverage for the purpose of mitigating new risks that emerge during the life of their policies. Now, we’re making it available to all applicants so they can receive more support from us and streamline the process of resolving pre-bind contingencies.
Coalition Control gives your clients enhanced visibility into their security risks and greater access to our support teams. For each security finding, your clients can access technical details and remediation guidance directly in the platform. We also provide self-service tools so they can:
Providing you and your clients with early access to Coalition Control as part of contingency resolution helps improve the insurance-buying experience while minimizing complexity and extra tasks for brokers.
How to invite your clients to Coalition Control
Coalition Control is where all of our cybersecurity expertise converges: a unified risk management platform that helps your clients detect, assess, and mitigate cyber threats before they turn into attacks. Here's how to invite them to join directly from the Broker Platform:
Log in to the Broker Platform.
Navigate to the Account View tab.
Click on any account with Active Quote or Contingent shown in the Quote & Policy Status column.
Click Send Control Invitation, and follow the prompts.
Watch Video: How to Invite Your Clients to Coalition Control
As soon as their account activates, your client can log in to Coalition Control and instantly access the full details of their security findings, guidance for remediating contingencies, and our self-service tools to automate resolution and release bindable quotes.
As the cyber insurance landscape evolves, so, too, do the conditions that organizations need to meet to become and stay insurable. Help us take the guesswork out of cybersecurity support and technical contingency resolution by encouraging your clients to sign up for Coalition Control.
To learn more about Coalition Control, visit coalitioninc.com/control.
Coalition Insurance Solutions Inc. (“CIS”) is a wholly-owned subsidiary of Coalition, Inc. Insurance products referenced herein are offered in the U.S. by CIS, a licensed insurance producer and surplus lines broker, (Cal. license # 0L76155) acting on behalf of a number of unaffiliated insurance companies, and on an admitted basis through Coalition Insurance Company (“CIC”) a licensed insurance underwriter (NAIC # 29530). See licenses and disclaimers. Copyright © 2023. All rights reserved. Coalition and the Coalition logo are trademarks of Coalition, Inc.
