A La Carte: The Need to Customize Cyber Insurance
“You can’t propose that something be a universal space and at the same time keep control of it.”
So said Tim Berners-Lee, the man credited with inventing the World Wide Web. And who would know better?
In that same spirit of seeing the Internet as a loose conglomeration of ideas and innovation, with billions of people passing through at any given time, no wonder the world of cyber insurance can be so difficult to pin down.As a result, most cyber insurance is sold a la carte. Because each business owner has a distinct set of needs, employee variables, interactions with other entities in the supply chain and customer channels, and other factors to consider, assembling an insurance plan to meet all of those needs – each of which remains fluid and subject to adjustment at all times – can require a lot of homework and planning.Policies in this sphere are highly customized collections of modular coverage terms. Premiums and payouts can depend on a company’s history, data risks and exposures, current practices, financial health, and more. The wise business owner does not select a cyber protection policy based on cost, but rather on need.When it works well, the premium for a cyber policy matches the business’ risk profile. To save on premium costs, in other words, make your cybersecurity systems stronger and tighter. Regardless of how well your cyber operations function, though, making sure you’re protected remains a paramount goal.Contact the professionals at The Reschini Group for guidance on building a cyber insurance policy tailored to your precise business needs.
Copyright 2020 The Reschini GroupThe Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
No More Off-the-Shelf: Fashioning Insurance from the Customer’s Perspective
Henry Ford once famously said, as his revolutionary Model T automobile entered production for the first time, “Customers can have our car in any color they want – as long as it’s black.” With a stranglehold on the market, Mr. Ford could dictate his offering however he saw fit. Things, to say the least, have changed since then.
The market for insurance in all its forms and for all its purposes continues to expand. The number of providers and the products they offer have done the same. This increased selection and heightened environment of competition translates into better service – as long as insurers remember one thing. In order to win customers in the modern marketplace, insurers must understand what customers want, rather than focus simply on what their own products can do.Off-the-shelf solutions cannot be the answer to every – perhaps even most – customer needs.While customer needs may seem simple and straightforward, providing advice is not. In one example, this is particularly true given the complex and changing economic financial conditions facing younger people. Millennials carry 300% more student debt than their parents, and earn 2.9% in average annual returns on 401(k) plans, compared with 6.3% returns for Baby Boomers. Many younger workers will need to remain in the workforce longer, as well. Federal data suggest that Millennials will need to work until age 75. *Technological advances have made financial and insurance data more accessible to consumers, but achieving a true understanding of how to apply that information still suggests working with an experienced advisor.These trends contribute to the approach taken at The Reschini Group, where we maintain relationship-driven interactions with clients. Each situation has its own traits, needs, and demands, so we have staked our reputation on serving those distinct factors to protect our clients as effectively and economically as possible.We have plenty of shelves, but your customized solution will not be taken from any one of them. Contact The Reschini Group to learn more about putting together, or updating a current, insurance package to meet your unique situation.
Copyright 2018 The Reschini GroupThe Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.* https://www.pwc.com/us/en/insurance/assets/pwc-insurance-top-issues-2018-financial-wellness.pdf