Webinar - 4 cyber loss scenarios you should use to test and demonstrate the coverage provided under your customers’ cyber insurance policies

The disappointment of customers and the many policy disputes on business interruption coverage following the pandemic have illustrated that many insureds and some of their brokers did not understand the limitations of property damage/business interruption coverage.

Cyber insurance policies are newer, less tested and arguably trickier to understand than property damage/business interruption policies so brokers and insurers must be able to clearly explain to customers the coverage and any limitations to the coverage to prevent similar policy disputes.

The best way of doing this is to scenario test the policy wording with potential cyber scenarios so we can understand how the policies may respond.

By the end of this workshop, participants will be able to:

• Identify four common cyber loss scenarios which may or may not be covered under a cyber policy
• Identify which customers are likely to be most concerned with what scenario
• Explain how a cyber insurance policy may or may not apply to each scenario
• Prepare an action plan on how to use the scenarios to both demonstrate the value and potential limitations of cyber insurance

Speaker Bio:

Neil spent twenty years working as an international insurance broker serving large multinational customers in London and North America for both Willis and Aon before setting up his own training consultancy business.

As a Mind Gym coach he delivered a range of business skills workshops for organisations ranging including Shell, Barclays and HMG.

The majority of his training is, however, delivered in the insurance market in the U.K. primarily in London but also internationally.

He helps new entrants to the insurance market understand its products and services, trains brokers on how to provide the best advice to their customers as well as helping people in the industry succeed in their CII examinations.

He is currently study leader of the Insurance Institute of London cyber insurance research study group.

He delivers in-person training and virtual training workshops (recently completing a training programme with the Virtual Training Team) as well as webinars for several firms including Broker IQ and the Institute of Risk Management.

He has also recently co-delivered the London Makes It Possible selling with storytelling workshops and helped create the London Makes It Possible elearning on the London market in 2019.