Out of service. Under repair. Broken. It’s a frustrating message to encounter. But far more frustrating is when something works, though not in the way we know it could. Without an obvious problem, there is no immediate fix or resolution. Instead, we carry on with the status quo and settle for the unremarkable.
Insurance was introduced in the United States in the 1700s and, since that time, not much has changed. And for good reason. Insurance does work, just not in the way it could. It’s not broken, but there are many ways it could be improved. While everyone needs insurance, no one wants to use it. And for the few that do, well, they muddle through it and hope to never do so again. This is no different for cyber insurance. As a claims professional for much of my career, and most recently as the cyber claims leader at a large insurer, cyber insurance does work--claims are being paid with growing frequency. It’s just that the claims process could be so much better. It could be more responsive, more efficient, and more effective at helping a company recover.
Most people’s frustration with insurance starts upon filing an insurance claim. Putting aside claims disputes, we’ve all been conditioned to believe that claims is simply about fulfilling an insurers’ promise to pay. As someone on the other side of this process, this comes as no surprise. As an industry, we treat claims as “posthumous pay.” We compile spreadsheets, pay when a complete loss is presented, and only what is due under the terms of the policy. Only when the claim is dead are funds released. The policyholder gets paid, the insurer does their duty. It’s straightforward. It may not be efficient, it may not be responsive to many of a company’s needs, but it works.
However, what if the claims process was less of an afterthought? What if, during a claim, the insurer didn’t just promise to pay, but stood with the policyholder? What if claims was a proactive advocate, a true value-added service? At Coalition, we want to be this change.
At the core of who we are as a company is the belief that there is a better way to “do” insurance and, specifically, how to handle claims. While a few of us come from the insurance industry (including myself!), it was our frustration that led us to help create something better. Insurance must be there when you need it. And so are we.
As a policyholder:
Ultimately, our goal is to help you get back to doing what you do best: your business. Everyone at Coalition is not only empowered to help you, but wants to help you.
This is why we exist. This is our purpose. This is why I joined Coalition. Reach out to us, test us, trust us. We are here. It really is that easy.