Comprehensive insurance solution provides expansive coverage and technology-driven risk management.
ALEXANDRIA, VA – (June 12, 2018) — Big “I” Markets, the online market access system available exclusively to Big “I” members, has partnered with Coalition, the leading technology-enabled cyber insurance solution, to offer agents powerful entry to the cyber and technology errors & omissions insurance markets.
Cyber insurance premiums are estimated to reach $7.5 billion by 2020, according to PwC. However, small- to mid-size businesses remain the biggest untapped and underserved market for cyber insurance. According to a 2017 Better Business Bureau report, only 15% of small businesses have cyber insurance coverage.
“Cyber risks are becoming more pervasive and devastating, yet most small businesses remain unprotected,” says Paul Buse, president of Big “I” Advantage®. “We are committed to giving our members the tools they need to help clients understand, combat and mitigate these changing risks. After surveying the market, we strongly believe that Coalition’s holistic approach to insurance and risk management is the most robust cyber insurance solution available.”
Coalition is the first insurance-enabled technology firm built to help businesses before, during and after a cyber incident. During the online quoting process, the insured’s network and web properties undergo an automated risk assessment to identify known issues and potential weaknesses in the insured’s security posture. Once coverage is bound, Coalition provides ongoing monitoring for new and emerging threats specific to the information technology used by the insured, adding an extra layer of defense. All policies include this technology-driven approach— which includes automated alerts, threat intelligence and ongoing policyholder monitoring— along with a dedicated claims and security team should a breach occur.
“Our partnership with Big ‘I’ Markets advances our mission to solve cyber risk,” says Joshua Motta, CEO of Coalition. “All 10,000 Big ‘I’ Markets agencies, and the millions of businesses they serve, now have access to the leading cyber insurance and cybersecurity solution.”
Through the Big “I” Markets platform, any Big “I” member agency can quote and bind insurance online. Big “I” members also have direct access to Coalition’s licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process.
In addition to protecting clients with cyber insurance coverage, independent insurance agents are also protecting their own liability. “‘Failure to offer’ continues to be a leading cause of insurance agency E&O claims,” says Jim Hanley, Big “I” director of agency risk management. “Agents need to talk with their commercial clients about cyber liability, and now Big ‘I’ members can use the Big ‘I’ Markets platform to cover most anyone. All agents should offer (and document offering) cyber insurance to all business clients.”
With the addition of Coalition to its product lineup, Big “I” Markets now has a complete range of admitted and non-admitted cyber insurance offerings, from automatic-issue, admitted policies for small business to the most complex risks needing flexible forms and underwriting in the surplus lines arena. Big “I” members can register online and begin submitting business via the Big “I” Markets platform. There are no access fees, no volume commitments and agents own their expirations.
Learn more at www.bigimarkets.com.
Big I Advantage® is a for-profit subsidiary of IIABA and wholly owned holding company that operates a nationally licensed insurance agency administering the Big “I” Professional Liability program, Big “I” Markets and a number of other well-known member benefits including personal umbrella and flood programs, and providing oversight of $121 million in retirement assets. Big I Advantage seeks to unite the 51 Big “I” state associations in pursuing IIABA’s mission of creating a sustainable competitive advantage for members by deploying member agency buying and distribution power to develop innovative, member-exclusive and profitable products while supporting the advocacy efforts of IIABA.
The Independent Insurance Agents and Brokers of America (IIABA or the Big “I”) was founded in 1896 and is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life and health—as well as employee benefit plans and retirement products.
Coalition, the cyber risk solution from Joshua Motta and John Hering, combines comprehensive insurance and free cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo Group, Coalition provides companies with up to $10M of cyber and technology insurance coverage in all 50 states and the District of Columbia. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and tools to help businesses remain resilient in the face of cyber attacks. Coalition is headquartered in San Francisco. For more information about Coalition, visit www.coalitioninc.com or follow us on Twitter @SolveCyberRisk.