6 Things To Do When Clients Don’t Want Cyber Insurance

Agents offering cyber insurance are having a tough time – one recently said “The customers just don’t get it!”.

Well, I don’t sell insurance for a living, so take my advice for what it is. However, here’s my advice for an insurance guy who’s working with the guy who “just doesn’t get it”. Here goes!

  1. If the client won’t buy cyber insurance, refuse to be their agent for anything else. I’m serious, this is the 21st Century, get with it.
  2. At least require them to sign off on something that looks like this Declination Statement.
  3. Be a bit sarcastic. Mention that they’re right! Organizations don’t need cyber insurance and it really is an unnecessary expense; unless they have a website, use the internet, collect credit cards, have employees and a bank account.
  4. Was that too sarcastic? Well, maybe tell them that not buying cyber insurance when you’re part of the connected world is like not buying fire insurance on the house you live in. It’s just too risky!
  5. Measure their security score. Another tactic is measuring their security score, which you can do for free with an account here at Cyberfense.
  6. Use a data breach calculator. Here are are useful too, half a dozen calculators linked here.

Oh, and how would I do it? I’d challenge them to find stories about fires on the internet. See how many fires completely devastated businesses. The I’d wade them through all the data breach stories out there on Google. Then we explain that we’re canceling their fire coverages because we think cyber is a better alternative.

However, if they still won’t even sign the Declination Letter, at least get them to admit to one of the following:

  • Practicing willful blindness
  • Taking the ostrich approach
  • Ignoring the obvious
  • Turning a blind eye to the issue
  • Missing the elephant in the room

I was challenged earlier this week by the President of ARM International, Priscilla Hottle, to become a Sales Agent. She suggested I find out if I’m good enough to compete in your world. Well, based on some these suggestions I look like a pretty poor prospect, but hopefully there’s some stuff here stimulates you to find ways to sell cyber insurance to every customer and prospect.

For more about ARM’s cyber resources, please reach out and contact me!

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