In this feature with Insurance Business Review, Cynthia Seagrave, Executive Vice President/Broker - Professional, Cyber and Management Liability at RT Specialty, discusses the transformative impact of InsureTech advancements on the industry. She also shares her involvement in expanding RT Specialty’s digital platform into the cyber space and the challenges and misconceptions businesses face in securing optimal insurance solutions.
In what ways do you anticipate new developments in Management, Professional and Cyber Insurance reshaping the landscape of meeting your business requirements?
Technology has had a tremendous impact in the Management, Professional and Cyber space, where I specialize. New InsureTech companies/MGAs are being established with greater frequency, offering an automated, more efficient solution to placing SME/transactional business. The beauty of this is that it frees up agents’, brokers’ and underwriters’ time to better focus on complex placements that require more human intervention. This change may involve a little mental re-programming and a willingness to re-invent processes. However, I have found that most people adjust quickly and have grown fond of the way markets are moving towards handling SME business.
If your company can give consent for this, can you share your experiences from one of the projects that you were recently involved in?
While all policies contain some exclusions and restrictions, I find many policies to be quite broad. I view this as an opportunity to educate agents, brokers and the insured about coverage. Well informed buyers, tend to be happier buyers.
In addition to brokering Management, Professional and Cyber liability business, I am actively involved in RT Specialty’s internal cyber committee. One of the projects I’ve been involved with is the expansion of RT Specialty’s proprietary digital platform, RT Connector, into the cyber space. This unique platform allows retail insurance agents and brokers to obtain bindable quotes from multiple carriers and then proceed to bind and issue policies for small business General Liability, Property, Commercial Package, Excess Liability, Workers’ Compensation and now cyber liability with the click of a button. It’s an end-to-end process that is fully automated and can be done within minutes. It even includes online payment options as well as premium financing.
Another big project I have been working on has been in performing in depth cyber policy form reviews with various insurers and negotiating proprietary enhancement/clarification endorsements. This enables RT Specialty to offer tailored solutions to our retail agents and brokers and their clients.
What are some of the challenges in your business that current services are unable to provide an optimal solution?
Challenges mostly come into play with certain lines and classes of business, for example risks in the profit education, cryptocurrency or cannabis industries, to name just a few. Similarly, accounts with heavy claims experience can be difficult to place. When underwriters lack sufficient information, they tend to decline or to will quote with increased premiums, retentions and/or more restrictive terms. As such, I strive to serve as an expert resource to retailer agents as they work to limit any such penalties and restrictions.
In your experience, what are some misconceptions businesses have about Management, Professional and Cyber insurance, and how do you address them?
I often hear that clients feel everything is excluded. While all policies contain some exclusions and restrictions, I find many policies to be quite broad. I view this as an opportunity to educate agents, brokers and the insured about coverage. Well informed buyers, tend to be happier buyers.
Many policyholders seem to think they pay a premium for a policy and that’s it. They may be surprised to learn of the many free risk management services that are frequently offered to help reduce exposure to a claim. The nature of services varies by company, class of business and policy type. Services may include contract reviews, cyber scans, cyber tabletop exercises, incident response plans, sample employee handbooks, risk management hotlines, discounts on more expansive services and so much more.
