Cyber insurance and related services are complex products to sell compared to more mature, slower-moving product categories. The number of ways to hack into a company is numerous and the techniques hackers use are always changing.
Here is our 7-step sales process to help you grow your cyber-related GWP while providing outstanding service to your customers that keeps them renewing with you.
1. Gather your target list
The sales process for selling cyber insurance is the same as any other service or product. First, start with a list of prospects of existing customers or net new prospects you want to reach out to. Gather their email addresses, phone numbers, and most importantly domain names.
2. Scan your list for cyber risk issues
Run cyber security scanning tools, like Breach Check, on the domain names of your target list to check their cyber risk posture. Look for vulnerabilities, hacker chatter, open services, leaked data records, and anything else that would put them at risk of a cyber-attack.
3. Exclude companies that just aren’t big targets
For SMEs and Mid-Market companies, some are simply not as risky as others. According to our data, about 8% of SMEs and 2% of Mid Market companies do not have a risk profile compelling enough to make the pitch for cyber insurance.
Focus your efforts on other more risky companies that have a higher likelihood of needing an insurance solution to their problems.
4. Target companies that have a higher risk profile
From our research, we’ve found approximately 35%-40% of companies have high-risk signals and 15%-20% have critical risk signals. A risk signal is something we’ve identified about a company that is putting them at risk of a cyber-attack. High-risk signals mean there is a serious issue that should be looked at and a critical risk signal means something urgent should be looked at immediately.
Examples of risk signals are very outdated and vulnerable software, some recent hacker chatter about an asset that could get broken into, a huge number of stolen data records or perhaps a database left unsecured and publicly accessible.
These companies have cyber risk issues that are meaningful and action can be taken to reduce their risk.
5. Speak to your customers
Armed with the information on what cyber risk issues these companies have, you can begin the process of educating your customer on how to manage their cyber risk more effectively and where cyber insurance could help them.
For these conversations, focus on business risks, not tech jargon. Cyber is a complicated and deeply technical topic however your buyer is likely no tech expert. Instead of talking about the latest vulnerabilities on their website, instead discuss some scenarios such as:
- What would happen if your company couldn’t process payments or ship goods to customers for over a month?
- What would happen if your company accidentally wired a huge payment to a fraudulent account and that money was gone for good?
- What would happen if a hacker broke into your company, stole personally identifiable information, and then shared it with other hackers? Would the business lose customers or face potential fines & penalties?
6. Show them some real data
You’ve found prospects that are at elevated levels of risk of a cyber attack, you’ve educated your client on the risks, and now give them some data to back up your conversation. Show your client the cases where hackers have mentioned their company. Give your client a few leaked data record samples of staff members who have had their passwords stolen by hackers.
It’s hard for a prospect or a current customer to ignore cyber risk issues when they are as clear as day.
7. Stay engaged
While some prospects may be ready to buy right away, for many the timing won’t be right. Budget cycles, changes in management, changing company priorities, and other factors can all get in the way of closing a deal. Stay on top of your prospect with new and relevant information to their company for when the timing is right.
Monitor that company for new cyber risk issues that may pop up from time to time, share with them some recent hacks of similar companies, and provide ongoing value to your customer.
Want to find out more about how our solutions can support Brokers? Find out more