Ep. 11 - Underwriting Right Along The Cyber Insurance Market Continuum - with Nick Economidis

09/29/22 • 44 min

The cyber insurance market is a continuum.
Broadly distinguishing between the “insurable” and “uninsurable” is far too simplistic.
Rather, give insureds a little guidance to nudge them along the curve, and you can underwrite for everybody.
In today’s episode, Nick Economidis Senior Vice President of eRisk at Crum & Forster, tells Anthony how they get it right.
You’ll learn:
1. How to broaden your approach to underwriting to accommodate more classes
2. The top 4 risk controls insureds should have in place
3. Nick’s best practice approach to claims management
4. What metrics you should measure to help you underwrite successfully
5. Advice for starting a career in cyber insurance
About Nick:
Nick is a Senior Vice President of eRisk at Crum & Forster. His first career in insurance was in the mid-market, where his experience included workers' compensation, property and GL insurance. In the cyber industry he now has more than 22 years of professional experience. Nick joined C&F in 2018, and grew the business line six-fold in four years. C&F's tech and cyber underwriting group has expanded under his direction to address clients' ever-changing needs across all business sectors.
Find Nick on LinkedIn: https://www.linkedin.com/in/nick-economidis-063b5112/
__________
About Crum & Forster:
Crum & Forster (C&F) is a leading national property & casualty insurance company with a large, diversified specialty platform. C&F protects businesses and organizations from the unpredictable nature of risk, giving them the confidence to take on new challenges and flourish in today’s increasingly complex and uncertain world. C&F is client-focused, creative, and flexible in delivering customized products and services.
Website: https://www.cfins.com/
Industry: Commercial Insurance, Health Care, Insurance, Risk Management
Company size: 2500+
Headquarters: Morristown, New Jersey, United States
Founded: 1822
__________
About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, a company that enables its clients to respond to cyber incidents quickly and effectively. Anthony is originally from the US but now lives in Europe with his wife and two children.
Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: [email protected]
__________
This podcast is produced by our friends at the SCL Program by SAWOO

Previous Episode

Ep. 10 - Thriving In The Cyber Ecosystem - with Duncan Pease

Education plays a critical role in cyber claims.
It's easy to get lost in this complex field. With many insureds still grappling with different policies and areas of risk, it is crucial for cyber claims teams to act as their expert guides.
Duncan Pease, Head of Cyber Claims International at AXIS Capital, shares invaluable insights with Anthony, including what it means to underwrite through understanding, why cyber claims professionals need to engage with their insureds, and how fresh cyber claims professionals can set themselves up for success.
You’ll learn:
1. How underwriting through understanding tackles the challenging areas of risk
2. The value in having close communication between cyber claims professionals and insureds
3. Not all markets have the same expectations and laws regarding cyber claims
4. How to grow and develop cyber claims professionals
5. What new cyber claims professionals need to cover and focus on to set their careers up for success
About Duncan:
Duncan is an experienced claims handler and manager, with over 40 years of claims experience in the Lloyd’s market, having worked in technical and broking roles prior to his first lead role with a Managing Agency in 1999 handling predominantly Professional Indemnity claims. Duncan joined AXIS in 2012 and has specialized in Cyber over the last eight years. Duncan is an accomplished leader and manager, and is the current Chair of the LMA Cyber Claims Group, which discusses common issues and concerns within the cyber market and offers solutions for the benefit of customers, the cyber market and the market in general.
Find Duncan on LinkedIn: https://www.linkedin.com/in/duncan-pease-53b0332b/
__________
About AXIS:
AXIS writes business from a position of leadership and relevance in their chosen markets. Their underwriters are known for their business acumen and technical expertise. Their claims teams champion clients’ needs with an honest approach and quick decision-making.
Website: https://www.axiscapital.com/
Industry: Finance, Financial Services, Insurance
Company size: 2000+
Headquarters: Hamilton, Bermuda
Founded: 2001
__________
About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, where they enable their clients to respond to cyber incidents quickly and effectively.
Anthony is originally from the US, but now lives in Europe with his wife and two children.
Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: [email protected]
This podcast is produced by our friends at the SCL Program by SAWOO

Next Episode

Ep. 12 - How Private and Federal Parties Are Coming Together to Combat Threat Actors - with Carolyn Ryan

The regulatory aspect of cybersecurity is changing fast.
Previously, you would only have a couple of attorney general inquiries.
Now it’s in excess of 10!
As a result, more people are coming together to combat threat actors than before and even the FBI is getting involved.
In today’s episode, Carolyn Ryan, partner at Mullen Coughlin, chats to Anthony about the biggest legal developments in cyber insurance and security.
You’ll learn:
1. The biggest priority when cybersecurity incidents come in
2. What people get wrong about endpoint protection solutions
3. How to handle data better and more securely
4. Mullen Coughlin’s biggest challenge according to Carolyn
5. How the regulatory aspect of cybersecurity is changing
About Carolyn:
Carolyn Purwin Ryan is a Partner with Mullen Coughlin LLC, serving as a “Breach Couch” to organizations who are faced with a data privacy and security incident. She also provides organizations with pre-incident Advisory Compliance services, such as tabletop exercises, development of risk assessment policies, assessment of regulatory compliance requirements and inquiries from regulators at both the state and federal level.
Find Carolyn on LinkedIn: https://www.linkedin.com/in/carolyn-purwin-ryan-85461014/
__________
About Mullen Coughlin:
Mullen Coughlin is a law firm solely dedicated to counseling organizations in the context of data privacy and security. With over 90 attorneys, they are – and their mission is to remain – the data privacy and security thought leader for organizations of all sizes and across all industry sectors. Their equity members, many of whom are women, are pioneers in the field and are instrumental in shaping the development and implementation of data privacy and security practices and incident response services industry-wide.
Website: https://www.mullen.law
Industry: Law, Risk Management
Company size: 200
Headquarters: Devon, Pennsylvania
Founded: 2016
__________
About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, a company that enables its clients to respond to cyber incidents quickly and effectively. Anthony is originally from the US but now lives in Europe with his wife and two children.
Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: [email protected]
__________
This podcast is produced by our friends at the SCL Program by SAWOO