Is there such thing as a smooth cyber claim? While it’s easy for claims to run into complexity (find four things to avoid if you suffer a cyber incident here) there are certain ways you can help the cyber claim you’re managing for your client move along smoothly. That’s what part two of our Claims expert series is all about.
Read on for top tips on how you can help ease the cyber claims process, from Ashley Burdon, Cyber Claims Manager, CFC. And look out for insights on the value of going with an experienced cyber claims team.
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Setting realistic expectations for clients
Since no two cyber claims are the same, it’s vital to set and manage your client’s expectations. For instance, the nuances of each claim make it difficult to give guarantees on how and when a claim will be resolved. In the initial call, if we can give a timeframe for resolution then we will. But even claims that appear straightforward can run into challenges as they progress.
Then there’s misconceptions to manage. Business interruption loss is rarely simple to calculate, instead taking time as we explore each aspect and bring the process to resolution. While in ransomware incidents, often businesses fully expect the threat actor to send the decryption key if the ransom is paid. But again, there’s no guarantee. And even if the key is sent, it’s still possible for your client to lose data as systems are restored.
Setting expectations with your client early on helps the process run smoothly, while you can rest assured you have an experienced cyber security and claims team working on your behalf.
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Maintaining dialogue throughout the claim
During a cyber claim, there will likely be slow periods then moments when a lot changes. It’s important the insurance provider and broker keep up frequent communication throughout the process, so you can stay on top of any developments that unfold.
From the moment your client experiences an incident, we want to speak with you. This gives us the opportunity to discuss coverage, identify what falls out of scope and outline any further nuances your client needs to know about. This way, you can more easily set realistic expectations, while getting the claim on track to resolution.
There are likely to be twists and turns in any claim. By bringing you along on the journey with us—be it by setting up regular calls or email updates—we can add real value to the claims process, ultimately helping the claim get resolved as swiftly as possible.
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Educating clients on how claims are handled
If your clients have a good understanding of how the claims process works, they can help it move along smoothly, completing any necessary groundwork for upcoming steps in good time.
It starts with an initial call. At this point, the broker and insurance provider have already held a brief discussion, so now it’s time to bring in the insured. First we’ll give an overview of the incident, explain how we expect the claim to play out and, if possible, give a timeframe for resolution.
Then we’ll maintain strong communication throughout the lifecycle of the incident. Your client’s dedicated claims adjustor will notify you of any expert remediation or ongoing support that’s required, and ensure that all queries are answered before the claim is closed.
The claims team: a key part of the cyber insurance product
The cyber claims team is fundamental in resolving claims smoothly, but not all cyber insurance providers offer the same level of claims experience and expertise.
At CFC we’ve built the largest in-house cyber security and claims team in market, adopting a follow-the-sun approach to ensure our insured receive 24/7 service. We put speed and simplicity at the heart of everything, so that in the event of a claim your clients can quickly get back to what matters most: their business.
Learn more about CFC’s cyber claims and incident response team by contacting cybermarketing@cfc.com. We’d love to hear from you.
