Heard on the Ground: IIAT

by | Jun 28, 2024 | Market Trends

As part of our “Heard on the Ground” series, our executives share insights into what they heard on the ground at key industry events. It’s not always possible to attend every conference and we want to make sure our partners and customers feel connected to the broader ecosystem and know what trends we’re watching.

The Independent Insurance Agents of Texas (IIAT) had their annual conference last week, bringing together agents, underwriters, thought leaders, and service providers to network and learn about the most pressing trends in the industry. Everett Finn (Territory Sales Manager) and Jacob Villafane (Account Executive) were at the conference to represent Cowbell and below is a recap of what they heard on the ground –

  1. Wholesale partners continue to provide value and support on cyber placements. There remains tremendous opportunity for market education and also specifically for agents who aren’t subject matter experts on how to sell cyber insurance.
  2. AI-driven news has increased awareness of the threat landscape and insureds are more likely to inquire about cyber-insurance as a result. There’s no longer an understanding gap as to why a business might need cyber coverage. News of hacks and the residual fall-out has become mainstream and no one wants to be under-prepared.
  3. Agents and brokers also asked how insurers are leveraging AI to combat threats and we shared Cowbell’s approach including: risk assessment and modeling, threat detection and monitoring, faster claims processing, and policy personalization.
  4. There used to be a misunderstanding about the sophistication level of bad actors. A common misconception was that “hackers” were individuals acting alone. Today, the threat is far more sophisticated with bad actors even supported by foreign governments to harm U.S. economic interests.
  5. Many businesses remain underinsured and agents and brokers want to close that gap. The majority of US SMEs have experienced a cyber incident: 57% of SMEs have been the target of a cybersecurity breach; 31% in the last year alone. Working together, we can help to strengthen and fortify the digital economy.

As always, please don’t hesitate to reach out to the team with any questions. We are here to help guide and support you.

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