Voice of The Cyber Insurance Buyer
Asking the Buyers – Their Motivations, Product Needs and Experiences
Cyber insurance is a nascent market and decision-makers suffer from a lack of information about the perceived need, the level of understanding, and the valued features of a valued cyber coverage approach. With the growth of the cyber insurance market since 2015, commercial insurance buyers have had time to develop perceptions and opinions of existing products and services. We surveyed over 400 small and midsize businesses to get insights into the cyber insurance market and separate myths from facts. We looked at buyer awareness and motivations, their perceived value of existing products, and their purchasing experience. We looked at the role of the agent in the purchasing process and whether an insurer should consider online sales. These results can guide product development, service design, and market messaging for insurers and their intermediaries.
The survey revealed varying levels of awareness about cyber insurance. Seventy-five percent of middle market companies were familiar with it, while the majority of small businesses, 61%, were not.