In this episode of CHATTINN CYBER, Marc Schein interviews Meredith Schnur, Managing Director and US Cyber Brokerage Leader at Marsh USA, Inc. Meredith offers actionable insights.
Meredith talks about progression in the cyber insurance space. Underwriting and brokerage today look a lot different from how it was in the past. In terms of negotiating arrangements with your clients, bigger always means better. Hence, you cannot survive without developing personal relationships with your clients.
We also learn the challenges that the cyber insurance industry faces – the most substantial challenge being underwriting. It’s not the strategies but the implementation of the strategy that is turning to be demanding. Also, the amount of information that clients have to supply to the underwriting community has undergone a dramatic shift. Hence, the challenge lies everywhere, from allocating resources, getting the right people to the table, answering their questions, understanding the cyber risk profile of an organization, and communicating that to the underwriting community.
Meredith also talks about the common misconceptions around cyber insurance. Clients are still unaware of the amount of underwriting and required information that needs to be supplied at any time. Hence, price hikes are not as welcome to them as we might require.
Speaking about where the future of cyber insurance is, Meredith, says it is undoubtedly in a sustainable and healthy market. For that to take place, stabilization is needed. In the next-generation training program organized by Marsh, building networks and coming out of your comfort zone is vital. Programs like the Track program and Cyber mentorship program help young minds receive adequate mentorship and support.
To part with, Meredith provides advice and guidance to the next generation of insurance professionals who are hoping to get into this field. If risk management truly thrills you, then it is highly recommended that you choose this field!
“From the late 90s to mid-2000s, we called it Network Security and Privacy because that was what it was. We were protecting the network and the overall adoption of this term cyber.”
“If you can’t truly understand the purpose of the policy and the intent of that policy, make sure we understand what the words really mean and what they say.”
“However, if you don’t have the ladder, the second part of being able to truly understand the art of relationship building, technical nature, and how to actually work with all different shapes, sizes, and each deal specifically, you can’t have it.”
“I think the largest challenge that we’re having, even with our largest clients, is the very sharp pivot in underwriting.”
“Sustainable healthy market is what I foresee in five years time. A sharp pitch pivot is needed and required in order to do that, along with stabilization.”
“It is completely underestimated how important having mentors in the business is. It is completely underestimated how to build a network and what building a network can do for your career and for your comfort level. It actually teaches you how to be comfortable in the uncomfortable.”
[03:56] – While negotiating with clients, does bigger mean better in terms of leverage?
[06:07] – Challenges in today’s marketplace.
[08:32] – Misconceptions clients have about cyber insurance.
[13:02] – Next-gen training at Marsh to create future leaders in insurance.
[16:14] – Advice to young folks hoping to get into cyber insurance.
Connect with Meredith