Cyber insurance startup Coalition inked a partnership deal with Big “I” Markets that will give it a broad market reach for its cyber and technology E&O coverage.
Big “I” Markets is the online market access system available exclusively to members of the Independent Insurance Agents and Brokers of America, or the Big “I.” Through the Big “I” Markets platform, any Big “I” member agency can quote and bind insurance online. The partnership gives Big “I” members direct access to Coalition’s licensed agents and cybersecurity experts via online chat throughout the sales and underwriting process.
In addition to protecting clients with cyber insurance coverage, the idea is that the partnership also gives independent insurance agents a way to protect their own liability.
“‘Failure to offer’ continues to be a leading cause of insurance agency E&O claims,” Jim Hanley, Big “I” director of agency risk management, said in prepared remarks. “Agents need to talk with their commercial clients about cyber liability, and now Big ‘I’ members can use the Big ‘I’ Markets platform to cover most anyone. All agents should offer (and document offering) cyber insurance to all business clients.”
With the addition of Coalition to its product lineup, Big “I” Markets now has a complete range of admitted and non-admitted cyber insurance offerings, from automatic-issue, admitted policies for small business to the most complex risks needing flexible forms and underwriting in the surplus lines arena. Big “I” members can register online and begin submitting business via the Big “I” Markets platform. There are no access fees, no volume commitments, and agents own their expirations.
Coalition, backed by Swiss Re Corporate Solutions and Argo Group, provides up to $10 million of cyber and technology insurance coverage in all 50 states and the District of Columbia. Its cyber risk management platform offers automated security alerts, threat intelligence, guidance and tools.
Source: Coalition/ the Big “I”