Cyber Risks: Young Brokers for a Young Product

While a broker’s youth can often play to a disadvantage, as clients typically prefer an experienced professional, the case may be different for cyber insurance. Growing up in the age of technology, millennials are far more likely to understand their cyber product – the infancy of cyber insurance is not much younger than some of the younger brokers in the field. Not to mention, cyber insurance today is much different than it was 15 years ago, when it was a liability-only product, said Stephanie Snyder of AON Risk Solutions in Chicago. The number of underwriters and brokers who have a historical expertise with cyber insurance is extremely small, providing the younger brokers “a ton of opportunity,” Snyder explained. “Since cyber insurance itself is such a young product, there’s really only a handful of people who were around when it came into being.” As the market grows, and the product evolves, there will certainly be an increased need for brokers with a background in cyber and an expertise in the policies offered by insurance companies, something millennials are more likely to be in tune with due to the recent advancement of technology.