Insurance is primarily a mechanism to transfer risk, but some tech Insurers are becoming very selective about the scope of risks they are willing to cover as well as highly restrictive about the level of coverage they actually provide.
That means getting the right cover to act as a financial backstop for your business is not guaranteed if you do not challenge what is offered "off the shelf" by your Insurers and negotiate what you actually require to cover severe financial threats.
Technology businesses can innovate and launch new services at the speed of light. Many adopting a fail fast / learn more approach to keep ahead of competitors.
And it is because there is a constantly evolving risk landscape which makes it difficult for Insurers to know what characteristics make a tech business or group of tech businesses vulnerable to financial loss claims from their customers.
The Risk Information Deficit Problem
It is generally assumed that you know more about your business than your Insurer.
Under the 2015 Insurance Act you have a duty to provide your Insurance Company: “a fair presentation of your business including any unusual or special circumstances which increase the risk and any particular concerns which have led you to seek insurance”
If material information is not disclosed in a way that is “reasonably clear and accessible to a prudent insurer”, even if not specifically requested, an insurer may be entitled to avoid liability; altogether in the case of deliberate misrepresentation or otherwise, reduce a claim payment or impose new terms and conditions; in the light of knowing the full facts.
So whilst “filling out” an application form for an insurance policy might seem like a straightforward step, it can cause a legal dispute with your Insurer if you do not pay proper attention to the accuracy and extensiveness of the risk information you supply.
Our Smart Risk Presentation Solution
We have engineered and combined “questions sets” into one holistic online risk presentation form because Insurer's own proposal forms, like standard policy wordings, vary wildly from Insurer to Insurer, and are not readily interchangeable.
Its wide scope allows you to present uniform, structured and comprehensive information to all prospective Insurers, in a consistent and recordable format, whilst minimising the possibility of non-disclosure of information.
Completing our user friendly form will allow any prospective Insurer to get to know your business and assess how you currently identify and mitigate severe threats of financial loss.
It will also focus attention on the specific coverage that you need from your Insurers, enable us to evaluate policy restrictions they wish to apply and help negotiate the best premium cost.
Happily, in most circumstances, it should also substantially reduce the time it takes you to complete separate application forms for each Insurer and/or each type of cover that you approach for a quotation.
We appreciate that anyone looking for insurance wants to know “How much is it likely to cost?”
To start the process we simply talk you through completion of the encrypted form; in an online meeting that typically takes under one hour.
Once submitted to our secure platform we will provide you with a detailed cover review and a set of fresh quotations; within a few days depending on programme complexity and our Insurers' speed of response.
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