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During the COVID-19 lockdown, most organizations made a quick transition to working remotely, while intensifying their focus on serving customers through digital channels. This created a rapid surge in demand for digital capabilities, products, and services. At the same time, it sparked huge demand in cybersecurity as telecommuting became the new normal.
Data shows that cyber policy sales have increased by almost three and a half times during the COVID-19 lockdown. Policy volumes fell across the board for most lines, but cyber showed the biggest increase, with sales up 340%, followed by residential property owners at 104%, and then mobile phone insurance with an increase of 95%. As schemes are vital elements of the insurance landscape, schemes business could potentially bounce back and may have some new growth areas brought by COVID-19. The pandemic has impacted many lines, and experts advised that smart brokers should look at specialist schemes technology to lower their costs, increase efficiency, and maximize distribution. SOURCE: https://www.reinsurancene.ws/cyber-policy-sales-up-340-amid-covid-19-schemeserve/ Comments are closed.
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Certain Principals of TAG Financial Institutions Group, LLC are registered representatives of TAG Capital Partners, LLC Member FINRA, SIPC. TAG Financial Institutions Group, LLC and TAG Capital Partners, LLC are separate affiliated entities. Securities and Investment Banking Services are offered through TAG Capital Partners, LLC.
TAG Capital Partners, LLC is not a chartered bank or trust company, or depository institution. It is not authorized to accept deposits or trust accounts and is not licensed or regulated by any state or federal banking authority. Alternative investments are speculative, involve a high degree of risk and are not suitable for all investors. Complete loss of principal is possible. Private placements are unregistered securities, considered illiquid and long-term investments. Distributions are not guaranteed.
TAG Capital Partners, LLC is not a chartered bank or trust company, or depository institution. It is not authorized to accept deposits or trust accounts and is not licensed or regulated by any state or federal banking authority. Alternative investments are speculative, involve a high degree of risk and are not suitable for all investors. Complete loss of principal is possible. Private placements are unregistered securities, considered illiquid and long-term investments. Distributions are not guaranteed.