The purpose of Peer Limit Benchmarking is to provide the context needed to move forward with suggested limits for your clients confidently.
When considering multiple options for Cyber insurance, clients want to know how much companies similar to them — with comparable revenues and industries— are spending to be adequately covered. Before that, they may want to know if Cyber insurance is something they even need to have. Having the necessary data formatted in a straightforward way can make the decision that much easier.
Our goal here is to present the information you need (and none of the stuff you don’t) so that you’re empowered to provide policyholders with direct answers.
- If a peer limit benchmark is available for your client, you’ll receive a separate email and PDF full of benchmarking data following the quote letter. It’ll include the options listed in the quote letter on the top of the page. (The PDF may vary based on client name, industry and revenue.)
- Below that, you’ll find relevant information on limits purchased by peers in similar industry sectors with comparable revenues. Along with that information, we’ll provide context for how we were able to calculate that number.
- In the bottom section of the PDF, you’ll find an industry-specific claim scenario that happened to a Corvus client similar to yours and the costs incurred to the policyholder resulting from the breach they experienced.
What’s in your inbox?
- After receiving your quote, you can expect a separate email to follow with the peer limit benchmark information attached as a PDF.
- We will also link out to our Settings, so you can turn off peer limit benchmarking whenever you’d like.
How do I opt-out of peer benchmarking?
We know some brokers prefer to use their own benchmarking data. So while our peer benchmarking is automatically delivered, we’re happy to accommodate everyone and make it simple to opt-out.
- Go to Quote Letter Customizations in Settings.
- You’ll find “Send Peer Limit Benchmarking PDF” already selected; simply deselect.
- If you change your mind, feel free to turn it back on at any time!