Everything you need to know to help your clients qualify for a reduced claims retention.
Policyholders that engage with Travelers Cyber Risk Services have seen a 20% reduction in cyber claim frequency. As a way to reward policyholders for engaging with our risk prevention solution, and to encourage more to do so, we developed the Retention Reduction Endorsement that allows engaged policyholders to reduce their claim retention by 25%.*
Who qualifies for a reduced claims retention through the Retention Reduction Endorsement?
To qualify for a reduced claims retention, you must (1) have the endorsement on your policy and (2) be considered an engaged policyholder. Policyholders are considered to be “engaged” if someone with knowledge of the insured's IT and security systems completes the two questionnaire modules within the Cyber Risk Dashboard.
What is the Corvus Risk Dashboard?
The Corvus Risk Dashboard is a proprietary platform with 24/7 access to scan findings, threat alerts and self-guided security assessments. All policyholders can log in and take immediate action on tailored recommendations, as well as access our network of preferred security and incident response vendors.
What is the Security Questionnaire?
The Security Questionnaire is a section of the Cyber Risk Dashboard. A link to this area can be found in the main (left-side) navigation menu. The Security Questionnaire section consists of two questionnaire modules that, when completed, enable a more thorough assessment of your organization's cyber security program and controls than our automated scan is able to perform on its own. Once each module is completed, a tailored list of recommendations will appear in the Action Center.
You will need someone with an up-to-date understanding of your organization’s IT infrastructure and cybersecurity posture to complete the Security Questionnaires. If the right person does not have a registered Dashboard account, click the “team” tab in the top right corner of your Policyholder Dashboard to add them, or contact cyberservices@travelers.com if that feature is not enabled on the account.
How long will it take my client to complete all modules?
There are approximately 30 questions across the two modules. We anticipate that it will take 30 minutes or less for someone with knowledge of the organization’s IT infrastructure and security program to complete the questions.
Are "favorable" answers required to get the retention reduction?
No! The endorsement will be considered active upon completion of the questionnaires regardless of the answers given.
Can a broker complete the Security Questionnaire on behalf of an insured?
No, the Security Questionnaire modules are only available in the policyholder’s Risk Dashboard. As such, they must be completed by someone within the organization (or an IT MSP) that has an up-to-date understanding of their IT infrastructure and cybersecurity posture.