072: The curve and how to stay ahead with Patrick Brice

<p>Are you concerned about staying ahead of the curve as many industries become increasingly oriented towards online products and productivity? Do you feel unsure about how to keep yourselves and your clients informed as new cyber-risks perpetually emerge?</p> <p>In this week’s episode, we’re thrilled to be speaking with Patrick Brice, the Distribution Director at CFC Underwriting, a specialist commercial insurance provider with a keen interest in identifying emerging risks and identifying cyber threats. In conversation with Boston Tullis’ Sarah Myerscough, he elucidates that many businesses and industries are becoming increasingly reliant upon technology for their internal operation and in the distribution of their products. Consequently, brokers and insurers alike need to reorient themselves in order to accommodate clients against both potential cyber threats, and nuanced technological risks that require bespoke cover.</p> <p> </p> <p>Quote of the Episode</p> <p>‘The insurance industry builds products that the insurance industry thinks are good; they don’t build products that clients want to buy, until you get to the really bespoke, large, sophisticated, complex buyer stuff.’</p> <p>In this week’s episode, the concept of ‘nimbility’ once again proves efficacious. Patrick Brice argues that there is a tendency among many insurers to undertake a ‘one-size-fits-all’ approach with their products. However, as businesses in different sectors are beginning to embrace technology and cyberspace in nuanced and unique ways, they are becoming vulnerable to risks which require a more bespoke form of policy. The vague, nondescript concept of ‘putting the buyer at the centre’ of insurance products is simply insufficient as industries are evolving at an increasingly rapid pace, and require policies that can accommodate for this.</p> <p>Key Takeaways</p> <p>Patrick argues that both brokers and insurers need to immerse themselves within the particular sectors or businesses they are providing cover for, in order to truly un