A team of experienced brokers will act as a resource for policy placements such as cyber liability, errors and omissions, directors and officers’ liability, employment practices liability, fiduciary liability and crime insurance.
“Our CyFi brokerage acts as a resource for coverage analysis, market trends, benchmarking and placements,” Jim Loughlin (pictured), senior director of broking of Aon’s small commercial team in digital client solutions, said.
“We really pride ourselves on our knowledge base – that’s one of the reasons this broking center was established.”
Aon found that account executives “may be looking to place this coverage themselves”, Loughlin said. Aon, then, wants the broker center to act as a resource to help them access that “level of knowledge”.
According to Loughlin, CyFi combines “the best of both worlds”, backed by the market scale of Aon’s commercial risk solutions and technology.
First phase
The launch of CyFi is “significant milestone” for Aon as it aims to be a leading global provider of cybersecurity and financial lines risk management products. It’s also the first phase of “exciting and innovative” products that Aon’s digital client services is looking to roll out this year.
“There’s a micro business segment, which is for businesses that are small mom-and-pop shops with between five and 10 employees, the commercial risk size accounts with risk managers, as well as a middle market practice within Aon,” Loughlin told Insurance Business.
“This small commercial group bridges the gap between those micro sized clients and middle-market and risk management-sized clients.”
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