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Business case

Sales approach

Released 09 September 2021
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An insurance company was faced with the challenge of winning over its sales structures for the topic of cyber insurance. The hurdle "How do I explain and sell cyber insurance?" faced by the sales division was overcome after a short time. Since then, the topic has been actively addressed and sales figures have increased many times over.

Vendor

Contacts

Photo of Jonas Schwade
Jonas Schwade
PPI AG
Produktmanager
Germany

The issue

The insurance company's sales force had a hard time selling cyber insurance. The main reason for this was, among others, that the cyber sphere is so complex that they only barely understood it themselves. Another challenge was that cyber is not a tangible topic, which made it difficult for sales to convince interested companies that they were exposed to cyber risks. The sales staff lacked arguments to handle customer objections like "Oh, what could happen to me, I'm much too small and uninteresting". Hence, it was sometimes impossible to find an entry point with the interested parties, as they were convinced that they were unattractive targets for attackers and therefore not exposed to any cyber risk.

Solutions

A view specifically developed for use in sales has created new possibilities for addressing customer interaction.

The results of the cysmo reports are written in a language that is easy to understand, especially for business departments. In addition to the risk-relevant results, the potentially arising risks, examples of damage and recommendations for action are also provided. The whole thing is rounded off by a comic visualisation that explains the abstract technical content using catchy metaphors.

By means of a PDF report, the results can be directly incorporated into a customer interaction and made available to the customer afterwards. Not only customers from the SME segment are interested in such reports, but also IT managers and CISOs from larger companies, as the report also partly contains confirmation of preventive measures that have already been taken.

The sales department uses the corresponding reports in the initial approach towards the interested party to generally address the topic of cyber insurance and be able to directly point out the first potential vulnerabilities, as well as in customer loyalty campaigns as a service for existing customers, who are regularly provided with the reports as an added value.

Related solutions

Benefits and advantages

The simple preparation of the results enables the customer's managers to quickly understand the risk situation. The customer's IT administrators or service providers also use the reports to gain an overview and make preventive improvements to the IT infrastructure.

Thus, the insurance company acts as a partner in the field of cyber risk. The customer can become committed to the insurance company in the long term due to the additional added value and, moreover, the cysmo report offers a sales argument when enquiries are made via brokers.

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Responsible for this content

PPI AG
Germany

  • Germany
  • Spain
  • Switzerland
  • Austria
  • United States
  • United Kingdom

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