Carrolls, a Lloyd's of London market insurance specialist with products available in Australia and New Zealand, has been named one of Insurance Business Australia's (IB) 5-Star Cyber 2023 winners.
IB identified this year's 5-Star Cyber 2023 winners by enlisting some of the industry's top experts, conducting one-on-one interviews with specialist brokers, and surveying thousands more within the IB network to gain a keen understanding of what insurance professionals thought of current market offerings.
The brokers interviewed by the IB team outlined the features they thought were most important in a cyber insurance policy and then shared how the insurers they dealt with in the past 12 months rated those attributes.
Carrolls' goal is simple – provide the broadest possible cyber insurance solutions at competitive rates.
In an interview with IB, Carrolls managing director Sami Sulaiman emphasised the firm's focus on providing value for money.
“We provide a best-in-class cyber product, which has been designed to give customers really good coverage for a fair premium. As our policy is transacted online through our portal, it is easy for brokers to get quotes and we don’t ask for proposal forms,” he told IB. “Our claims service has been tried and tested, and the incident response is key to our product proposition.”
Sulaiman expects Carrolls to continue to grow, adding: “The cyber insurance market is still very much in its infancy, and businesses are still not totally on board with buying the cover, most likely because they still don't believe they have much cyber risk. This will change in the future as we see more and more cyber awareness in the media and businesses face real-life claims.”
Learn more about Carrolls and the rest of the winners by reading the IB 5-Star Cyber 2023 special report.
