Aon senior director shares reasoning behind new broker center | Insurance Business America
Small commercial businesses face the same cyber threats and management liability exposures as large multinationals, but they have fewer resources with which to protect themselves. Cyber risk remains the top peril for small- to medium-sized enterprises in 2023, according to Allianz’s risk barometer report.
To help protect small businesses, Aon has launched a broking center for cyber and management liability insurance called CyFi. The center will offer a range of cyber and financial insurance products tailored to clients’ needs.
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.”
According to Loughlin, CyFi combines “the best of both worlds”, backed by the market scale of Aon’s commercial risk solutions and technology.
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.”