RT Specialty division now offers new commercial cyber insurance product

RT Specialty division now offers new commercial cyber insurance product | Insurance Business

RT Specialty division now offers new commercial cyber insurance product

RT ProExec – a division of RT Specialty – has launched a new insurance product, featuring expanded cyber coverage designed specifically for commercial businesses.

The enhanced product is RT ProExec’s response to the growing need for more comprehensive cyber insurance for businesses, as cyberattacks – particularly the recent string of ransomware incidents – become more frequent and complex.

RT ProExec has recognized that cyber remains an emerging and evolving market, and that insurers are still actively trying to figure out how to offer coverage for such diverse and rapidly developing risks.

“Navigating the sea of changing cyber risk is an important role for dedicated wholesale products,” commented RT ProExec senior vice-president of professional and executive liability David Lazzaroni. “The islands of protection and expert brand response are critical to protect a company’s balance sheet in the event of a cyber hurricane.”

To better distribute the product, RT ProExec is leveraging ClarionDoor’s technology. ClarionDoor’s Digital Distribution Suite allows P&C distributors to easily rate, quote, bind, and issue insurance policies – ultimately expediting the insurance process and enhancing customer experience. The platform also features forms management functionality.

“It’s exciting when our clients deliver entirely new products into the market,” remarked ClarionDoor CEO Michael DeGusta, who added that being selected by RT ProExec to deliver such a vital product reinforces that ClarionDoor’s services are meeting the growing needs of the insurance industry.