Product Approval Process
The POG concluded that the product is suitable for the target businesses and property owners and responds to their exposure to cyber related events, particularly where such non-physical damage business interruption is excluded from standard cover.
Who this Product is suitable for:
SME Businesses are a high target for Cyber criminals as they are seen as an easy target. Cyber attacks are the fastest-growing threat to modern businesses, with billions of attempts by hackers every year. As organisations rely on IT systems to manage most, if not all, of their critical business systems, insurance policies that adequately protect your IT infrastructure against loss or damage as a result of a successful hack is essential.
Who this Product is not suitable for:
Consumers – any natural person purchasing a policy which is unrelated to their trade and/or occupation.
Product Suitable Distrubution Strategy
|Sold directly to customer by our firm||No|
|Sold to the customer via Appointed Representative||Yes|
|Sold via other intermediaries between us and the end-customer||Yes|
|Sold via a comparison website||No|
|MGAM Delegated Authority (Transactional)||No|
|MGAM B2B2B Quote & Bind Platform||Yes|
|MGAM B2B2C Quote & Bind Platform (first party system)||No|
|MGAM B2B2C Quote & Bind Platform (third party system)||No|
|Sub Delegated Authority (Coverholder)||No|
|Coverholder B2B Quote & Bind Platform||No|
|Coverholder B2C Quote & bind Platform||No|