Cyber Insurance Broker (Broker and Senior Broker)

Job Description

Position Overview:

The Cybersecurity Insurance Broker is responsible for advising clients on cybersecurity insurance policies and helping them navigate the complexities of cyber risk coverage. This role requires a strong understanding of cybersecurity risks, regulatory requirements, and the insurance market. The broker works closely with clients to assess their needs, design tailored insurance solutions, and negotiate with insurers to secure the best terms.

Key Responsibilities:

1. Client Advisory and Relationship Management:
   

   • Serve as a trusted advisor to clients, understanding their business and cybersecurity risk profiles.
     
   • Conduct risk assessments to determine appropriate coverage and limits.
     
   • Build and maintain strong, long-term relationships with clients to ensure satisfaction and retention.
     

2. Policy Design and Placement:
   

   • Design bespoke cyber insurance solutions tailored to clients’ specific needs.
     
   • Negotiate policy terms, conditions, and premiums with underwriters to secure optimal coverage.
     
   • Ensure policies address key risks, such as data breaches, ransomware, business interruption, and regulatory fines.
     

3. Market Knowledge and Analysis:
   

   • Stay updated on developments in the cyber insurance market, including new products, pricing trends, and regulatory changes.
     
   • Understand emerging cybersecurity threats and translate their implications into insurance solutions.
     
   • Educate clients about the benefits and limitations of various cyber insurance policies.
     

4. Claims Support:
   

   • Assist clients with the claims process, ensuring timely and accurate submissions.
     
   • Liaise between clients and insurers to resolve disputes and achieve favorable outcomes.
     
   • Provide guidance on mitigating future risks based on claims analysis.
     

5. Collaboration and Teamwork:
   

   • Work closely with cybersecurity consultants, legal teams, and technical specialists to provide comprehensive risk management services.
     
   • Collaborate with internal teams to support business development and cross-selling opportunities.
     
   • Contribute to the development of educational materials and training sessions for clients and team members.
     

6. Regulatory and Compliance Support:
   

   • Advise clients on compliance with data protection regulations, such as GDPR, CCPA, and industry-specific standards.
     
   • Ensure all insurance transactions comply with relevant laws and ethical standards.
     

Qualifications and Skills:

1. Education and Experience:
   

   • Bachelor’s degree 
     
   • 3–5+ years of experience in insurance brokerage, underwriting, or cybersecurity consulting roles.
     

2. Industry Knowledge:
   

   • In-depth understanding of cyber risks, threat landscapes, and mitigation strategies.
     
   • Familiarity with cyber insurance products, policy structures, and market dynamics.
     
   • Experience working with clients in industries with high cyber exposure (e.g., finance, healthcare, technology).
     

3. Skills and Competencies:
   

   • Strong analytical and problem-solving skills, with the ability to assess complex risks.
     
   • Excellent negotiation and communication skills.
     
   • Ability to explain technical concepts to non-technical stakeholders clearly and effectively.
     
   • Highly organized, with the ability to manage multiple clients and projects simultaneously.
     

4. Technical Knowledge:
   

   • Basic understanding of cybersecurity frameworks and standards (e.g., NIST, ISO 27001).
     
   • Knowledge of the legal and regulatory landscape surrounding data protection and cyber risk.