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Consumer indifference is still a challenge for personal cyber insurers

March 9, 2020

Only about one in 10 connected Americans say they have insurance to help them recover from a cyberattack. And close to half do not know whether they have this protection, according to the Insurance Information Institute and J.D. Power 2020 Consumer Cyber Insurance and Security Spotlight Survey℠. Because of consumer confusion about their current cyber coverage, and the persistent idea that consumers are unwilling to pay more, insurers are faced with a challenge. They need to find a way to educate and inform consumers about the benefits of personal cyber insurance, and its value for helping them recover from thousands of dollars in personal losses after an attack.

Spotlight

Idelic

Idelic is a software provider born from trucking and dedicated to driving the best possible insurance outcomes for fleets. Process and technology join together in the Idelic Program, a tool built and proven successful among insurers and fleets alike. The Idelic Program leverages predictive analytics that identify risky drivers coupled with professional development plans to help change behaviors and provide insurers with proof of sustainable improvements in crash reduction to negotiate better rates. Fleets, on average, see a 20% reduction in accidents within the first year on the Idelic Program. We are a team of experienced industry and technical experts who understand the specific trucking industry and insurance needs. We don’t over-engineer our products and pride ourselves on listening to our customers by providing solutions tailored to solve their real problems.

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Consumer indifference is still a challenge for personal cyber insurers