AMBER PERCIVAL: Great. Thank you. My first question is, looking back over the last 12 months, of the many first-time buyers of cyber insurance, why do you believe they've decided to purchase now compared to previously?
HUW DYER: So we've had a great uptake in first-time buyers in the last 12 months, particularly from the UK midmarket sector. I think clients at the moment are taking advantage of the competitive market conditions, whilst also utilizing the additional services that insurers are now offering with their cyber insurance products. And we've been doing a very proactive sales approach for those clients as well, to really elaborate what the cyber products are available now in the current marketplace. And we're seeing lots of growth off the back of that.
Following the Scattered Spider attacks as well over the last few months, we've seen increased interest from large corporate leisure and hospitality clients, too, who now, for the first time, want to look at cyber insurance as another means of boosting their cyber protection.
AMBER PERCIVAL: Great. Thank you, Huw.
So you have a large facility which caters for many of these clients, but what can insurers do to remain competitive and provide the best terms on an open-market basis?
HUW DYER: So for open-market carriers, there's a few key criteria. Firstly, a flexible and prompt underwriting approach. Secondly, those who write our own Willis products will see more opportunity. And thirdly, those carriers who have established a robust incident-response process and a value-add proposition, things such as tabletop exercises being available to insureds, those are the carriers who are often most competitive in an open-market basis.
AMBER PERCIVAL: What can FINMAR insurers do to help Willis provide the best terms when quoting to win new business?
HUW DYER: So there's a few things. Firstly, a flexible approach to underwriting is key because a lot of these new-time buyers want to transact quickly. And so that approach will be very, very helpful. Secondly, those insurers that have existing cross-class relationships, leveraging those to provide as competitive terms as possible will really help them in differentiating themselves from alternatives. And thirdly, having a comprehensive understanding of the insured's operations and cyber risks will be really important for first-time buyers, and underwriters who can present that when providing their terms will build trust for those clients so they can understand the value of the product.
AMBER PERCIVAL: Great. Thanks, Huw. My final question to you is, what are your hobbies and interests outside of work?
HUW DYER: So on the weekends, I love to barbecue for my friends and family.
AMBER PERCIVAL: That sounds lovely. Thank you, Huw. That was really interesting, and we wish you continued success in bringing new clients into [INAUDIBLE].
Thank you for watching. I hope you have enjoyed today's session of FINMAR Presents Five Minutes with. Please do join us next time.
