Partnership expands NFP’s cybersecurity brokerage capabilities within its P&C division, with a focus on the specialized needs of community banks
NFP, a leading insurance broker and consultant providing employee benefits, property and casualty, retirement, and individual solutions, today announced a partnership with Axio Global Inc. (Axio). This partnership advances NFP’s ability to help buyers of insurance at community banks gain a clearer understanding of their cybersecurity risks, navigate the complexities of these risks and identify insurance solutions that respond to cyber losses. Together with NFP’s existing cyber brokerage expertise, NFP and Axio can now deliver a simple and effective solution that represents meaningful value in overcoming dynamic IT challenges.
The Axio360 QuickQuant platform uses real life cyber events to simulate how insurance policies would respond and how losses could affect the bank’s earnings and balance sheet. If a bank is purchasing insurance to hedge risk exposures, the platform shows how their key policies may perform and identifies opportunities to proactively address gaps. The platform also allows banks to benchmark their insurance program limits against a client portfolio of over 200+ banks, providing a road map for strategy refinement.
“Cyber risk remains a significant challenge and requires that we evaluate our clients’ overall exposures from a first- and third-party perspective,” said Akhil Chopra, managing director and head of NFP’s cyber and network security practice. “Axio360 QuickQuant aids in this process by stress testing existing policies and analyzing peer group data to help us create tailor-made insurance solutions. Preparation is critical and we are excited to be working with Axio to enhance our ability to prepare our insureds for potential cyber events.”
“The cybersecurity needs of community banks remain highly underserved, primarily because many insurance brokers either don’t understand the inherent complexities or try to overstate their capabilities,” said Mark Flippen, managing director of NFP’s Financial Institutions Group. “We have the expertise to address the fundamental queries buyers have, helping community bank leaders to understand their cyber risks, decipher what it is they’re actually buying and fix any gaps in their existing coverage. Our value is driven by specialized technical advice and exceptional ongoing service, and the Axio360 QuickQuant platform complements this value in ways that will benefit our community bank clients.”
“Through this platform, we’re elevating value with clear and actionable insight, which is especially relevant for a market segment like community banking,” said Scott Kannry, CEO of Axio. “Most other solutions churn out pages and pages of technical data that leave risk managers wondering whether their insurance portfolio is sufficient. We’re able to provide a very clear view on how a community bank’s cyber, crime, bond and property policies are positioned to respond to the most important types of cyber losses they can face.”
Source: Company Press Release