Grimshaw on Navigating Today’s Cyber-Tech Insurance Market

London, United Kingdom Apr 16, 2025  – Lloyd’s and London market brokers have faced considerable challenges in the Cyber & Technology market over the past year. The softening of market rates and the rise of new MGAs and specialist brokers have reshaped the wholesale insurance broking landscape in this sector, creating both opportunities and obstacles.

In this dynamic market, brokers are grappling with key questions about how to differentiate themselves and create value. With numerous new players carving out niches through AI-powered broking, innovative vulnerability assessments, or efficient Quote and Bind systems, the question is: how can established brokers truly distinguish themselves?

While innovation is welcomed and needed, Grimshaw emphasizes that quality service remains the primary differentiator. The insurance market is evolving rapidly, with unprecedented innovation and heightened growth expectations. However, there seems to be a lack of service innovation for clients.

Grimshaw suggests that innovating in service delivery is the next major opportunity in the Cyber and Technology market. His approach focuses on a comprehensive service model that goes beyond specialist advice and quick responses to include educational resources and tools that empower brokers and insured parties to navigate the complexities of Cyber and Technology insurance.

Grimshaw’s educational strategy involves sharing concise videos on emerging trends, distributing newsletters with in-depth analysis and industry-specific applications, conducting regular email campaigns, and providing webinars and in-person seminars to broker partners – all without using aggressive sales tactics.

The core idea is simple: well-informed brokers can provide better service to their clients. However, education alone isn’t enough. The increasing prevalence of automated systems and faster broking cycles carries the risk of losing sight of the main goal: delivering excellent service and providing clients with the tools they need to make informed insurance choices.

While complementary risk management services and legal support add value, they become commonplace when offered by everyone. True differentiation arises from in-depth product knowledge, understanding customer needs, and delivering exceptional service.

Grimshaw clarifies that while he doesn’t oppose innovation, he believes that building lasting client relationships requires direct communication, discussions about complex coverage issues, and adapting to today’s fast-paced broking environment.

This can be achieved through a holistic service approach: providing education, simplifying risk capture by eliminating lengthy proposal forms, engaging in meaningful conversations with underwriters, understanding clients’ businesses, and tailoring coverage to their specific needs.

The solution isn’t to abandon modern methods but to find a balance between innovation and proven service principles – perhaps acknowledging the wisdom of “if it ain’t broke, don’t fix it” – And as he always says, don’t forget to “Insure With Grimshaw!”