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In this episode of CHATTINN CYBER, Marc Schein interviews Brian Warszona, UK Cyber Deputy Practice Leader at Marsh McLennan. Brian has over a decade’s worth of experience in the cyber insurance space and has, over the years, shifted from the carrier side to the broker side of the industry.
Brian started his career working with Marsh in Chicago for six years. He then worked as an underwriter at Chubb for two years. Later, Brian helped create the Chicago office for another brokerage firm, before landing his current job at Marsh McLennan.
Brian discusses why shifting from the carrier side to the broker side gave him a whole different perspective on the industry. He could talk about risk in a way that would make it more efficient for both the company and the client. He was creating solutions and bespoke policies for the clients.
Brian explains in detail the terms underwriter and syndicate and how they function in cyber insurance. He also distinguishes an underwriter’s role at Lloyds and in the States and explains his preferences across the geographies. According to Brian, a syndicate has to report back into Lloyds about what they’re doing from a financial stability side of things.
We also discuss the impact of COVID in the industry. Brian shares that from a coverage standpoint, nothing has changed in the pandemic. But there have been revolutionary changes elsewhere. COVID has not only affected Lloyds but also changed the way clients deal with businesses. They don’t have in-person underwriting meetings with syndicates and underwriters from the syndicates so frequently today.
Towards the close of the episode, we talk about Brian’s article on human-capital management regarding cyber risk and discuss the points to keep in mind while identifying suitable vendors.
Highlights:
“I think it’s [the pandemic] allowing us to be a little bit more connected. In some cases, we probably have too many zoom meetings because of it. But on the flip side, we actually have a lot of communication going back and forth, whether it be through zoom teams, or instant messages or wherever it might be.”
“From an analytic standpoint, to the corporate side of things, I really wanted to be in that room with the client talking about, here’s what we can do here. And here’s all the different solutions.”
“I don’t think we can go through a cyber conversation around the market if we didn’t talk about ransomware.
Time-Stamps:
[00:58] – Brian discusses his journey in the cyber insurance industry
[02:21] – Brian shares why he decided to shift from the carrier side to the broker side of the business
[03:35] – Discussing the London insurance mentality
[05:30] – Explaining the terms syndicate and underwriting
[06:39] – The influence of the pandemic in revolutionizing work practices
[08:54] – Talking new requirements in London based carriers
[10:18] – Human Capital Management with regards to cyber risk
[14:59] – Identifying suitable vendors
Connect with Brian:
LinkedIn: https://www.linkedin.com/in/brian-warszona-36891b12/?originalSubdomain=uk