S
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suhdude

Sales Rep

Opinionated
Valued Contributor
Catalyst
+3

Experience selling Cyber Insurance?

Cyber insurance industry projected to grow by like 25% CAGR through 2029 to 63 billion. I'm looking at a few roles selling cyber insurance but can't find much/any info on glassdoor or repvue on income/commissions. I've got experience selling life insurance so I know you can make racks in the insurance industry. In my opinion it seems like this product is going to be a necessity for most businesses so there's tremendous opportunity in the space, just wondering if anyone on here has any experience/info on this?

☁️ Software Tech
🛡 Insurance
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Kosta_Konfucius
Politicker
4
Sales Rep
I would back channel if you can’t find much info with the places you are interviewing at. Send a LinkedIN message and I am sure some will be able to help
CuriousFox
WR Officer
3
🦊
I honestly don't know where else to direct em to?
Sunbunny31
Politicker
2
Sr Sales Executive 🐰
That would be my suggestion as well - find current employees at those companies, and ask!
ChumpChange
Politicker
4
Channel Manager
Interesting niche and a very different pitch to the majority of CybSec companies out there since it's post-incident. I'll ask one of my buddies that's a shot caller at a major insurance company. Let me pick his brain and I'll circle back.
ThatNewAE
Big Shot
3
Account Executive - Mid enterprise
Did you try LinkedIn? I see a couple of jobs open there - though the pay is less than tech sales. But you can still try and get in touch with the folks through LinkedIn DM, no ?
Pachacuti
Politicker
2
They call me Daddy, Sales Daddy
Is this like identity theft protection?
braintank
Politicker
4
Enterprise Account Executive
No it's a B2B sales. Basically coverage to help in case of security breach or incident.
coletrain
Politicker
2
Account Executive
One thing I will say once you get in: partner with a cybersecurity vendor that aligns with your insurance requirements. Typically, there are features required to lower premiums that others can provide.

It can also go the other way towards you with the "hey, we just implemented this tool so that we can get cyber insurance" crowd
aenima
Celebrated Contributor
1
Principal Account Manager
Doubtful it pays what tech does
WhoDey
Opinionated
1
VP of Sales
I'd be surprised if this takes off and has long-term viability as a stand-alone enterprise. If there's actually need for insurance to protect against cyber threats, the big boys will just start offering it as a rider to the company's existing policy...right?
suhdude
Opinionated
0
Sales Rep
Issue is it's hard to underwrite and accurately assess risk so still sort of an early industry. Big carriers like AON and AIG will probably dominate, but always need good sales distribution.
activity
Politicker
1
VP, Business Development
No experience here but interested in how this space progresses. I agree, I think it will be a necessity for most if not all companies in the future.
SADNESSLieutenant
Politicker
1
Officer of ♥️
never heard of it
Hotlead
Politicker
1
Producer
If you get involved in an insurance brokerage and start to sell basic commercial lines of insurance cyber is one of them. Insurance is a slow-paying industry, but the nice thing about cyber is you get paid right after you bind.
suhdude
Opinionated
1
Sales Rep
Do you have experience? My experience is all life/annuity so no P&C or commercial experience. I'm just guessing that premiums (and thus commissions) for 8, 9 and 10 figure companies are going to be rather large.
Hotlead
Politicker
1
Producer
I am currently a broker at a commercial insurance company, and yes the commissions are very attractive if you bind coverage for a company that pays 1 million for their insurance your cut is around 75k. But I would recommend going into a sector that is super niche because if you can't stand out, you will be crushed.
suhdude
Opinionated
1
Sales Rep
Examples of super niche sectors?
Hotlead
Politicker
1
Producer
For example, I only work with companies overpaying for their work comp insurance. There are no exclusions or endorsements for work comp, so it's a straightforward policy. But other brokers will specialize in specific industries such as construction, healthcare, manufacturing, etc.
suhdude
Opinionated
1
Sales Rep
How do most brokers prospect for commercial deals - cold calling and networking? I run ads for personal lines on YT and LinkedIn, I'd assume you could do the same thing maybe here if you have a differentiated value prop.
Hotlead
Politicker
1
Producer
Yeah, primarily cold calling and networking. Honestly, my company is hiring if you are interested in learning more.
suhdude
Opinionated
1
Sales Rep
Would love to connect with you and learn more!
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Fire Starter
0
administrative manager
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