CertAsig joins PRBAR Academy
With the purpose of increasing the quality of services offered to customers, in 2018 CertAsig joined PRBAR’s initiative to organize training sessions for insurance brokers. In November last year, CertAsig specialists with large experience took part to four events organized by PRBAR Academy. Thus, on November 13th and 27th, in Brasov and Cluj-Napoca, PRBAR members attended two training sessions, where specific professional risks in the IT field were debated.
Mihai Bizineche – Chief Underwriting Officer at Certasig, spoke to participants about cyber risk and the way this new threat can severely affect the activity of the companies. Along with IT progress, this type of risk is becoming more and more present, and many companies, especially small and medium sized ones, are vulnerable because they do not always have in place the right solutions to prevent the occurrence of incidents of this kind. Another element worth taking into consideration in case such an incident appears, is the lack of know-how of the persons appointed to manage the situation. Thus, rush decisions such as extortion payment can affect financially the company, without providing the guarantee that the threat is permanently removed. It is important that people who intermediate the sale of insurance policies to get the best knowledge of this type of product that covers cyber risk, as the demand and growth potential on this segment are obvious. Also, during the two events, the participants received an overview and case studies about professional liability for IT consultants. Their work can significantly impact a company when it is inappropriately exercised, leading to data loss, business activity interruption, all with very high costs. When prejudice is caused by negligence or imprudence, policy holders might receive compensations. All the details provided to the participants were also supported by practical examples and interactive discussions have been encouraged. Also, on November 15th, in Timisoara and 21st in Iasi, two other training sessions were organized, this time addressing the custom bonds insurance topic.
Explanations and case studies were provided to participants by Sinziana Muscalu – Chief of Bond Underwriting in CertAsig. An insurance company has the possibility to issue bonds which may be used in any of the custom special regimes and/or procedures. The main advantage of using this alternative form of guarantee is the preservation of autonomy over the company’s cash funds and also to increase the granted value.In many cases, in order to issue this type of guarantees, insurance companies accept as collateral promissory notes and sometimes are available solution without collateral. Most frequently, banking institutions use deposits or mortgages as a collateral for issuing a letter of guarantee, in this case companies cash resources are becoming unavailable for their own use, reducing also the possibility of development. It is important that brokers know and promote a product such as custom bond, because it can bring huge financial benefits for their clients. Considering that participants showed their interest to know more about those mentioned products during the four events, CertAsig will also be involved this year in organizing similar training sessions.
The first two are scheduled to take place in the first part of the year in Bucharest and the details will be communicated in due time by the organizer, PRBAR Academy.