Communications and technology (CommTech) companies face a number of challenges, not least of which is the constant need for innovation to satisfy evolving consumer demand and survive in a highly competitive marketplace.
That competition has led many CommTech companies to diversify into multiple sectors in recent years, something that brings significant opportunities, but also risks. Alongside this is an increase in
mergers and acquisition (M&A) activity in the sector; a trend that is likely to continue.
CommTech companies manufacture many of their products in emerging markets, leaving them vulnerable to risks around extreme weather and political volatility. They also tend to have long and complicated supply chains, over which they have limited visibility. Personal data is another hot topic, with constant changing data protection regulations across the globe. The data that companies hold and what they do with it is increasingly coming under the microscope, putting organisations under pressure to comply with new rules.
The good news about all of these challenges is that there is a lot that companies can do to mitigate them through risk transfer solutions. JLT's global CommTech practice has been helping clients to identify and manage their exposures since 2004.
WHAT WE DO
We provide insurance broking services to CommTech companies around the world and have experts across the entire spectrum of risks faced by our clients. From physical damage, liability,
first and third party cyber and financial risks, to political violence and people risks, our team can assist in placing specialist policies to meet your needs.
Our wide-ranging experience means that we are well placed to help companies with operations that span multiple sectors, including (but not limited to): software and app developers, telecommunications, consumer electronics,
social networking companies, sharing economy, IT services, technology manufacturers and semiconductors.
We also have a proven track record of settling large, complex claims suffered by our clients. Our claims experts sit alongside the account teams meaning that they have an excellent grasp of our clients' businesses that they can then apply throughout the claims process. FAQs
What are the most common claims you see amongst your CommTech clients?
D&O, E&O and cyber claims continue to be the headline insurance risk for companies in this sector. These risks emanate from numerous circumstances, which can include M&A, IPO’s, global footprint, large stock drops, and bankruptcies, amongst many others. Also, high profile E&O and Cyber events, such as Yahoo and Facebook, can now lead to D&O losses for the insurance carriers.
In addition to these claims, the traditional property damage / business interruption claim continue to pose risks to the insurance carriers especially for multinational companies.
Our CommTech team has the experience and expertise to offer you not just risk transfer insurance products, but a range of associated service to help you view your risks holistically. We are different because:
We have the right expertise no matter the subsector of tech, our brokers have the relevant experience
It is not enough to accept market-standard contract language, we continue to push carriers to provide market-leading coverage on behalf of our clients
We will provide you with a dedicated team of specialists who are focused on your sector, structured to provide you with expertise in all of the areas that you need cover
We provide a single point of contact to take the stress out of dealing with your global insurance programmes. Our multi-lingual team will coordinate between you, the insurer, your local operations and where relevant our network spanning over 135 countries
We have what we believe to be the best industry specific claims teams in the market. It’s not enough to simply offer a reactive, post loss claims service. Supporting clients to manage loss ratios and loss avoidance is equally paramount. We offer pre-loss scenarios and stress testing policies which are highly valued by many of our clients
As risk develops for our clients, they continue to ask for best practices consulting to determine how much in limits should they purchased (especially for cCyber/E&O related claims). Our JLT Analytics and Consulting colleagues have combined their experiences to help develop market-leading models that help drive our companies’ insurance-purchasing decisions.
No two companies in the CommTech sectors are the same so risk profiles tend to differ from firm to firm. Our team has access to a suite of products that your company might require, including:
Our approach is to tailor these products to ensure they cover the unique risks you face as a business. We do not believe in off the shelf products and will always look to use JLT form wordings where possible.