July 29, 2021

RHS 109 - How to Sell More Cyber Insurance with Pat Costello

1 hour 1 minute

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In this episode of The Ryan Hanley Show, Ryan Hanley interviews Pat Costello, CPCU, Co-Founder, and Principal at Evolve MGA. Pat joins the podcast for a wonderfully nerdy deep dive into cyber insurance. Pat and Ryan also also discuss exactly how independent insurance agents can (and should) sell more cyber insurance to their clients. Don't miss this episode...

Episode Highlights:

Pat mentions what he’s learned from the pandemic. (5:34)

Pat shares two reasons why having people in an office environment is vital. (7:17)

Does Pat prefer working remotely or working in the office? (10:29)

Pat shares his background and how Evolve MGA started. (13:15)

Pat mentions some of the biggest issues he has seen from a retail broker perspective. (16:21)

Why do agents still sell cyber insurance like it's a luxury and not as a necessity? (18:40)

Pat gives a couple of facts about ransomware. (26:13)

Pat shares why social engineering is the most common claim they see behind ransomware. (30:23)

Pat explains why cyber insurance is significant. (34:24)

Pat shares what they have recently introduced into their form. (47:35)

Key Quotes:

“If you have a few sales folks...I love having them together in the same room to kind of motivate each other and feel the energy, feel the vibes.” - Pat Costello

“I think the insurance industry in the way it's set up with renewals, breeds an attitude of complacency for it, along with the fact that it's a pretty big age gap in the insurance industry.” - Pat Costello

“As everything gets more connected to the internet and as people start using technology more, there's more potential for things to get hacked. If somebody is connected to the internet, it has the potential to be hacked. And so, everything that we are doing on a day to day basis is getting more and more technology driven.” - Pat Costello

Resources Mentioned:

Pat Costello, CPCU LinkedIn

Evolve MGA

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By Ryan Hanley, Bleav

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