Product details

The case examines the gaps in insurance coverage provided by general liability products and the need for hi-tech companies to obtain cyberinsurance through means of separate insurance packages. The evolutionary status of cyberinsurance coverage, resistance of companies to realise their need for this coverage, and their failure to reveal the true picture of cyber losses incurred by them are also mentioned in the case. The case discusses the importance of market research before launching a product into the market and also examines the need to accurately identify the purpose of carrying out market research. The case is structured to enable students to: (1) understand the risk faced by companies dependent on computerised operations and their need for insurance coverage to protect themselves from losses arising due to failure of their internal systems; (2) realise the failure of insurance companies from providing cyberinsurance as part of general liability products; (3) examine the potential for cyberinsurance as a separate insurance product; (4) assess the importance of conducting a detailed marketing research prior to introducing a new product into the market; and (5) understand the need for accurately identifying the purpose for carrying out market research and the importance of providing precise data in the market research report. The case is aimed at MBA/PGDBA students, and is intended to be a part of the insurance marketing curriculum.