Background

How does it work?

Unlike traditional awards ceremonies where a panel of judges pick who they believe to be the winner of a category, the winners of the cyber awards are derived from aggregated survey data collected by the rankings team – removing any bias.

Only underwriters and brokers active in the London cyber insurance market can take part in our survey.

For the shortlists of each individual broker/underwriter award, we pick the top five highest ranked individuals from each company in their respective field. For the company awards, we pick the top five firms that receive the highest score for that category. 

The winner of each category is simply the individual or company with the highest score made up from their supporters' votes.

The Survey

The Insurance Insider cyber rankings survey is addressed exclusively to cyber brokers and underwriters who are invited to vote for the best talent in the London Market. It is a two-way survey by which cyber underwriters nominate the best brokers and brokers nominate the best underwriters.

The survey is individual-based so respondents only nominate and score the best professionals, not companies. Individual results, however, are aggregated to also derive company rankings.

The survey also allows for brokers and underwriters to vote for the best cyber law firms and risk service provider, as well as the best underwriting and broking initiatives in terms of market innovation.

Ranking results

The ranking of underwriters and brokers is calculated using a scoring method known as Borda count which assigns 3 points to any respondent’s top choice, 2 points to the second position and 1 point to the third place.

This method provides consistent weighting to each vote while accounting for voters’ order of preference, hence providing the best representation of market preferences. Borda count is used extensively in other popular ranking awards such as the NBA's Most Valuable Player Award or the Eurovision Song Contest.

Attribute rating and testimonials

Apart from nominating the top three professionals, respondents are asked to mark them on specifically-defined attributes. These qualities define the best underwriting and broking practices and include things such as risk knowledge, effective communication, honesty, analytical skills and creativity.

There are six attributes defining the best underwriting practices and eight attributes defining the best broking practices, against which nominees are rated.

Respondents are also invited to provide a statement with their main consideration behind each of their designations.

Response validation and data integrity

Complete confidentiality is offered to all participants, allowing for honest and trustworthy scores and testimonials.

Surveys are mainly conducted online but the data collection process is complemented with phone calls to ensure the required levels of participation. Time and IP tracking is combined with analyst validation of all individual records to ensure data integrity.

Participation and statistical significance

A screened list of potential respondents is used to track and monitor participation rates, in order to target a maximum error margin of 10% of overall scores at a 95% confidence level.

This means that the final sample size is sufficiently large so as to ensure that ranking scores remain unchallenged if the survey were to be run repeatedly.

So, if we ran the survey 100 times, and an individual’s score was 30, 95 times out of 100 their score would be contained between 27 and 33, ensuring a stable position in the rankings.

Complete confidentiality is offered to all participants, allowing for honest and trustworthy scores and testimonials.

Surveys are mainly conducted online but the data collection process is complemented with phone calls to ensure the required levels of participation. Time and IP tracking is combined with analyst validation of all individual records to ensure data integrity.

A screened list of potential respondents is used to track and monitor participation rates, in order to target a maximum error margin of 10% of overall scores at a 95% confidence level. This means that the final sample size is sufficiently large so as to ensure that ranking scores remain unchallenged if the survey were to be run repeatedly.