Tailored solutions for the iGaming industry: Inside Antes Insurance Brokers’ customised approach

For tech firms and iGaming companies relying on cloud services, social media, big data, and bring-your-own-device policies; the threat of cyber-attacks, regulatory hurdles, and financial liabilities is even higher. As these threats evolve, businesses are increasingly vulnerable to disruptions in their operations, potentially impacting their bottom line.

Cyber insurance is a practical solution for mitigating these risks, providing financial protection and support in the event of a cyber-attack. However, with so many insurance options out there, choosing the right insurance cover for one’s business might be a daunting and time-consuming process. Businesses need to carefully assess their own needs, understand the policy details, and evaluate the conditions that come with each cover. That’s where Antes Insurance Brokers Ltd comes in. As Malta’s largest insurance broker, Antes offers customised and innovative insurance solutions tailored specifically for the iGaming sector.

In a recent interview with Mark Spiteri, General Manager at Antes Insurance Brokers Ltd, iGamingCapital.mt explores what they have to offer as well as their strategic approach as brokers. When asked about their mission as a company, Mark starts off by clarifying the difference between the role of an insurance broker and that of an actual insurer. “While insurers manage risks and handle claims, brokers like us provide crucial advice on the best market options, helping clients understand the intricacies of coverage, premiums, and conditions.”

Mark highlights the arduous task businesses face in researching and comparing insurance options. “We understand that most people, including many businesses, don’t have the time to wade through the insurance landscape and often only realise the true value of their purchase when they need to make a claim. As insurance brokers, we step in to fill this gap, using our expertise to guide clients to the right coverage and ensure their claims are handled smoothly and fairly.” Mark emphasises that Antes isn’t just about selling policies. “We are committed to protecting our customers and ensuring they’re satisfied with the support they receive afterward.”

When asked about their decision to venture into the iGaming sector, Mark explains, “We noticed a significant gap in the market for specialised insurance products that really meet the unique needs of the iGaming industry. With its complex risks and regulatory challenges, the sector needed more than traditional insurance products could offer.”

This inspired Antes to develop targeted advice on insurance services that are typically provided to iGaming businesses. Such services include cyber insurance, which handles costs tied to data breaches, forensic investigations, legal expenses, and managing reputation. Insurance services also cover business interruption losses, cyber extortion, network damage, and legal liabilities stemming from privacy violations or regulatory fines. Mark stresses the importance of such services, especially for iGaming businesses, as cyber-attacks can hit any company, regardless of size.

When it comes to insurance premiums for iGaming operators, several key factors are taken into account by insurance companies, such as the size of the business, the sector it operates in, annual revenue, data volume, and existing cybersecurity measures. Insurers also weigh past cyber incidents or claims history. It is crucial for businesses to provide accurate and thorough information during the underwriting process to ensure they get the right coverage at the right price.

Mark sheds light on Antes’ risk assessment approach. “We begin with a comprehensive risk assessment tailored specifically to the iGaming industry. We seek to understand our client’s business model, the specific games they offer, and the jurisdictions they operate in.” He also points out, “Insurance companies need to ensure that their products not only help iGaming operators meet regulatory standards but also effectively mitigate risks associated with non-compliance.”

Antes Insurance Brokers Ltd, as part of Argus Group Holdings, has made its mark as Malta’s leading insurance broker. What’s the secret behind their success? According to Mark, it’s all about their deep local expertise and a client-centred approach. “What really sets us apart is our extensive local knowledge, honed over decades of experience in the industry, which allows us to guide each client to a personalised coverage that meets their specific needs. As a company, we also have an affinity for doing business in island states being part of the Argus Group, which operates in places like Bermuda and Gibraltar.”

Their knack for forging strong client relationships is another feather in their cap. “We’re firm believers that insurance is most effective when it’s delivered by professionals that clients know and trust,” Mark points out. “That’s why we put so much emphasis on building lasting relationships with our clients, making sure they feel supported and reassured every step of the way.”

Staying on top of the ever-changing regulatory landscape is another area that Antes excels in. “We make sure our team stays sharp through ongoing professional development. In general regulation is here to stay and can only get more stringent. The iGaming industry is not immune. He points out that an often-overlooked challenge in the sector is navigating complex regulations and keeping pace with the industry’s ongoing advancements.

Reflecting on our discussion, Antes Insurance Brokers is committed to supporting the iGaming sector with specialised and forward-thinking solutions. Mark concludes, “At Antes, every client relationship is a partnership. We work hand-in-hand with our clients to unlock their business potential through ongoing communication and optimised services. It’s this dedication that truly makes me proud to be part of the Antes team.”