Hiscox: Half of US businesses reported a cyberattack in the past year

Insurance Business America | April 24, 2019

Cyberattacks are on the rise in America, if a new report by Hiscox is anything to go by. The “Hiscox Cyber Readiness Report 2019” is Hiscox’s third in the annual report series. To prepare the report, the international specialist insurer surveyed about 5,400 professionals in the US, UK, Germany, Belgium, France, Spain and the Netherlands to assess the cybersecurity preparedness of businesses in those countries; more than 1,000 of those respondents were based in the US. According to the report, 53% of US businesses reported experiencing a cyberattack in the past 12 months, compared to only 38% the year before. Hiscox also noted that 45% of US companies experienced three or more attacks in the last year, and that the mean cost of US cyber incidents was around $119,000. Despite the increase in cybersecurity incidents, however, American companies are not doing enough to mitigate the damage of such risks, the report found.

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Supplemental health insurance typically refers to products that are designed to supplement comprehensive major medical insurance. These products are considered “excepted benefits” under the Health Insurance Portability and Accountability Act of 1996 (HIPAA). This means that because they are not intended to pay providers directly for medical expenses, they are not subject to many of the requirements for major medical health coverage under the Affordable Care Act (ACA). These plans typically: Pay benefits directly to an individual, instead of paying providers directly for medical claims.

Spotlight

Supplemental health insurance typically refers to products that are designed to supplement comprehensive major medical insurance. These products are considered “excepted benefits” under the Health Insurance Portability and Accountability Act of 1996 (HIPAA). This means that because they are not intended to pay providers directly for medical expenses, they are not subject to many of the requirements for major medical health coverage under the Affordable Care Act (ACA). These plans typically: Pay benefits directly to an individual, instead of paying providers directly for medical claims.

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INSURANCE TECHNOLOGY

Aline Capital Launches Insurance Division to Expand Commercial Real Estate Service Offerings

Aline Capital, LLC | June 16, 2022

Southeast-based Aline Capital has launched a commercial insurance division, adding to its current service offerings in the commercial real estate sector. The division will focus on commercial property, general liability, and builder's risk insurance for commercial real estate investors and developers throughout the region. The firm made the strategic decision to launch an insurance division after experiencing several headwinds in the commercial insurance market on deals they were advising their clients on. Commercial insurance has proven to be extremely challenging and an evolving dynamic for transactions in the current market environment. By launching Aline Capital Insurance Services, we are now able to help clients navigate each piece of the investment process. As investment advisors, our goal is to bring an elevated level of personal service and value to every client and transaction. We now feel that we have a complete service offering for clients with the rollout of our commercial insurance division." Aline Capital Managing Partner Joey Weinel. The firm has enlisted Greenville native and insurance veteran, Kevin Allen, to lead the firm's initiative. Allen said the main points for clients to know are what type of insurance they are buying, what it covers, and how it applies to their commercial property and/or business. Simplifying the transaction and looking at the cost of ownership are also important. Aline Capital is a fully integrated commercial real estate and capital markets advisory firm. It offers investment sales, leasing, and debt and equity advisory services to commercial real estate developers and investors.

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INSURANCE TECHNOLOGY

P&C Insurer Digital Investments Cannot Offset Rising Rates, Finds J.D.Power

P&C | May 30, 2022

Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year. Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.” Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power. The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project. Key findings of the 2022 studies are as follows: Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction. Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools. The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527. Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.

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INSURANCE TECHNOLOGY

Fenris and Sureify Have Formed a New Partnership

Fenris | June 08, 2022

Fenris Digital (Fenris), an insurance data sourcing innovator with a suite of API-delivered, SOC 2 compliant products, is pleased to announce a new partnership with enterprise life insurance platform Sureify to deliver Life Events Monitoring and Alerts (LEMA) to Sureify's LifetimeENGAGE users to increase customer interaction and, ultimately, satisfaction. Fenris Life Event Monitoring and Alerts will be made available on Sureify's LifetimeENGAGE platform, which helps carriers and brokers build long-term relationships with policyholders by driving health and wellness activities, purchase decisions, financial education, and more. Sureify's carrier and broker customers will receive real-time alerts concerning changes in the lives of policyholders that would need a review of current coverage because of Fenris' life event alerts being made available through its platform. The lives of our client's policyholders are changing faster than ever. Insurance providers need to be aware of these changes in real time so they can engage with their customers at exactly the right moments. By integrating with Fenris, we're investing to ensure that, through our clients, modern policyholders' needs are being almost proactively met, which is immense." Sureify COO Ryan Swanson. Data is at the heart of a carrier's engagement practices that lead to informed agents guiding policyholders along the customer lifecycle, Working with Sureify to make our real-time alerts available to the life insurance space will give agents, brokers, and carriers the insight they need at the right time to nurture their relationship with policyholders." Jennifer Linton, CEO and Founder of Fenris. Fenris enables traditional, innovative, and embedded insurance companies to better acquire customers by leveraging data repositories of 255+ million persons, 130+ million homes, 30+ million small businesses, and total coverage of all properties in the United States. Through real-time alerts that prompt outreach to policyholders, Fenris' Life Event Monitoring and Alerts promotes engagement, raises retention rates, and leads to business growth.

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