CORE INSURANCE

The Evolution of Cyber Insurance in 2021 Through the Lens of expert.ai's Artificial Intelligence

expert.ai | December 28, 2021

pie insurance News
Expert.ai (EXAI:IM), the premier artificial intelligence (AI) platform for language understanding, today released a new Expert IQ Report, "How Cyber Insurance Has Evolved in 2021." The report provides insurers with insight into unprecedented change and risk being driven by the pandemic, causing costs to soar and confusion to spread across the marketplace. In the first half of 2021 alone, threat research shows global cyber-attacks climbed 29%, ransomware incidents jumped 93% and demands rose an astounding 518%.

Report findings are produced using expert.ai's advanced natural language understanding (NLU) capabilities. The technology takes a unique approach to AI by combining symbolic human-like comprehension and machine learning (ML) to create practical applications that deliver real business impact and measurable benefits. With deep understanding of any kind of document (presentations, contracts, emails, claims, reports, posts, social media messages, etc.) it helps organizations turn unstructured language details into structured data at speed and scale. This augments discovery capabilities and streamlines the automation of complex, knowledge-centric processes.

The Expert IQ Report is a regular series that provides deep content analysis from massive amounts of language data on a given subject. For "How Cyber Insurance Has Evolved in 2021," expert.ai analyzed a sample of approximately 1,130 articles, published in a range of insurance industry outlets between January 2021 and November 2021. Focused on insurance news, opinions and analysis, the analysis identified the cyber-related issues discussed most online, capturing the main topics, trends and sentiment expressed about them.

A few of the cyber insurance findings in the report include:
  • Products and impact: Cybersecurity and cyber risks were common themes with data clearly showing both a need for more suitable insurance products and the potential impact on existing contracts.
  • Insurers struggle with risk: A strong correlation between cyber threats and COVID-19 appears to show that underwriters are struggling to evaluate their exposure to pandemic-generated vulnerabilities.
  • Resilience and relevance: Cyber risks have been testing the ability of organizations to prepare for, respond to and recover from attacks. As a result, resiliency emerged as the main topic across 67% of cyber-related articles in the sample analyzed, proving the insurance sector is still relevant to global improvements in cyber resilience.

"What makes policy review and comparison especially complex for cyber is that threats are evolving and growing. Contracts may exceed 100 pages – it's not easy to streamline the review process to avoid unintended risk exposure while ensuring coverage certainty, With NLU, we augment underwriters by making policy reviews faster, more consistent and accurate. We help them overcome new challenges - like those posed by 'silent cyber' - by improving the reading, identification and extractions of critical information around explicit and implicit coverages."

- Pamela Negosanti, head of sector strategy for financial services and insurance at expert.ai.

 "The right AI approach can provide enterprises competitive advantage by automatically generating fast, accurate market understanding from existing business documents. You can identify emerging risks and trends, gain a detailed picture of sentiment, design more effective and profitable products, seize new opportunities and more. It's insight today for decision-making that'll shape your future and provide strategic advantage."

- Keith C. Lincoln, expert.ai CMO

About expert.ai
Expert.ai (EXAI: IM) is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to natural language combines symbolic human-like comprehension and machine learning to extract useful knowledge and insight from unstructured data to improve decision making. With a full range of on-premises, private and public cloud offerings, expert.ai enhances business operations, accelerates and scales natural language data science capabilities while simplifying AI adoption across a vast range of industries, including insurance, banking & finance, publishing & media, defense & intelligence, life science & pharma, and oil, gas & energy. Expert.ai has cemented itself at the forefront of natural language solutions and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, The Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett and EBSCO.

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In our global assessment of business chatbots, we’ve identified the key elements for insurers to incorporate into these systems to successfully streamline the customer experience, reap cost savings and shift processes from reactive to proactive. Executive Summary. With the increased popularity of messaging platforms, as well as advancements in artificial intelligence (AI) and machine learning (ML), 2018 saw a surge in chatbot development for a range of business needs. Today, chatbots are integral to many enterprise initiatives focused on business modernization and digital customer experience.

Spotlight

In our global assessment of business chatbots, we’ve identified the key elements for insurers to incorporate into these systems to successfully streamline the customer experience, reap cost savings and shift processes from reactive to proactive. Executive Summary. With the increased popularity of messaging platforms, as well as advancements in artificial intelligence (AI) and machine learning (ML), 2018 saw a surge in chatbot development for a range of business needs. Today, chatbots are integral to many enterprise initiatives focused on business modernization and digital customer experience.

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