Understanding Property Insurance

Cyber-crime is not new, but as the methods of nefarious actors have become more sophisticated, the defensive capabilities of organizations have failed to keep pace. Cyber-attacks on organizations show no signs of abating, they are becoming increasingly indiscriminate in their targeting, with small and medium sized firms now as vulnerable as their larger counterparts. A recent report by Hiscox brings the scale of the problem into sharp relief as according to the study, cyber-attacks against organizations have surged from 38% to 53% in the last 12 months. Despite this surge, however, recent figures show that 68% of North American businesses have yet to purchase any form of cyber insurance.

Cyber insurance has become a common risk mitigation strategy to lessen the financial impact of a cyber incident. However, it's not until an incident happens that we really think about the type of coverage we carry and how it affects our ability to recover. Dickinson Cybersecurity Law Attorney John Lande and consulting and audit firm SBS CyberSecurity first aired a webinar on April 30 to discuss common questions and issues that arise during an incident as well as what information you should know about your policy to quickly take action. It is now available as an on demand resource. The webinar also includes case studies that cover real-world scenarios that will arm your institution against the next incident.

Insurance Nexus will host a webinar in conjunction with Connected Claims USA 2019 on the transformative effect of Connected ClaimsSenior claims officers from two leading insurance carriers, USAA and Esurance, will participate in a live, free webinar, hosted by Insurance Nexus, on the transformative effect of Connected Claims. These leading executives will explore how they expect the new era of connected claims to deliver unprecedented business efficiency and superior customer experience.Our research has revealed that carriers are already on the path towards the ‘organization-wide’ approach to Connected Claims transformation. Keeping the process of innovation on track means drilling down into what will have the biggest impact on both customer experience - the ultimate point of competitive differentiation - and business efficiency. The strong focus on three or four core elements of that process, notably IT, Analytics, AI and Machine Learning, shows that carriers are committed to creating solid foundations on which to build for the future.

A simple Google search for 'big data definition' returns over 70M hits in less than one second, and only one definition appears more than once among the first dozen hits. Is the fact that this volume and variety can be accessed with such velocity a testament to the democratization of data, or is the lack of clear veracity for any one definition a sign of revolution to come? Will insurance uses of big data be decided by insurance professionals like actuaries or regulators, or will consumers be the ultimate decision makers of how their data is used in insurance and beyond? In this session we use case studies to examine issues and stories surrounding big data in insurance, with a focus on regulation and governance issues. We also reflect on various solutions under discussion at both the national and state level to address big data and how actuaries can help decide its future.