Myth Busting Cyber Claims – There is more than one way to manage a cyber claim

Tech-savvy customers expect insurers to offer digital access to services. Those who don’t are putting their business at risk. View the on-demand webinar, “Winning New Customers with Better Service: A Real-Life Case Study of Digital Transformation,” to learn how The Hartford digitized and simplified their surety application process

Today’s insurance industry business environment is characterized by constant disruption, increasing competition, stagnant growth, increasing costs, new technologies, and shifting market and customer demands. These tectonic shifts are redefining the future of the insurance industry. In this environment, focusing on both operational and strategic innovation is more important than ever to effectively manage the current business while creating the future.

While cybersecurity insurance is still moderately new, demand for air cover against unknown cyber risk is increasing rapidly. Against a backdrop of rising cyber-attacks and increased regulations, organizations are feeling the pressure to ensure they are protected against data theft and loss. Fitch ratings estimates that premiums for standalone cyber policies are expected to increase by 30% in 2021. For insurance providers, this is a rare opportunity for growth and innovation. The panel will explore various trends to understand the dynamics that will shape the cyber insurance market in 2021 and beyond.

In the InsurTech era, digital transformation has largely been understood as the refinement of front-office, point-of-sale capabilities. However, as insurers are finally catching up with how other industries do electronic commerce, the coming battlefield for insurance industry definition will be about data. Insurance is fundamentally a data-driven product, and the insurer that has the better data—and knows what to do with it—will be able to identify trends, design innovative products more quickly, and price risk better than the competition.