Quarterly D&O Claims Trends: Q3 2018

Each day we see the early signs of Digital Insurance 2.0 emerge … new products introduced, new channels established, new services offered, new business models launched, and much more. In a “winner take all” digital world, rethinking decades-long business assumptions and traditional business models is mandatory. Survival and winning will require architecting and building a Digital Insurance 2.0 business model that will make today’s model obsolete.

Insurance continues its rapid pace of change with customers leading the charge! But the big difference from the last 2-3 years is that the changes represent shorter periods with key breakpoints signaling significant shifts in customer behaviors and expectations. The result evolving and new challenges and opportunities for insurance leaders.

AI capabilities are rapidly maturing, and they represent a competitive advantage for insurers. Data science departments are tasked with developing AI-driven improvements for current solutions and processes.

Ransomware and other cyber-attack vectors have increased at a rapid pace over the last few years, and more companies have been forced to pay the ransom amounts. This results in higher expenses for attack mitigation and recovery, increased costs from downtime, loss of customers, and regulatory fines. Cyber insurance companies have also stepped up their requirements to ensure that financial institutions have the proper layers of defense in place prior to even offering a policy, which has driven down the number of policies being written. During this timely on-demand webinar session, Paul McCulloch, Product Manager for the new Jack Henry Cyber Liability Insurance offering, and Tom Williams, Business Continuity Strategy Manager, will discuss the changing landscape and what you can do to ensure you have the proper coverage in place to protect your institution and shareholders.