Understanding the Rules of Policyholder Engagement: Risk Reduction, Relevance, New Revenue Streams and Retention

To those in the insurance industry, it probably feels like more change has been packed into the past 4 years than we’ve experienced in the past 10 or even 20 years. The exploding number of startups and greenfields, along with the growing investment in InsurTech is a powerful indicator of this change…FinTech Global recently reported that there were 101 deals through Q3 2018 worth $2.5 billion, compared to just 40 deals worth $105 million in 2014. More and more companies from both outside and inside the industry are moving to take advantage of the tremendous opportunities that are defining the future of insurance…Digital Insurance 2.0.

Rapid advances in digital technologies are significantly changing the requirements for enterprise risk management and insurance. Those same technologies are opening the door for a new generation of connected enterprise risk management and insurance solutions. Solutions that focus on increasing risk transparency and predicting, preventing, and mitigating risk across the extend enterprise and its extended value chain.

The facts are clear. Small businesses comprise the vast majority of commerce conducted in the United States. Looking at just one line, they represent billions in workers compensation insurance premium, much of it untapped.Insurers competing in the workers compensation space for small business recognize the opportunity, but often find it difficult to adapt traditional underwriting approaches to a volume-based business (with lower premiums).

As cyber insurance underwriting evolves, balancing information requirements and pragmatic market dynamics is essential. Risks and organizations change rapidly and knowing the right questions to ask, along with providing the right threat insights, makes the process run smoother for brokers, insurers, and their clients. On Thursday, September 7, Advisen’s Erin Ayers, Symantec’s Nikon Rasumov, and other panelists discussed the best ways to present better risk profiles for your cyber clients and improve the effectiveness of placing cyber insurance, for all parties involved.