Finance and insurance companies in the UK invested more money in cyber security than any other type of firm over the latest financial year, new analysis has found.
The vast majority of company board members across the world believe their firms should spend more money on cyber security, a new global survey has found.
There were a record 66 InsurTech investment deals recorded in the first quarter of this year as insurers continued to look to start-ups to improve their claims handling and underwriting excellence.
Upgrading technology is the number one priority for insurers around the world, according to survey of senior executives by software provider AdvantageGo.
The insurance industry is increasingly struggling to find the right staff, with just one-quarter of workers in the sector prepared to use artificial intelligence (AI) systems.
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.