Re/insurance has changed markedly since the COVID-19 pandemic first swept across the world in early 2020. With the sector looking to build back stronger from the turmoil, many companies are finally embracing technology. But as with any revolution, change is difficult.
e2Value CEO Todd Rissel was working in the insurtech business before the word itself was even coined. After over 20 years in the market, the company is now setting its sights on tackling the new challenges facing the industry.
The cyber insurance market is booming. As an expert from CyberCube tells the Re/insurance Lounge, technology brings solutions as well as problems, and insurtech could be key to helping underwriters, brokers and others cope with the surging demand.
Rapidly expanding opportunities in insurtech are being driven by changing behaviours and fast-changing technology.
There remains plenty of scope for further growth if insurers can harness their data, an Intelligent Insurer panel found.
As the world marches towards an increasingly interconnected future, cyber will become one of the biggest risks that companies will need to manage—and insurers will need to qualify, price and underwrite. This will mean a fundamental shifting of the portfolio mix for most insurers.
Technology will become a key feature on the growth agenda in the coming year as re/insurers seek out insurtech providers that can deliver a competitive advantage. In turn, this will also drive M&A strategies and activities, say executives from Clyde & Co in a panel discussion.
The cyber threat to supply chains and industrial control systems is growing exponentially as a result of the rapid rise in computing power. Add to this the increased use of internet of things devices and prevalence of 5G and there is the potential for something of a perfect storm of risk. Jenna McGrath, senior cyber economist at CyberCube, explains the key threat factors and how the insurance industry can respond.
The COVID-19 pandemic has triggered an explosion in cyber crime, so why is the market growing so slowly and what does the future hold for the cyber insurance market?
Actions towards bringing an insurtech solution to market speak louder than words when it comes to attracting insurtech investment, an Intelligent Insurer Re/insurance Lounge panel heard.