Page 35 - Insurance Times January 2018 Sample

Business Houses need to engage insurers, brokers and developments. Extensive digitalization and new
others risk - management specialists to ensure that technologies, communication channels, new types of
there are kept up to date in the face of this developing services and evolving customer demands are rapidly
threat with a particulars focus on patching, back-ups and altering the 'risk landscape' by emerging Cyber risk.
business continuity planning. These are essential to
MUNICH RE co-operates with the software company
reduce damaging impacts of such ransomware events
SAS and others on data analysis, simulation and
and prevent reputational damage.
predictions. By providing their clients with access to big
Mr. Paul Gooch, data systems and tools for advanced analytics an
TMK UNDERWRITER. opportunity is provided to collaborate with in products
developments on a digital and global scale. Besides
2) Technologies will continue to move on and change our these customer's insights, analytics and automations
world at a faster space. The best option is to 'adapt' to are essential to increase insurance margins. It enhances
it. Technology offer opportunities to analyses insurers ability to react faster with efficiency in
prospective portfolios to identify areas of underwriting and claims processes. These are sure to
underperformance and inefficiencies within the make Insurance Business Model more customer-centric.
portfolio. Both Insurers and reinsurers have to analyze Time saved by standardization of product and processes
and understood Cyber Risk Portfolios. can be best utilized on consultation and calculation of
non-standard cases.
TRADITIONAL METHODS OF DISTRIBUTING PRODUCTS
OF INSURANCE AND REINSURANCE ARE TO GIVE WAY TO Mr. Roland Eckl,
NEW TECHNOLOGICAL TRENDS OF STANDARDIZATION. Munich Re's Chief Excecutive.
Those who embrace technology can leverage it as an
'OPPORTUNITY' while those who do not will most 5) Reinsurance sector has adopted a 'can do' attitude to
the provision of 'Cyber Capacity' backed by greater
certainly see it as a 'THREAT'.
analytics and emergence of Cyber - specialist
Mr. Hans Peter Gerhardt. underwriters.
Group CEOP
ACR Capital Holding Pvt. Ltd. A growing number of insurers recognize that they need
Cyber Capability and how to acquire expertise to insure
and reinsure cyber risks.
3) New Technologies involving things like autonomous
vehicles, drones and artificial intelligence may bring These are sure to be rapidly increasing demands to
new business opportunities for the industry. At the same insure and reinsure Cyber Risk locally as well as globally.
time, they my however disrupt the market as There are mature markets in London, U.S., Continental
unexpected risks emerge and / or known risks become Europe and Bermuda for creation of capacity to
non-existent Technological developments, predictions of underwrite Cyber Risks with reinsurance protection.
changes and vision of new opportunities to grow are Essentially these are to cover losses arising out of
all before us. 'disruptive incidences of cyber attacks'.
'Cyber Risk' is one of the emerging risks that offer However, Reinsurers and Insurers have to co-operate
growth potential to the Insurance Industry. Demand for with caution, calculations and claims handling
Cyber Risk Insurances is rising amid the increasing use technologies to successfully face the challenges and
of social media and cloud computing. The Legal and changes passed by
regulatory measures against private data breach is
Automation, Artificial intelligence, Digital Data,
becoming more punitive and there is growing
Ransomware etc. to segregate Cyber Terrorism from
awareness of Cyber Risk Protections. The Lloyds
Platform is becoming a compelling measure for regional Pure Risk Losses of Cyber Risks.
and local players to gain access to Cyber Risk a specially Mr. Luke Foord
line market. - JONG - GYU WON OF KOREANRE WHO Kelcey of
LAUNCHED SPECIAL PURPOSE SYNDICATE AT LLOYDS IN AON Benfield
APRIL 2015.
ALL VISUALIZE THAT THE FUTURE OF INDUSTRY IS IN
4) Asia - Pacific: The Insurance Industry is facing disruptive FACING CHALLENGES OF 'CYBER RISKS'. THE GROWTH IN

The Insurance Times, January 2018 35

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