Relevancy in cyber requires innovation and collaboration

By Josh Bradford on March 20, 2017

LONDON – Is the concept of “cyber insurance” already becoming outdated?

A panel of experts at Advisen’s Cyber Risk Insights conference on March 7 in London discussed the evolving cyber risk landscape and how it is shaping the industry’s business models and product initiatives.

Common threads throughout the discussion were the need for continued product innovation and collaboration outside traditional insurance silos.

“The risk is multidimensional and as insurers we need to evolve and be multidimensional for our clients to really address their needs,” said Juliet White, vice president at XL Catlin. “Our brokers also need to help us educate our insureds.”

As technologies and exposures evolve, the industry must do the same to remain relevant for clients.

“The challenge we have is being relevant because ultimately legislation drove a lot of growth, especially in the US,” said Geoff Pryor-White, CEO, Tarian Agency Limited. “We are now at a position where we’ve been really relevant to some of our customer base such as healthcare and financial institutions, but we’re not really experiencing the penetration we expected in some other sectors.”

 

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This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Josh is an Editor at Advisen in the Research & Editorial division. He is the lead editor responsible for several of Advisen’s Front Page News editions and he also originates custom research on behalf of Advisen’s largest insurance company clients. Contact Josh at jbradford@advisen.com.