This week has been an educational one. For example, did you know that there are still delays to settling insurance claims in the USA because of paper record shuffling? Tech is changing Commercial insurance via sensors and auto-pilot shipping means the insurance industry has to develop new cyber products.
START: PAPER BOTTLENECKS STILL EXIST
A small news item from the USA, where some States still use paper records on vehicle title, or ownership, got us thinking. If something so 1990s can still delay the claims process in a developed economy like the US, how many more opportunities are there for tech to resolve bottlenecks in the global insurance chain?
Every piece of paper, every physical signature on a document, is potentially another delay and time is money. It also leaves your insurance brand lagging behind the competition. Worth thinking about.
RUN: SENSORS ARE CHANGING COMMERCIAL
Historical data on floods, fire, burglary or other incidents is great to have when it comes to Commercial premises. But as governments encourage more renting via co-living complexes and apartments, the future for insurers is bright. Mixed Commercial and residential projects are being backed by almost every Council in the UK, some – like those in Manchester -involve buildings 46 storeys high.
The only way to manage those, and many Commercial buildings safely, is by using sensor technology and IoT. By the way, Vivat, an insurer in the Netherlands, is becoming a social landlord by converting old offices into social living complexes and using tech to monitor the residents.
The question of how far digital tracking can go is one for the politicians, but the reality for insurers is that sensor tech can manage risk, and price renewals.
GROW: CYBER IS A GROWING THREAT
Cyber-attacks are a weapon that organised criminals and some dodgy governments are using. But this week Beazley launched a new cyber product for the Marine market, to prevent ships being hijacked by hackers, not pirates. The risks are serious; For instance, container ships could be deliberately grounded, as most run on a sophisticated autopilot system, delaying food and ECU chip deliveries. So that risk to a developed economy needs to be dealt with.
Beazley is also marketing this type of cover to those who own/manage superyachts and as Jeff Bezos plans to live forever, (according to media reports), this could be a growing market!
AND GROW: STUBBEN EDGE JOINS CYBER-FIGHT
ICYMI we announced a new partnership last week with leading cyber-security company IT Governance to launch a new Cyber Security as a Service (CSaaS) solution for small to medium enterprises (SMEs).
The new and cost-effective CSaaS solution enables SMEs to fight back and strengthen their cyber security with a comprehensive monthly package which immediately gives them access to their own dedicated team of experts, tools, training and 24x7x365 support. For additional peace of mind, specialised cyber insurance is built into each package and covers up to £500,000 for network interruption, loss of income, cyber extortion, potential damages, and claims expenses.