Insurance Business Australia's 5-Star Cyber 2023 winners – CFC, ATC Insurance Solutions (ATC), Carrolls Insurance, and Cyber Data-Risk Managers – have shared how they keep up with emerging trends.
In an interview with Insurance Business Australia, Philippa Davis, international cyber team leader at CFC, said the firm launched a Connect platform as brokers become more interested in leveraging advanced technologies to make the underwriting process more efficient. The firm also continues to focus on improving claims handling and risk management.
“Away from purely insurance-based concerns, the rise of AI and its potential for enabling highly sophisticated scams in the digital sphere will certainly help to focus minds around the threat of cybercrime and help to highlight the value of cyber insurance all the more,” Davis said.
Jenny Whitby, national cyber manager at ATC, said the company is more focused on Internet of Things (IoT) – consumer and products such as toasters, refrigerators, and tools connected to the internet. ATC also focuses on zero-day exploits, computer hacks, and risks associated with software patch delays.
Sami Sulaiman, managing director of Carrolls Insurance, said the company expects trends such as AI and the ongoing digitisation of products to continue.
“It is important for brokers and markets to stay one step ahead of what is going on to make the most of any opportunities,” Sulaiman said.
Meena Wahi, director of Cyber Data-Risk Managers, added: “I think we'll see cyber insurance becoming compulsory. And we'll see cyber insurance will have connections with cybersecurity.”
See the rest of the winners and how they keep up with emerging trends by reading the Insurance Business Australia 5-Star Cyber 2023 special report.
