Going Deep into the Realm of Cyber Exposures
As we explained in our first blog of the year, claims handlers today want to capture data about cyber claims (and the financials) at a more meticulous level than is possible through central Lloyd’s or company systems.
Claims handlers are asking for far more granularity about the type of exposure that cyber underwriters are exposed to, which feeds into forward pricing conversations. The claims team leadership requires better MI to help plan future cyber growth strategy, a new level of detail, to understand what is on trend in cyber and the ability to process claims more rapidly.
New cyber claims technology can now assist in after the event policy clause and coverage wordings review, improve ability to buy reinsurance through better analysis, demonstrate evidence of more control over exposures and access to more relevant information and provide actuarial insights.
As we are explaining to our clients, data harvested from cyber technology can be used by the actuaries and underwriters (and by claims managers on an ad hoc basis) as part of their analysis to better understand the anatomy of a cyber claim. As the cyber threat grows in severity, we are convinced that there will be a real need to better understand hot points for claims spend and how these differ for different industry sectors/verticals. There is an opportunity to differentiate between targeted and untargeted attacks while identifying different malware variants.
Very much aligned with the cyber opportunity is the potential for digital transformation that can be facilitated by insurance technology providers’ cloud offerings.
Cloud Offering
Cloud hosting has been around for some time. It is widely recognised as being more secure than traditional hosting. Microsoft Azure, for example, is one of the most secure cloud platforms. Its underlying software and hardware are incredibly well protected, so the nightmare of disaster recovery is not a factor likely to give a Head of Claims sleepless nights. It’s great for business continuity and peace of mind.
Cloud hosting makes shrewd financial sense for insurers. No upfront hardware costs, billing is measured in units of time, and you only pay for what you use. Cloud hosting means that your site is much less likely to fall over and quicker to get back up-and-running. Better still because Azure is a Microsoft product you don’t have to pay for an additional SQL licence, which can be expensive.
DOCOsoft’s CMS Cloud offering brings all the key functionality of it’s Claims Management System to a f its Claims Management System to a hosted environment, reducing infrastructure cost and delivery time overheads.
Reduce Costs and Overheads, Save Time
The aim for many insurance carriers is to reduce on-premises IT infrastructure, internal overheads, IT costs, and internal support requirements. The cloud offers the potential to achieve all of this with minimal project and set up costs and no need to consider scaling up disc space requirements. It also removes the need for insurers to build their own infrastructure to host the application.
The cloud is assuredly the way to go forward in 2022, facilitating secure upgrades, solution enhancements, as well as regulatory changes. There is no new “version” to install or buy and it can facilitate the perfect agile workflows for software development team to quickly capitalise on software innovations and advancements.
Other potential benefits include no upfront hardware costs, billing can be measured in units of time, so you only pay for what you use, which is ideal for any sized site. There is no need to pay for an additional SQL licence while server uptime and connectivity is guaranteed.
It is perfect for business continuity and peace of mind, helps to removes duplication of effort caused by working across multiple systems and provides access to richer data upon claim notification. Finally, it potentially taps into the potential for powerful data analytics in addition to well-organised team dashboards.
DOCOsoft’s CMS on the cloud offers the full range of Write Back DOCOsoft CMS functionality within a flexible, cost-effective application. As the ACORD data structured product is delivered as a cloud-based solution, carriers can expect a rapid implementation of a fully configured system. It offers full end-to-end management from deployment to Go-Live. IT Conforms with the high standard of security expected within the insurance sector while offering carriers agility and flexibility thanks to a preconfigured server. It is easily accessed via the web with each carrier having their own unique logins.
For more information on the DOCOsoft Cyber module and Cloud offering, contact Jack Burgess at jack.burgess@docosoft.com