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Insurers have had years to build in agility. I remember working for big insurers 20 years ago, where the board conversation was about modernisation, underwriting, distribution, claims, and compliance agility, both their own compliance and compliance to meet the needs of their customers.
The cyber insurance marketplace is a prime example of where the insurance industry has struggled and, with the advent of AI, will now face a wave of customer, compliance, and pricing pressures. Compounded by its ability to be agile enough to deal with very fast-moving complex risks.
The problem with the insurance industry is that it’s spent too much time sitting right of bang and not enough time supporting clients left of bang. It’s now going to feel the pain of not putting enough focus into client understanding and managing risk, independent of insurance.
For insurers to succeed in the new world of AI and cyber risks, they have to move with the clients ‘Left of Bang’. They have to support their clients to understand and demonstrate risk mitigation, rather than be the sole risk mitigation tool that their clients expect.
We have written many times about the need to move left of bang. Insurers need to demonstrate they can support clients in mitigating risk, which is more than providing insurance.
https://lnkd.in/eiPkimwG
@Thaddeus Dziekanowski
@Parava Security Solutions
#insurance #cyberinsurance #aiinsurance #riskmitigation
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