The COVID-19 pandemic has accelerated digital transformation initiatives of organizations across industries. As businesses make the shift to online, there is a greater fear of cyberattacks and higher exposure to cyber risk.
The current situation therefore provides an opportunity for both insurers and brokers to dive deeper into the cyber insurance market. Currently, the cyber insurance penetration is still low worldwide and there is a huge opportunity in the small business segment. According to a Hiscox report, which tracks the global cyber insurance trends, only 21% of US companies with less than 250 employees have cyber insurance. With the increase in cyber risks during COVID-19 driving the demand for cyber insurance, insurers must look at developing and expanding their cyber insurance business.
Insurers and brokers will need to look at opportunities and challenges alike to enhance their cyber insurance underwriting capabilities and improve customer experience. Adopting the right technologies and capabilities can help them achieve this more effectively. TCS offers a suite of cyber insurance services and solutions to help:
a) Alleviate the immediate risk induced by COVID-19 for cyber policies
b) Underwrite cyber risks based on realistic insights from automated assessments
c) revent and protect insured entities from evolving cyber risks through technology driven interventions
With TCS’ suite of cyber insurance services and solutions, insurance firms can focus on insight-driven risk selection, pricing, and risk management. Key benefits include:
- Drive business growth: Make a foray into new customer segments, revenue lines, and business models supported by ecosystem thinking and solutions
- Minimize risk exposure: Effectively determine and mitigate silent cyber exposure; systemically reduce accumulation risks
- Improve customer experience: Improve net promoter score by continual engagement and value-added assistance throughout the policy term