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“Our first 10 months we worked from a Virgin Active, so we were in a gym working from the lobby,” says 29-year-old Oliver Kent-Braham, speaking from his sleek new London office just a few miles but a world away from where he started.
The FBI reported a 400% increase in cybercrimes in 2020, in part because of the increase in remote work. Among the cybercrimes were two major data breaches: SolarWinds and FireEye, both third-party technology partners hired to protect their clients from data breaches and then becoming victims themselves.
In the immediate aftermath of the COVID-19 lockdowns in early 2020, M&A activity in the insurance industry dropped off as deals were put on “pause” while potential buyers waited to see how the pandemic would affect the availability of capital, target company values, and the ability of the parties and service providers to carry on with the acquisition process.
Those insurance industry disruptors known as insurtechs are more than happy to coexist with brokers.
The insurance industry is the very definition of risk-averse, and that includes the sector’s critical operation of underwriting. Spend a working lifetime identifying, analyzing, quantifying and ascribing monetary value to risk, and one is likely to have a fairly strong aversion to undertaking new endeavors with inadequately understood consequences.
From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach.
Insurtechs that specialize in cyber risk can take numerous paths — with their future dependent at least in part on their investors’ patience — but not all will survive, experts say.
Identifying future trends and engaging in risk partnerships on new technologies are at the heart of Munich Re’s strategy
Technology tools, including web portals and exposure mitigation techniques, have become critical parts of modern risk managers’ arsenals, helping to inform and automate a range of functions.
According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.
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