Welcome to our fourteenth edition of Four For the Week (44TW)! To look through past editions, feel free to view our blog. This week we look at how storytelling can help build an innovative culture, we ask is our ‘new normal’ a paradise for fraudsters, next the pandemic has placed the entire insurance industry under the spotlight for new technologies. We close it out this week with a Forbes article on how cyber insurance is gaining a lot of traction in 2020. Enjoy!
1. How Storytelling Can Help Build An Innovation Culture
Strategy & Innovation
Claimatic Team
When it comes to innovation, the one commonality that unites people who work in large companies is a sense of doubt. Can this really be done in our company? Getting people to step over the breach and try to innovate is often met with a sense of trepidation. I often get the feeling that people are waiting for somebody else to try first before they join in.
2. ‘The New Normal:’ Fraudster paradise, Insurer nightmare
Technology & Preparedness
Claimatic Team
While consumers were throwing caution to the wind with their cyber security habits, contact centers were experiencing record call volumes, spiking as high as 1000% from normal levels as the virus peaked. With insurance call centers typically working quickly to keep customers happy and pay out insurance claims, call volumes of this magnitude would create disarray at any time.
3. Digital Transformation across the entire ecosystem
Strategy & Innovation
Claimatic Team
The pandemic has placed insurance technology under the spotlight. It has weeded out the digital front-runners from the digital dawdlers and has highlighted the importance of innovation across the entire insurance value chain, from client prospecting and acquisition through to underwriting and claims adjusting.
4. Cyber Insurance gaining traction in 2020
Technology & Preparedness
Claimatic Team
During the past few months, we have seen Covid-19 impact various industries, ranging from travel to retail. However, this impact has accelerated many to move to have a stronger online presence. The days of depending on sales through brick-and-mortar stores has fundamentally changed. Giants such as Amazon and Walmart had already matured their online business and operations over the years, and continue to innovate at a fast pace. But many small businesses were caught unprepared in this storm. Hence, we see companies such as Shopify help small businesses develop their ecommerce platform much faster.
In moving online, companies do expose themselves to a different kind of risk. Many technologies have been developed around cybersecurity, to protect the swath of consumers who’ve shifted their purchasing behaviors over the years. Innovation has not been restricted to just technology though, as we see new insurance offerings around cyber risk gain better traction. Cyber risk insurance helps mitigate losses for firms where cybersecurity solutions remain vulnerable to protect online businesses. AS such, as more companies have accelerated to ecommerce, we expect to see cyber insurance follow suit quickly.
