Data and information management

There are many important legal issues to consider when operating in the heavily regulated and ever-changing insurance ecosystem. Discussed are some of the key issues to consider when contracting, to demonstrate what is truly important and where insurtechs should focus, whether it concerns program administrator agreements or other types of partnership, master services, or marketing agreements.

In other news: Zurich releases cyber risk survey results; Hertz and Uber to add 50,000 Teslas to network; Amica selects Shift Technology.

That’s the takeaway from an Aon Plc survey of 2,344 risk managers, chief risk officers and chief financial officers conducted in the second quarter. Cyber attacks were the No. 1 most-cited hazard, and more than half of the Top 10 risks executives say they face today are tied to the pandemic, according to survey results released Tuesday.

The number of cyber insurance claims AGCS has seen has increased in the past few years, following along with general cyber risk trends. In 2020, the company received more than 1,000 in total, compared to 80 in 2016. This trend has continued into 2021.

Digital Insurance spoke with Maroun Mourad, president of global underwriting and leader of the life unit at Verisk about life insurance technology and what’s ahead for the industry.

Microsoft 365 customers are eligible for discounts on At-Bay cyber insurance if certain security controls are implemented like multifactor authentication and Microsoft Defender.

In other news: Allstate closes $400M sale of New York life, annuity business; USAA partners with Blink by Chubb; Zurich North America implements Chisel AI.

Globally, 72% of respondents said they would share some personal data with their insurer but when broken down by gender, only 68% of women and 75% of men said they would share.

As regulators and insurers work to understand the level of regulatory oversight that is needed for AI innovation, there is a path forward by looking to the recent past. The massive 2015 breach of Anthem’s customer data was a catalyst moment for insurance regulators and led to the Insurance Data Security Model Law now being adopted across the U.S. In this piece, former insurance regulator Jillian Froment lays out five core goals common to AI and cybersecurity that could accelerate the adoption of AI regulation.

In other news: Amerisure implements One Inc ClaimsPay tech; California drivers report distracted driving is getting worse; HSB adds social media income to home cyber protection.

“Spot,” created by Boston Dynamics, known for its viral robot videos, and customized for Farmers, a P&C insurer, is the first collaboration of its kind.

In other news: Hippo launches Builders Program; handdii wins the 2021 ACORD Insurtech Innovation Challenge New York; Blockchain-backed title insurance launches in five states.

Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in ransomware and phishing, web application attacks and other emerging cybercrime tactics.

A new report, IT’s Changing Mandate in an Age of Disruption conducted by the Economist Intelligence Unit, supported by Appian, suggests that to continue with various digital transformations and increase adaptability for the future, some IT improvements must be made.

In other news: Breeze's new hire; Guidewire acquires HazardHub; New York Life partners with Empathy.

Chief executives from across the business world are set to join President Joe Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

Consumers still trust established traditional insurance companies over newer insurtech startups. A majority of respondents said they would prefer to buy a policy from companies like AIG over startups like Lemonade.

With cyberattacks on the rise and demand for coverage surging, the $3 billion industry of protecting companies against hackers is at an inflection point.

More homes that had been excluded due to wildfire risk are insurable with more granular data, company says.

The Consumer Federation of America advises insurers to take certain steps to ensure policyholders who opt for usage-based insurance are protected.