Cyber Insurance Underwriting
VALUE PROPOSITION
- Multi-Party Case Management with In-app communication
- Cyber Environment Monitoring - Cyber Events, Emerging Threats, Security Trends including Cyber Analysis Predictions & Recommendations
- View personalized offer options based on identified attributes and alerts of changes in key customer attributes and exposures for up-sale / cross-sale
- Review and drill-down into risk composition and dimensions using dashboards
Modernization of the cyber insurance infrastructure for a world-leading reinsurance company serving the entire insurance lifecycle, supporting underwriters, brokers and clients
BACKGROUND
The reinsurer, operating in a highly competitive market, with a wide variety of brokers, was seeking ways to differentiate itself from the competition, by improving the customer journey
The company was embarking on a wide digital transformation effort, introducing automation, increasing efficiencies, and improving data quality and governance. The cyber underwriting line of business, where demand is soaring, but processes are complex and labour-intensive, was chosen to champion the transition
TARGETS
- A Highly configurable low/no code application allowing to adapt to changing business needs, technological constraints and regulation changes
- Lowering Total Cost of Ownership accomplished by shifting to OPEX by using Low Code PaaS over cloud infrastructure and decreasing labor intensive tasks by providing process centric Composite AI embedded applications
- Enabling the reinsurer to achieve a major Digital Transformation leap, by utilizing ELEMENT’s revolutionary Schemaless Knowledge Graph Technology, creating and enriching a detailed network of entity attributes, characteristics, threats and cyber events related to customers
ADDRESSING THE NEED
- Improve Data Management and Collection including cross referencing data, detecting patterns, ability to scale while processing diverse sets of data employing state of the art techniques
- Improve Policy Sale Efficiency by Identifying revenue enhancing personalized products with minimal risk exposure and triggers for policy modification and post-sale services
- Improve customer journey experience while minimizing the footprint of the signup process
To read more about ELEMENT™ and Underwriting CLICK HERE
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