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The very nature of insurance companies is being changed by technology, with firms that operate online or over the phone taking the lead in cutting costs and the effectiveness of data. Suki Basi, managing director of the Russell Group Limited, says:
“The industry is going to be forced to cut costs and technology is going to be central to that. The industry’s desire to cut costs has led to a lot of optimised data processing – systems that allow companies to capture data once and use it at many points within the process. He predicts that some of these processes will continue to take place locally while others occur in the cloud." Basi adds: “That does pose a big threat, in the sense that security is an issue. The industry will actually have to focus on the effects of that, so it is no surprise that business interruption from cyber-type threats is actually growing.”
AIG head of cyber products EMEA Jamie Bouloux agrees that cyber insurance takeup will be increased where business interruption risks are not covered by property policies.
This Global Reinsurance magazine article looks at how the smart application of technology will be crucial in driving down costs for the labour-intensive insurance industry.