Do you know what incidents can result in cyber insurance claims? In today’s digital landscape, cyber incidents are no longer a matter of “if” but “when.” Understanding real-world cyber insurance claims can help businesses better prepare for and prevent similar incidents. Let’s explore five common scenarios that have resulted in significant insurance claims, along with … Read more
According to AM Best Financial reports, between 2018 and 2023, litigation management costs for the combined Property & Casualty industry increased by 19%, amounting to an increase of $4-5 billion, or for context, bringing total litigation expenses to ~$24B of LAE. In both personal and commercial lines, carriers have experienced the adverse effects of social … Read more
With the projected growth of 55.7 billion connected devices by the year 2025 — spanning consumer electronics, healthcare equipment, industrial systems, and more — the threat landscape grows more diverse and complex each day. The scale of this interconnected ecosystem also amplifies compliance issues, as organisations struggle to adhere to stringent security standards and regulations … Read more
Strategic claims segmentation diverges from the traditional ways of managing claims, promoting a more detailed, data-driven approach. Traditional segmentation only considers the monetary value and data points such as the cause of loss and the exposure. Strategic segmentation considers the individual merits of each claim, ensuring more accurate and efficient adjudication, a major priority in … Read more
The robots are coming — and in some cases, they’re here. Advancements in generative artificial intelligence are enhancing claims processes in many ways, from improving First Notices of Loss (FNOLs) to analyzing videos and images to assessing damage quickly. With all of these changes, some may ask: How long until GenAI replaces adjustors and other … Read more
