The cyber insurance market is growing rapidly, opening opportunities for insurance providers who can assess cyber risk effectively.
The major factors driving the market include the increasing number of sophisticated cyberattacks amplifying the fear of financial losses and the growing need for compliance with various upcoming regulations.
This increasing demand for cyber insurance favors insurance providers who can assess cyber risk effectively, price policies competitively, manage and mitigate the collective risk of the policy portfolio continuously, and qualify legitimate claims and protect themselves from fraud.
However, more often than not insurance providers’ approaches are far from perfect. They are either inaccurate at the point of underwriting about the actual risk posture and controls of a client, or the audit information is outdated once completed and risk has the potential to rise during the policy lifetime.
Capgemini Cyber Insurance offering
To help insurer address these challenges, Capgemini has developed a highly automated and scalable global cyber insurance offer, which gives insurance providers a competitive advantage through a risk led intervention approach that will enable them to expand existing markets at speed, enter new territories cost effectively and drive growth profitably. Capgemini’s proposition provides a combination of reduced time to market for rapid risk assessments at the point of sale (from days down to minutes), continuous in life policy holder risk monitoring and post breach support services.
For Insurance Provides:
- Ability to enter new markets quickly
- Growth with a global partner
- Highly automated and scalable approach
- Informed decision making throughout the insurance lifecycle
- Regular threat intelligence feeds and advisories to proactively protect policyholders
- Extensive service insights for mitigating in-life policyholder claims
- Global cyber investigation services and claims support
- Reduced cost of re-insurance
- Increased customer satisfaction, resulting in higher client loyalty
- Increased awareness of cyber threats and risks
- Hard data to drive better decisions about improving the security posture
- Fair and accurate policy pricing
- Reduced risk for the enterprise
- Instill confidence through continuous monitoring to make infrastructure changes
Contact Capgemini today for additional details about our unique – and uniquely effective – services for cyber insurance carriers and policyholders.