Insurance Agenda - Issue 1, 2017

Cyber strategy for insurers

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Cyber strategy for insurers: Managing physical and digital assets to protect brand and reputation.

Innovative, global technologies are disrupting the traditional infrastructure of the insurance industry. Mobile, digital, analytics and payment platforms are accelerating rapidly. The evolution is so pervasive that the C-suite is seeking new business models to enable a stronger customer-centric focus. New models will drive growth expansively across geographical, operational and technical platforms to reach customers and meet their evolving needs. This will require new capabilities, expansion into areas such as governance and cyber risk, and a shift in oversight and responsibilities across the organisation.

The EY Blockchain technology as a platform for digitalisation emphasises the importance that insurance companies are placing on creating a secure, common infrastructure for the digital economy. It highlights the need for resilience and attribution to secure the integrity and intimacy chain between client and insurer.

As innovation and digitisation evolves, insurers need to interpret management’s challenges by asking these fundamental questions:

  • How do you identify and protect customer assets, particularly in a world that continues to digitise?
  • What are the weaknesses and sources of disruption in your operating model, particularly with respect to third parties?
  • Do you understand the risk appetite and risk culture needed to protect your brand?
  • What is the impact to your organisation, including changes to behavior and responsibilities of the C-suite?
  • What is on your compliance agenda and your response to regulatory requirements?

Optimising a framework to respond to technological opportunities, risks and disruption will protect brand and reputation, enhance investor confidence and prepare insurers for the challenges of tomorrow.

For more information, contact a member of the EY Oceania Insurance team:

Anthony Robinson  – Cyber Security Leader, Financial Services Oceania