Six Things: March 8th, 2022

Red Alert for Cyber Attacks. Plus, OCR plus AI opens new vistas; a low-tech approach to work automation; 4 P&C mega risks in 2022; and more.

Insurance Thought Leadership

March 8, 2022

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Red Alert for Cyber Attacks

Paul Carroll, Editor-in-Chief of ITL

With Vladimir Putin denied the quick victory he hoped to achieve with his invasion of Ukraine, the Russian military is reevaluating its strategy -- which may now include cyber attacks that could broaden far beyond those that the Russians have been waging against Ukraine for months.

Obviously, no one knows for sure what Putin will do next. But Russia has a history of hacking, even against major powers. According to the Mueller report, Russian government hackers stole emails from the Democratic National Committee in 2016 as part of Putin's effort to help elect Donald Trump president. In 2021, a gang of Russian hackers launched a ransomware attack that shut down the Colonial Pipeline and cut off its supplies of gasoline in the U.S. East and Southeast. And Putin has said that even nuclear weapons are on the table if other countries intervene in his war on Ukraine, while listing 13 countries that have been "unfriendly" to Russia, so it's hard to imagine that cyber warfare isn't somewhere in the cards.

Insurers would do well to prepare themselves and their clients for the possibility of cyber attacks, to the fullest extent possible.

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SIX THINGS

Ukraine: How Exposed Are Insurers?
by Michel Leonard

New political risk insurance losses in Ukraine due to Russia's invasion will likely be material but well within the ability of private carriers to perform on their obligations.

OCR Plus AI Opens New Vistas
by Michael de Waal

AI-powered optical character recognition lets insurers unlock vast troves of data and streamline all processes.

How IT Savings Can Fund Innovation

A Low-Tech Approach to Work Automation
by Tom Bobrowski

Work automation is not about technology. It’s about process. A process that is best led by the line of business or function head and not corporate IT.

Read More

Balance of Information Between Insurers, Consumers
by Frank Schmid

Insurers are already familiar with adverse selection. Now, they are getting to grips with the new concept of inverse selection that arises with big data.

4 P&C Mega Risks in 2022
by Mike Chapman

These risks are moving the insurance market away from transactional coverage and more toward co-management of risk.

Read More

Tips for the Hybrid Work World
by Kevin Knopf

The following are important ways to reduce corporate risk and support employees in both remote and on-site environments.

Read More

Use Halo & AI For Claims Processing to Proactively Identify and Mitigate Emerging Fraud

MORE FROM ITL

March Focus: Life and Health

For an industry that has long been considered sleepy, life insurance has a lot going on.

The efforts getting the most attention have probably been those related to improving the customer experience, largely by speeding underwriting by reducing or doing away with the need for medical exams and the providing of blood and urine samples.

But other big changes are afoot, too. .

The Impact of Rising Inflation and Interest Rates on Insurance Profitability

Sponsored by Insurance Information Institute

Paul Carroll, ITL's Editor-in-Chief, and Dr. Michel Leonard, vice president, senior economist and head of the Triple-I’s Economics and Analytics Department, continue their series of webinar discussions by looking at the Triple-I's latest projections for inflation and interest rates and talking about how the insurance industry can prepare.

Read Now

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