The role of insurers in safeguarding personal and sensitive data in today’s interconnected world is crucial. Collaboration with ecosystem partners is vital to ensure the protection of customer and employee information. In a recent Insurance News Analysis, Aaron Davidson, Global Head of Insurance at ServiceNow, shed light on how insurers are adapting to technological advancements to meet customer expectations effectively.
Convenience and security often present a trade-off in an increasingly connected environment. A recent incident involving the retention of a bank executive’s personal data in resold hardware from a total loss vehicle serves as a stark reminder of the risks involved. As insurers navigate these complexities, they must strike a balance between offering comprehensive coverage and addressing evolving risks such as inflation and supply chain disruptions.
In the realm of cyber insurance, where historical loss data may be limited, accurately assessing risks poses a unique challenge. Insurers must explore innovative strategies to navigate uncharted territories in the risk landscape effectively. In a competitive industry where customer retention is paramount, providing tailored coverage solutions is essential to meet the evolving needs of businesses.
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