A the 2017 PCI Annual Meeting, a panel discussed the impact of innovation in the insurance industry. The panel included: Tony Trivella – EVP, Treaty Division, Hartford Steam Boiler Tim Attia – CEO, Slice Labs Jacqueline Lesage Kraus – Managing Director, Munich Re/HSB Ventures Ed Largent – President, CEO and Board Chair, Westfield Insurance Keith Moore – CEO, CoverHound What is different about innovation in the insurance industry? Customer expectations are changing across all industries. Insurance is just part of that bigger picture. An industry that is looking to take on new technology to improve what they do is not
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At the 2017 PCI Annual Meeting, Paul Mang, Global CEO of Analytics for AON discussed innovation in insurance with a focus on truth versus reality. Mang started by outlining three myths around innovation in insurance: 1. InsurTech will disrupt insurance Disruption implies a type of industry change where the traditional businesses and models in that industry can be replaced. Think of how ride sharing apps have disrupted the taxi industry. “Disruption” is not the proper term to use in the insurance industry. InsurTech and traditional insurance industry companies can work together on improving efficiency. Because of regulation, barriers to entry,
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability Forum, a panel discussed efforts to keep payments secure. The panel included: Bobbie Goldie – Senior Vice President North American Cyber, Chubb David Herron – Executive Vice President and Chief Legal Officer – Hyperwallet Mark Mao – Partner, Troutman Sanders David Ellis – Vice President, Security Metrics Andy Lea – Head of Commercial E&O and Media Liability, CNA Insurance One of the biggest challenges for businesses is coming up with payment systems that are secure, user friendly, and also provide useful marketing data. The goal is to come up with a
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability Forum, a panel discussed the challenges of breaches created accidentally by employees. The panel included: Phillip Gordon – Privacy and Background Check Practice Group, Littler Mendelson P.C. Brian Robb – Senior Claims Counsel, Global Cyber and Technology Claims, CNA Insurance Erich Kron – Security Awareness Advocate & Technical Evangelist, KnowBe4 Joe DePaul – Cyber/E&O Practice Leader, Willis Towers Watson Rob Vasquez – President and CSO, Clarium Management Services Accidental breaches by employees are the leading cause of cyber breaches for companies. Employees click on a phishing email or respond to an
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability Forum in Santa Monica, CA, a panel discussed how your cyber insurance policy could be triggered without a data breach. The panel included: Laurie Kamaiko – Partner, Sedgwick LLP Evan Fenaroli – Underwritng Manager, Philadelphia Insurance Companies Chris Keegan – Senior Managing Director, Beecher Carlson Dave Molitano – Senior Vice President, W.R. Berkley Corporation Richard Mather – Vice President Claims Group, Allied World Insurance Company By definition, a breachless cyber claim is one that triggers a cyber liability without breach of the insured’s systems or devices. Some carriers take the position
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability forum in Santa Monica, CA, a panel discussed emerging issues pertaining to ransomware. The panel included: Winston Krone – Global Managing Director, Kivu Consulting David Navetta – Partner, Norton Rose Fulbright Jeremy Glitter – Practice Leader and head of Cyber Claims America, XL Catlin Timothy Burke – Director of Cyber Risk, IMA Inc Michael Sohn, Supervisory Special Agent, FBI Loss Concerns When ransomware claims were first seen, the demands were a few bitcoin and they were usually resolved quickly. Now, we are seeing the financial demands increase and the ransomware is
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability Forum in Santa Monica, CA, a panel discussed trends in cyber class action claims and regulatory investigations with an emphasis on settlement strategies. The panel included: Douglas Meal – Partner, Ropes & Gray LLP Ari Schwartz – Partner, Edelson PC Gene Fishel – Senior Assistant Attorney General, Commonwealth of Virginia CLASS ACTION There are certain thresholds that must be met in order for any class action and regulatory investigation to be settled. In particular, the courts will look at the fairness of the settlement and whether protections are put into place
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability Forum in Santa Monica, CA, a panel discussed the important issues risk managers need to consider when reviewing contracts for cyber exposures. The panel was: John Farley – VP Cyber Risk Consulting Practice Leader – HUB International Meghan Haynes – Product Manager, Axis Capital Spencer Timmel – National Director of Cyber and Technology, Safety National Scott Godes – Partner, Barnes and Thornburg, LLP Javier Gonzalez – Partner & Executive VP of Sales, PL Risk Advisors Studies show one in five data breaches are traced back to a third party vendor. States
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At the 2017 NetDiligence® Cyber Risk & Privacy Liability Forum in Santa Monica, CA, a panel reviewed the results of the 2017 NetDiligence® survey on the types and costs of cyber claims being seen. The panel was: Emy Donavan – Global Head, Allianz Global Corporate & Specialty Mark Greisiger – President, NetDiligence Chris Novak – Global Director RISK Team, Verizon Enterprise Solution Tamara Ashjian – Claims Manager, NAS Insurance Craig Linton – Claims Manager, Beazley J Bradley Vatrt – Assistant Vice President, AIG John Mullen – Partner, Mullen Coughlin The 3 year average cost for a breach was $394,000. 87%
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At the 2017 IAIABC Annual Convention, a session discussed the challenges and potential of medical marijuana in workers’ compensation. The speakers were: Matthew Fisher – Partner, Reinisch, Wilson, Weier PC Sherry Hickey – Assistant Vice President of Medical Management, Safety National One of the first challenges with medical marijuana is the conflict between state and federal law on this issue. Under the basic concept of federalism, any conflict between state and federal laws is generally resolved in favor of the federal laws. However, the federal government has by policy deferred to the states when it comes to marijuana laws with
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