This is a perfect example of where the insurance industry can establish itself at the forefront of policyholders' minds by providing high quality risk management services. This is where brands can thrive.
Creating a regular interaction with the customer and preventing claims events is what insurers should be seeking out as the new norm operating model.
Just providing reimbursement products doesn't do it any more.
Brokers have a key role to play in ensuring their clients do not bury their heads in the sand when it comes to cyber risk, an expert has said. A recent report from Allianz Worldwide Partners found that cyberattacks had increased by 300% over the last year but the number of firms testing and regularly reviewing their IT systems had dropped from 73% in 2015 to 57% in 2016.