Cyber insurance has traditionally relied on human involvement (including guesswork) in all parts of the process — from risk analysis and policy underwriting to claims adjustments. One of the major challenges for the cyber insurance industry, and those seeking coverage, has been year-on-year increases in policy premiums because of escalating risk exposures. In more frequent cases, insurance customers are even being dropped from their coverage or are having claims denied.
But it isn’t all bad. The emergence of generative AI (GenAI) technologies offers insurers opportunities to build powerful new tools to help them streamline processes, analyze cyber risks with greater accuracy, and make prioritized recommendations for improving the security of their customers.
More Accurate and Efficient Processes
GenAI is reducing opportunities for human error throughout the insurance lifecycle, while simultaneously improving process efficiencies. Automated AI-based tools help simplify workflows and eliminate some of the traditional data collection and guesswork that both brokers and buyers have relied on.
This starts with the policy application process. Very often, the people filling out the…
