Since 2016, the finance and insurance industry has consistently ranked first in the top 10 industries that are attacked the most by cybercriminals. The number of cyberattacks in the insurance sector, specifically, has grown exponentially. Even the sector’s giants fell victim to cyberattacks in 2020 and 2021:
Cybersecurity insurance provider Chubb was hit by the Maze ransomware group.
In today’s extremely competitive business environment, US companies must constantly find ways to “cut the fat” so they can focus on core operations that drive growth and profitability. For insurers like you, that core activity is selling policies.
In today’s cutthroat insurance industry, US insurers are constantly on the lookout for technologies that can help them improve their efficiency, keep up with changing demands, and gain a competitive edge. To guide you in your search, here are four fields of IT that you should focus on:
1. Predictive analytics
Predictive analytics involves gathering, mining, and analyzing historical data to forecast possible future outcomes.
Records play a huge role in the work of all insurance companies, whether they handle policies for life, health, disability, automobile, or others. For life insurance policies, for example, they use medical records in evaluating an applicant’s risk.