BUSINESS INSURANCE
The business insurance industry integrates insurtech to reshape how risk is assessed , policies are underwritten and claims are managed .
Artificial intelligence ( AI ) and machine learning are playing a central role , allowing insurers to analyse vast datasets , such as those from IoT devices and satellite imagery , to create more precise risk profiles .
With global cyber insurance premiums projected to reach US $ 20.6 billion by 2025 , according to Munich Re , insurers are racing to adapt their underwriting models and policy structures to address emerging risks . James Harrison , Global Head of Insurance at Dun & Bradstreet says : “ Technology is allowing insurers to expand offerings as well as dramatically enhancing the speed and accuracy of underwriting and claims processing in business insurance . The rise of new technology trends such a IoT , big data , AI and smart technologies all present opportunities . Machine learning algorithms are now able to analyse vast amounts of data in real-time , allowing insurers to assess risk more precisely and offer more tailored policies .”
This technological revolution is particularly evident in the realm of AI-powered attack vectors , which have fundamentally altered the cyber risk equation . A report by Signicat and Consult Hyperion show deepfakes now represent 6.5 % of total fraud attempts , while consumerfocused deepfake fraud attempts
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