Multilevel perspective
“ InsurTech has traditionally focused on enhanced ( often rapid ) service delivery as a primary disruptor ”
ALTAZ VALANI DIRECTOR OF INSIGHTS RESEARCH , SECURITY COMPASS
Multilevel perspective
As part of a new approach to cyber risk assessment , Valani suggests a InsurTech players must view risk assessments from three perspectives :
Capabilities - It is not enough to have a risk assessment methodology . In a digital world , we also need to consider integrated capabilities around asset management , knowledge management , digital modeling , audit , and vulnerability management .
Stakeholders - The stakeholder group in digital transformation extends beyond the boundaries of risk teams to also include software developers , testers , architects , and executives . Each group has their own perspective on risk assessment .
Value creation - To avoid wasting time and resources , there must be a concrete alignment from business goals to value streams which , in turn , map to the information technology required . therefore creating high level risk profiles of clients . However , Bransome points out that one challenge with automated assessment techniques is inaccuracies and false positive results . “ I would like to see transparency and visibility built into these systems for the client ,” he says .
“ There is an opportunity for collaboration between insurers and current or prospective policyholders here . This would help to ensure a fluid process that allows for the correction of any false positives , as well as
68 November 2021