Acceleration of Digital Businesses and the Rise in Commercial, Specialty and Cyber Insurance Demand
While specialty and cyber insurance had seen growth the last few years, the disruption of 2020 has accelerated that demand. All businesses, both large and small, are accelerating their digital transformation by changing their business models, products and services to meet new customer expectations. Just look at the rise in online shopping in the last year. In a post-COVID world, many businesses and industries are poised for growth, including e-Commerce retailers, e-Learning, virtual events and meetings, IOT-based products and businesses, virtual restaurants and much more. These businesses will need insurance coverages that may not fit with traditional commercial products, needing specialty and cyber insurance coverages instead. In particular, businesses are looking for cyber insurance solutions to provide protection to their business in a technology and competitive market that is changing faster than ever before.
In this rapidly changing insurance market, new competitors don’t play by the traditional rules of the past. They are looking at innovative new products, expanding channel reach, new partnerships and ecosystems to provide solutions to meet the changing market demand … with speed to market, implementation, and revenue accomplished in weeks or a few months rather than years. As 2021 unfolds, insurers should consider a mix of offensive and defensive plans to position themselves in providing new specialty products and services to meet a new digital business world and capture the opportunity for growth.
Hear from this panel about the unfolding market and growth opportunities and how Hartford Steam Boiler is poised to capture it with new innovative products – in particular cyber insurance – as well as new channels and partners, by leveraging a next generation platform that delivers speed to value.
Denise Garth, Chief Strategy Officer – Majesco
Andrea Ezerins – SVP and CUO of Custom Accounts Division – Hartford Steam Boiler
Prateek Kumar, Executive Vice President, Americas – Majesco