With cyberattacks on the increase, securing the exchange of data has never been more important for the specialty insurance ecosystem.
“At Insurwave, our mission is to enrich and enable the exchange of more data within the specialty lines insurance ecosystem” Power opened “We want data to drive decisions and automate laborious tedious administrative tasks as much as possible.”
Power explained that insurance buyers from specialty lines like marine, aviation, and energy, are frustrated at the amount of overhead spent on managing insurance submission data and term updates. In what he describes as “essential, but notoriously painful tasks.”
We asked Power to tell us more about how the ecosystem operates today and he told us that in most cases information is provided over email from the insurance buyer to a broker who in turn forwards the email to a wide array of insurers or reinsurers. And these insurance submissions contain commercially sensitive data, describing the volume, location, and value of a company’s assets. As concerning, there may be information about the organisation’s employees that is also at risk.
“There is no control on the number of parties that receive the data and no audit of access” he told us. And we know that indirect cyberattacks through third party ecosystems are on the rise, with successful breaches increasing from 44% to 61% . “This is highly concentrated, commercially sensitive information and should be managed carefully” He continued. “For a sector that is championing risk management and is struggling to understand cyber exposure, exchanging sensitive data in this way is unacceptable”
“It’s all got to change” Power declared “And at Insurwave, we’re leading that change”
He went on to explain that one of the benefits of Insurwave is to securely manage client asset data in one centralised source, that is highly encrypted, and with clear access rights to facilitate controlled sharing. “While we are focused on making the information exchange efficient and providing tools to our clients we take the security of the data very seriously, as you would expect from a highly experienced technology organisation” He stated.
He continued to tell us how the award- winning Insurwave platform eliminates the need for lengthy email trails with multiple attachments, and consequently, reduces the threat vectors available to hackers. Additionally, having all the asset and commercial information on a single secure platform dramatically reduces the number of third parties storing sensitive commercial data on their systems. “Ultimately limiting the cyber exposure for all companies involved in the value chain.”
Power told us the cloud-based, Insurwave platform is ISO-27001 accredited, “demonstrating our commitment to aligning with worldwide information security best practices” whilst providing our clients with “full control of data access rights as well as complete visibility of audit trails”.
“We exist to enable and enrich the exchange of more data within specialty lines insurance” Power reiterated. “We want data to drive decisions and automate laborious, tedious work where possible. And we want our clients to know that the Insurwave platform secures and protects their data with the highest possible levels of security as we continue our expansion in specialty lines insurance.”