SPONSORED: How AXIS has reimagined insurance for those who do business differently
Jill Bryant, EVP of Digital Small Commercial at AXIS, tells us all about AXIS Home Based Business Insurance and the unique client set it’s helping to protect. #Nationalhomebasedbusinessweek The post SPONSORED: How AXIS has reimagined insurance for those who do business differently appeared first on Insurance Journal TV.
11 Oct 2021
InsurTech Orion180 Expands Homeowners Presence
Ken Gregg, CEO of Orion180, readily admits his original insurtech plan back in 2014 was a direct-to-consumer personal lines model. He adjusted to engage primarily with independent agents instead, and the firm has seen success and growth in homeowners. Ken expects to be in 30 states by 2024 and introduce personal auto as well. Listen as he lays out the business strategy and points of differentiation for agents and consumers with the typical carrier homeowners market. He highlights Orion180’s home-grown technology as unique. This episode is supported by Personal Umbrella, where you can quote stand-alone personal umbrella policies of up to $5 MM in 3 minutes online — just by answering 4 simple questions. The post InsurTech Orion180 Expands Homeowners Presence appeared first on Insurance Journal TV.
11 Oct 2021
EP. 2: The Insurance Network Podcast – Anticipating Change for a More Successful Agency
You are listening to “The Insurance Network” – a podcast series focused on the success of independent insurance agents! In each episode, we’ll be featuring leaders and exploring new innovations in the insurance industry. In this episode, our host Dr. Brenda Wells welcomes Gerald Ladner, Vice President-Strategic Agency Partnerships and External Affairs at State Auto Insurance to talk about how independent insurance agents can anticipate change and evolution to make them more successful. The post EP. 2: The Insurance Network Podcast – Anticipating Change for a More Successful Agency appeared first on Insurance Journal TV.
11 Oct 2021
EP. 34: Insuring Cannabis is Impossible Without Surplus Lines, so a Hardening Market is a Thing to Watch
It may not come as much of a surprise to those who know about insurance and cannabis that the business is written mostly by the surplus lines market. Just how much is written there vs. the admitted market? Estimates range from well far north of 50% to 90% or better. But the real news peg here is this: the surplus market is hardening, so those hoping to see premiums go down likely won’t be getting their wish any time soon. This episode of the Insuring Cannabis Podcast is supported by CannGen Insurance Services, LLC. Providing comprehensive insurance coverage for the cannabis, CBD, and hemp industry on a nationwide basis for all product lines. The post EP. 34: Insuring Cannabis is Impossible Without Surplus Lines, so a Hardening Market is a Thing to Watch appeared first on Insurance Journal TV.
7 Oct 2021
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SPONSORED: Insuring Your Growth
With end-to-end, cloud-based solutions for marketing, sales, and analytics, Zywave is the tech stack of choice for all lines of insurance. And we’re not just helping insurance professionals manage their operations; we’re helping them generate revenue. Find our how to create your very own Modern RevOps Machine. The post SPONSORED: Insuring Your Growth appeared first on Insurance Journal TV.
6 Oct 2021
EP.24: Are Public, Private Partnerships the Answer to Cybersecurity’s Risk Management Problem?
The Biden Administration is increasingly prioritizing growing ransomware threats as a risk management problem, according to guests on the latest episode of The Insuring Cyber Podcast. This comes as four insurance firms — Travelers, Coalition, Resilience Cyber Solutions and Vantage Group— were among the participants in the White House summit on cybersecurity in August along with technology firms and Biden Administration officials. The aim was to discuss how these groups can work more closely together to improve the nation’s cybersecurity, particularly as U.S. public and private sector entities increasingly face cyber attacks. “Wasn’t it interesting that the very first question by the President to that group of executives … was to a cyber insurance executive about this?” said Chris Finan, chief operating officer at ActZero, an artificial intelligence-driven cybersecurity start-up. “So if that doesn’t demonstrate, I think, the importance of this and getting it right … I don’t know what will. I was very pleased with that focus by the President. It does seem to be priority. I felt they had the right people around the table.” Finan has more than a decade of experience working in cybersecurity and previously served in the Obama Administration as the director for cybersecurity legislation and policy on the National Security Council staff in the White House. He said he hopes to see momentum building toward a more standardized framework to measure risk as ransomware threats continue to grow, with AM Best recently reporting that ransomware now accounts for 75% of all cyber insurance claims. “I think we can expect further actions from the administration, NIST (The National Institute of Standards and Technology) and DHS (The U.S. Department of Homeland Security) to now promulgate more sophisticated security standards, particularly ones that are more focused on ransomware controls,” he said. Joshua Motta, CEO and co-founder of cyber insurance and security provider Coalition, agreed. “I think that the government is acutely aware of how large of a threat [ransomware] is to the U.S. economy, and they’re taking actions,” he said. Coalition was one of the four insurance companies invited to meet with President Biden at the summit. “I think they were really looking at the insurance industry to be a driving force for setting those standards, for making sure that businesses have the appropriate minimum controls and hygiene in place and using the industry as a force to really try and incentivize the adoption and awareness of this problem,” he said. “That insurers were even invited is important to take stock of, and I think it’s indicative of the fact that [the federal government] views this as a risk management problem.” He said that since insurance companies work to quickly respond to market forces and have a financial incentive to protect customers, the industry can be used as a mechanism to enforce cybersecurity hygiene. “There’s very much asymmetry between the people who are attacking businesses, who only have to get it right once, and those who are trying to defend themselves who have to be right all the time,” he said. “And I think that the administration, the government, realizes that insurance companies can act like private regulators in a sense.” Finan said he hopes to see a convergence between the public and private sectors on a set of ransomware controls and a framework to measure whether those controls are effective. In turn, he said this can create efficiencies in data collection and measurement that will help the insurance industry transfer risks smartly and efficiently. “It starts at the c-suite. Is this a priority? Are you measuring it? Are you holding people accountable?” he said. Motta added that although security took the backseat in software development for quite some time, businesses are now realizing they need to find better ways to protect themselves, particularly during the pandemic shift to digital for many working environments. “I think most businesses are coming to the realization that they’re digital businesses, irrespective of what industry they’re in, when they were founded, whether they are technology companies or not,” he said. “If they’re dependent on a working computer and internet connection, they have cyber risk. They have technological risk.” This is where the public and private sectors can come together to help organizations navigate their own cyber risks, Motta said. “Unfortunately, many are not in the best position to figure out how to do that,” he said. “They’re busy enough trying to navigate a pandemic and keep their business going and focus on their core operations. Becoming an expert in cybersecurity and how to defend themselves is a daunting challenge, right?” Finan agreed, adding that there is a lot of value in implementing best practices and a framework to measure and understand the effectiveness of risk management programs and reduce risk overtime. “I think the thing that really stands out to me is that there are no magic bullets,” he said. “A lot of this is just really hard.” To find out what else Joshua and Chris had to say, check out the most recent episode of The Insuring Cyber Podcast. Be sure to check back for new episodes publishing every other Wednesday along with the Insuring Cyber newsletter. Thanks for listening. The post EP.24: Are Public, Private Partnerships the Answer to Cybersecurity’s Risk Management Problem? appeared first on Insurance Journal TV.
6 Oct 2021
Insurtech Lessons: An Insider’s View
Bryan Falchuk isn’t your average author and speaker. He spent 20 years as a self-described “P&C guy.” That gave him the background and passion to write a book called “The Future of Insurance: From Disruption to Evolution,” which includes a volume on incumbent insurers as well as one on startups. In his latest work on insurtechs, Bryan provides some fascinating lessons for both legacy and new players through a series of case stories featuring the likes of Kin, Thimble, Clearcover, Next and more. Clearly, there are some takeaways from how insurtechs got funded, launched and evolved. Deploying capital wisely is one. Diversifying thinking is another. Listen as Bryan provides advice for any player that wants to create a distinct marketplace advantage. The post Insurtech Lessons: An Insider’s View appeared first on Insurance Journal TV.
27 Sep 2021
EP. 33 Claims Data on Crime at Cannabis Operations Points Finger at Insiders
Based on its most recent claims data, one big national cannabis insurance firm found that many thefts at cannabis operations are occurring overnight. And based on security footage and other available evidence, it appears criminals are often getting in and out quickly – perhaps a bit too quickly. Our latest podcast offers some intriguing claims data and anecdotes from a top cannabis insurance underwriter, and some security advice for brokers and their cannabis clients from a former police officer. This episode of the Insuring Cannabis Podcast is supported by CannGen Insurance Services, LLC. Providing comprehensive insurance coverage for the cannabis, CBD, and hemp industry on a nationwide basis for all product lines. The post EP. 33 Claims Data on Crime at Cannabis Operations Points Finger at Insiders appeared first on Insurance Journal TV.
23 Sep 2021
EP.23: Employees May Not Be Working Inside Office Buildings, But Cyber Criminals Are
The normal bustle inside of many office buildings has come to a halt during the pandemic switch to remote work, but these empty buildings could be inviting a different kind of activity: cyber crime. “With any type of confusion, and certainly one at the scale of a pandemic and mass exodus from office buildings, the bad guys see opportunities,” says Michael Bahar, litigation partner and co-lead of the global cybersecurity and data privacy practice in Eversheds Sutherland’s Washington D.C. office, in this episode of The Insuring Cyber Podcast. “They prey on that confusion. When you have physical office spaces and workspaces suddenly vacated, that’s a real opportunity for the bad guys to find another way to attack organizations.” Justin Fier, director for cyber intelligence and analytics at cybersecurity technology company Darktrace, says earlier in this episode that office buildings emptied during the pandemic can present concerns ranging from something as sophisticated as entrepreneurial criminals setting up Bitcoin mining systems in closets that nobody knows about, or something as simple as a criminal walking into a building and plugging into an empty ethernet port. “The sheer fact that there isn’t a physical presence is probably the biggest concern,” he says. Michael says when attention is focused elsewhere, it’s easier for malicious actors to gain a foothold into companies’ networks. This means those with vacant office spaces during the COVID-19 remote work environment need to align their cybersecurity efforts with what has been called “the new normal.” “It’s about saying, ‘Okay, here’s the new normal. What can we do in light of this new normal?’” he says. He suggests guidance for password security and avoiding public WiFi are just a couple of simple steps companies can take to protect their networks. While some companies have permanently made the switch to remote work, meaning there’s no longer a need for the real estate, others have remained hopeful that a return to the office will happen at some point, at least in part. As companies begin to return to the office, however, Michael and Justin say vigilance is key. “As we do start to embrace some of the more hybrid lifestyle, it’s just a new set of security challenges, whether it’s IoT (internet of things) or just readapting back to office life when we’ve grown all so accustomed to the work from home atmosphere,” Justin says. “When we would deploy, we would find all sorts of things customers didn’t even realize were on the network … if we couldn’t monitor those devices remotely, we are literally Trojan horse walking these things right back into our environment.” As Justin mentions in this episode, IoT technology presents its own set of concerns. “How about the new host of IoT devices that our environments are going to have, like FLIR (thermal imaging) cameras checking the physical temperatures of people when they walk through the security gate to make sure they don’t have a fever or symptoms, or air quality sensors making sure the carbon dioxide levels are within specs with all of the air scrubbers that are happening all over the place?” he says. “There’s going to be a whole new host of environmental IoT devices that are going to be a part of our network. And we need to be careful about IoT, because even though we are approaching 2022, IoT is still wildly insecure.” Michael adds that while many companies are placing a focus on the transition back to the office, it’s important that they don’t lose sight of their security plans in the process. “When you’re laser focused on one thing, there’s always the risk that you’re distracted or you’re not that focused on something else, so I would anticipate that malicious actors are circling the gates,” he says. “They’re preparing themselves for another wave of attacks as companies try to adapt to a hybrid working environment.” So, what can companies do to stay protected? “Be prepared,” he says. “Hope is not a plan. Instead, you want to plan for the worst and hope for the best.” He says that many times, companies mistakenly believe that the worst-case scenario is a breach. “Well, yeah. The breach is really, really bad, but it’s actually not the worst-case scenario, because the worst-case scenario can be the litigation, the regulatory enforcement action, the business interruption and the reputational damage that could come from a breach that was not optimally handled, precisely because it wasn’t well-planned for,” he says. “And that is what transforms a bad day into potentially a tragic year or tragic years.” With this in mind, companies need to be focused on carefully thinking through their cybersecurity plans while also maintaining the flexibility to quickly adapt to new threats, he says. “We don’t want to be slaves to the plan. We want to think things through, but we have to be able to adapt, because the malicious actors – they’re real. They’re largely alive. They’re going to react to your moves. They’re going to anticipate some of your moves,” he says. “When you see in that room, that crisis response room, everybody’s head turning one way, that’s always a good indicator that you should probably look the other way as well, because something else might be going on.” Check out the rest of the episode to find out what Justin and Michael had to say, and be sure to check back for new episodes of The Insuring Cyber Podcast publishing every other Wednesday along with The Insuring Cyber newsletter. Thanks for listening. The post EP.23: Employees May Not Be Working Inside Office Buildings, But Cyber Criminals Are appeared first on Insurance Journal TV.
22 Sep 2021
EP.3: Strategy Sessions Webinar with Kin Insurance CEO Sean Harper!
Join us for a live webinar! Tuesday, October 26th, 2021 at 10am PT / 1pm ET Flood insurance has been the bane of insurers for years. Most home insurance policies exclude the coverage, leaving the FEMA and its NFIP program to fill the gaps. Kin Insurance is among a new crop of startups convinced that it can make the coverage work, having launched in 2016 as a tech-driven home insurance carrier in Florida focused on customers with catastrophe coverage needs. In the third episode of Carrier Managements Strategy Sessions webinar series, Sean Harper, Kin’s CEO and co-founder, will discuss flood insurance, the challenges to address it and why it is more viable now. What You’ll Learn: What flood insurance is, and why it is so difficult for the industry. Why flood insurance coverage is different now. How flood and other disaster cover can be a viable proposition. Join the discussion and register for free today! The post EP.3: Strategy Sessions Webinar with Kin Insurance CEO Sean Harper! appeared first on Insurance Journal TV.
21 Sep 2021