Insurance experts, we want to know if you think existing business interruption or cyber policies will cover some of the losses due to the worldwide IT outage that is affecting banks, airlines, hospitals and more? What will be some of the factors to consider on whether or not there is coverage? What kind of liability could there be for CrowdStrike or Microsoft?
Digital Insurance
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Independent reporting on insurance's digital transformation and the insurtech startup community.
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Through multimedia reporting and events, Digital Insurance uncovers the stories that matter to insurance business leaders managing digital disruption.
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http://www.dig-in.com/
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- Online Media
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- 51-200 employees
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- New York
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- Privately Held
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New York, US
Employees at Digital Insurance
Updates
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By addressing root causes of workers comp insurance inquiries, such as payments, processes and documentation, carriers can improve the claims experience, writes Stephanie Behnke, vice president, solutions and consulting, Hi Marley. “Anxieties can be overwhelming for injured workers, already grappling with pain, recovery, and the uncertainty of their financial future,” she writes. “For insurance carriers, promptly addressing these inquiries is not just good customer service; it's a strategic imperative.” https://bit.ly/4cUcVNl #workerscomp #insurtech #insuranceclaims
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Commercial general liability (CGL) policies may not be enough to cover corporate media liability or cyber attacks, write Geoffrey Fehling and Torrye Zullo of the insurance coverage group at Hunton Andrews Kurth LLP. “In more recent years, insurers have added intellectual property exclusions to CGL policies, which may eliminate coverage for certain risks, including copyright infringement claims,” they write. “Common CGL language addressing damages, coverage territory, and publication "in your advertisement" all may lead to disputes over availability or scope of coverage.” https://bit.ly/4djsbmw #CommercialInsurance
Insuring your online presence: Limitations on social media coverage
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The CrowdStrike software update that resulted in the failure of computer systems around the globe will have major implications for insurers as customers seek to be made whole for their losses. Meredith Schnur, U.S. & Canada cyber practice leader at Marsh, agrees that cyber claims are likely, as well as claims against other lines. "Cyber insurance policies are the likely place for coverage to be triggered, including business interruption, contingent business interruption and E&O. Given the magnitude and scope of this outage, we may see consequences that affect product lines beyond cyber risk, most prominently directors & officers (D&O) and property/casualty (P&C)." https://bit.ly/3LAWdGu #CrowdStrike #cyberinsurance
Major IT outage will challenge insurance coverages – Part 1
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Digital Insurance reposted this
Digital Insurance launches its Advancements in Insurance Claims Technology research report. The research reveals improving the claims process and enhancing customer experience are top digital transformation priorities, making them the primary levers driving adoption and implementation of digital tech. Read the full report here: https://lnkd.in/dbi5d3RW #LeadtheWay #research #digitalinsurance #insurance #claims #tech
Digital Insurance launches its Advancements in Insurance Claims Technology research report
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Insurers trying to get away from legacy systems are often contending with managing multiple systems, writes Marcin Nowak, MBA, founder and board member at Decerto. Operational data stores could be the answer. “The ODS hides all the complexity of integration underneath,” he writes. “Integration becomes easier and cheaper, and data is aggregated, cleaned, and creates a so-called ‘golden record’ of the client. Thanks to insurance, agents can enable effective up-selling and cross-selling processes.” https://bit.ly/46jEYTM #insurtech #customerservice #datamanagement
Managing multiple systems and their integration
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High heat and humidity, dry fuel like fallen trees and winds can be major contributing factors to wildfires. This year’s figures have already exceeded the number of fires in 2023. #wildfires, #climatechange
Wildfire season starts early and strong this year
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Homeowners are facing high insurance costs, leading some to eliminate their coverage altogether. But homeowners in these states are more likely to be insured. Read more about the 20 states with the highest rates of insured homeowners. https://bit.ly/3A0dzdx #homeinsurance
20 states with the most insured homeowners
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Health Action Council and UnitedHealth Group study finds that employees geographic locations and these communities’ health affect claims and budgets. Craig Kurtzweil, chief data and analytics officer, UnitedHealthcare Employer & Individual, and Patty Starr, president and CEO, Health Action Council, recommend companies analyze, tailor programs and educate employees. “This study marks a turning point in benefits strategy, transitioning from the traditional focus on retrospective claims data, company culture, and budgets, to a more comprehensive approach,” Kurtzweil and Starr write. “It emphasizes a need for employers to consider both the geographic locations of their employees and the associated community health and SDoH data to help advance employee health, boost productivity and optimize costs.” https://bit.ly/3zY1x4i #healthinsurance
New study marks a turning point in employee health
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The CrowdStrike software update that resulted in the failure of computer systems around the globe will have major implications for insurers as customers seek to be made whole for their losses. "The incident outage has potential to hit several different insurance policies and could go on to become a contract dispute between a corporation and its IT provider," shares Bernard Regan MSc, MBCS, a principal with Baker Tilly US Forensics, Valuation and Litigation Services practice. "With cyber insurance, there may be cover within these policies related to 'dependent system outage.' This effectively means that if you have a third-party providing IT services, and they are affected, then your cyber insurance policy may trigger." https://bit.ly/3LAWdGu #CrowdStrike #cyberinsurance
Major IT outage will challenge insurance coverages – Part 1
dig-in.com