Technology will be a “game-changer” for the insurance industry but the revolution does have a sinister side.
Stefano Tranquillo, senior vice president, Asia Pacific division manager for FM Global, noted that while a host of industries face huge changes, technology has a darker side that the industry will need to remember.
“Technology will be a big game-changer both within the industry and within the organisations that we insure as an industry,” Tranquillo told Insurance Business.
“There is all manner of new technologies that are on the brink of being developed; autonomous vehicles, 3D printing, augmented reality, all of these are on a major convergence path which will probably create another way for new revolutionary technologies that will be available to organisations and insurance companies.
“Of course, there is a sinister side to that as well which is the whole issue of cyber risk and certainly from an FM Global perspective, we view cyber as any other risk.”
FM Global recently announced the launch of a dedicated cyber risk engineering and underwriting unit to address the growing concern facing organisations around cyber risk.
The engineering unit will be led by Carmelina Borsellino, vice president and manager of cyber hazards, Grace Ries, assistant vice president and manager of cyber risk insurance products, will lead the underwriting unit.
“Cyber risk is a top-tier business threat in almost every sector, and our focused, integrated engineering and underwriting cyber approach is designed to create a long-term competitive advantage for our policyholders,” Bret Ahnell, FM Global executive vice president said.
“Threats can come from malware, disgruntled employees, corporate espionage and yet unknown attack vectors. To ensure our clients remain resilient in the face of evolving cyber hazards, both technology and human threats must be understood and addressed, and these teams will help ensure our clients are protected.”