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ITA Pro Weekly, December 05,2019

Sean Sweeney of Centric on insurance as “escape room,” Cyber Monday and business risk, Zurich on “self-centered” insurance, and more…

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Hot Off The Presses!
Property & casualty insurance is not an escape room -- yet many carriers take the same problem-driven approach when supporting and maintaining their companies' core systems. Sean Sweeney of Centric Consulting examines how insurers can shift their businesses' mindset and take a more business-driven approach to the issue.
 
“Solving a problem in a vacuum is a reactive undertaking. How many times have you heard the question, “What is the business problem?” While it may feel overused, anyone who asks this question is likely on the right track. It correctly indicates the technical problem at hand may be too far removed from the big picture.”
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“Retail cybersecurity is always crucial, but it’s officially time for both retailers and customers to prepare for Black Friday. This year, analysts predict global retail sales on Black Friday and Cyber Monday will hit $7.5 billion, a 20 percent increase over 2018,” according to an article in Security Intelligence. It’s a threat that lingers not just on those days, but is especially high throughout the holiday shopping season:

 

“There are clear risks associated with a retail cybersecurity incident. Customer trust is a major form of competitive currency for retailers, and a Black Friday security breach with data loss can cost retailers an average of $3.92 million and have long-term effects on sales and customer loyalty.”

Stuart Domingos, head of innovation at Zurich Insurance, says, “The insurance industry is still self-centered,” struggling to adjust to the profound changes in lifestyles and customer service expectations of millennials and younger generations, according to an article in Sifted.

“Millennials have changed every other industry and we expect them to do the same in insurance,” which is why Zurich now has a seven-person innovation team and is in its second year of running a startup pitch event. “We want to be partnering with whoever’s driving this next generation, whether it’s the startups, whether it’s the venture capital funds.”

REGISTER TODAY for ITA LIVE April 5 – 7, 2020 at the Diplomat Resort in beautiful Hollywood, Fla.!

This year’s event, “Insurtech in Action: Preparing Your Business for Insurtech 2.0,” will focus on the practicalities of preparing your business for adopting and implementing the latest insurtech advances, with more than 20 interactive presentations, panel discussions, and roundtables.

Seating is limited; sign up today to take advantage of the early-bird registration rate of $699.00.

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