The world is undergoing a digital transformation at an unprecedented scale. Many factors in confluence are driving this transformation; exponential technologies such as cloud computing and AI coupled with an explosion of data arising from billions of smart devices connected to the INTERNET, targeting both industrial and retail consumers. Faster network technologies bring the need to foster better carbon footprints in the next decade. For the insurance industry this presents both opportunity and risk.
In parallel, the insurance industry is undergoing transformational change based on a data driven underwriting approach. This presents opportunity for more premium, a better claims experience for customers, more accurate analytics and modelling, plus new correlated solutions for emerging risks such as cyber, climate change and pandemic. The risk is around the cyber integrity and data integrity of the increased digitization across all business sectors. Cyber, a systemic and accumulative risk, needs strong mitigation understanding before underwriting the risk to ensure there is a body of immutable evidence available to the industry should there be an event of significant proportion. How the insurance industry handles this mitigation and risk management moving forward is key to a successful cyber line of business cover relevant to the digital trend.
Our content explores a sound underpinning of data integrity, machine and device integrity in the cloud coupled with compliance across the board in order to reach the required level of cyber integrity required to protect customers from both accidental or malicious cyber events. This leads to a new cyber insurance marketplace and parametric insurance opportunities.
David Piesse is CEO of a family office, DP88, specialising in InsurTech initiatives in Asia - www,DP88.com.hk.
Global Insurance Evangelist and advisory board of Guardtime a leading cybersecurity company and blockchain provider specializing in cryptography for data integrity. Their keyless signature infrastructure (KSI) is utilized across the defence industry and into the supply chain, insurance, healthcare and manufacturing verticals. They have an underlying application for data privacy laws such as GDPR. In May 2018 EY, Guardtime and Maersk with members of the insurance industry launched InsurWave the first global commercial insurance blockchain backed platform to enter production commencing with marine insurance.
Advisory board of Ultimate Risk Solutions and previous Asia Pacific Lead assisting URS introduce Risk Explorer into emerging market and inter operate with new innovations such as InsurWave. Chairman of the International Insurance Society Ambassadors (IIS) he assists the management introduce new programs to extend membership and introduce localized content.
He has held numerous positions in a 40 year career including Global Insurance Lead for SUN Microsystems, Asia Pacific Chairman for Unirisx, United Nations Risk Management Consultant, Canadian government roles and staring career in Lloyds of London and associated market. He is currently involved in numerous startups for exponential technologies for blockchain and AI across multiple vertical industries.
He is an Asia Pacific specialist having lived in Asia 30 years with educational background at the British Computer Society and the Chartered Insurance Institute. On July 2017 he received the Kenneth Black Jr. Distinguished Service Award from the International Insurance Society.
Mr Piesse started his career at Lloyds of London and was a global risk management consultant with the United Nations for 7 years operating on all continents. He was the Global Head of Insurance and Head of Financial Services for Asia Pacific for SUN Microsystems 2004-2009 and is representative for Ultimate Risk Solutions in Asia for last 7 years He is a member of the Chartered Insurance Institute and the British Computer Society.
Cyber & Data Research Articles