TCS Cyber Insurance Suite: Underwrite Risks During COVID-19

Industry

Enabling insurers to adopt a data-driven and automated approach to underwrite cyber risks

CHALLENGE

The COVID-19 pandemic has accelerated digital transformation initiatives of organizations across industries. As businesses make the shift to online, there is a greater fear of cyberattacks and higher exposure to cyber risk.

The current situation therefore provides an opportunity for both insurers and brokers to dive deeper into the cyber insurance market. Currently, the cyber insurance penetration is still low worldwide and there is a huge opportunity in the small business segment. According to a Hiscox report, which tracks the global cyber insurance trends, only 21% of US companies with less than 250 employees have cyber insurance. With the increase in cyber risks during COVID-19 driving the demand for cyber insurance, insurers must look at developing and expanding their cyber insurance business.

TCS SOLUTION

Insurers and brokers will need to look at opportunities and challenges alike to enhance their cyber insurance underwriting capabilities and improve customer experience. Adopting the right technologies and capabilities can help them achieve this more effectively. TCS offers a suite of cyber insurance services and solutions to help:

a) Alleviate the immediate risk induced by COVID-19 for cyber policies

b) Underwrite cyber risks based on realistic insights from automated assessments

c) revent and protect insured entities from evolving cyber risks through technology driven interventions

BENEFITS

With TCS’ suite of cyber insurance services and solutions, insurance firms can focus on insight-driven risk selection, pricing, and risk management. Key benefits include:

Drive business growth: Make a foray into new customer segments, revenue lines, and business models supported by ecosystem thinking and solutions
Minimize risk exposure: Effectively determine and mitigate silent cyber exposure; systemically reduce accumulation risks
Improve customer experience: Improve net promoter score by continual engagement and value-added assistance throughout the policy term

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TCS is here to make a difference through technology.

We’re in it for good, driving positive change for the benefit of all.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Cyber Insurance Suite

Industry

Transformation starts here

TCS is here to make a difference through technology.

We’re in it for good, driving positive change for the benefit of all.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Industry

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Transformation starts here