Cyber Claims Management for Cyber Insurance (OLD)

Claims Handling Should Be Every Cyber Insurer’s #1 Priority

Cyber insurance has become one of the fastest-growing segments for U.S. P/C insurers and is projected to be a $20 billion industry by 2025.

Cyber risk has taken center stage since the start of the pandemic in 2020, when remote work and the need for interconnection across organizations, resulted in widespread cybersecurity vulnerabilities. Cyber supplement data reported claims rose by 100% annually in the past three years and claims payments grew by 200% annually over the same period.

With both the frequency and severity of claims rising, quick claims resolution is becoming more important than ever for both policyholders and insurers.

Key Challenges for Cyber Insurance Companies

Rapid First Notification of Loss (FNOL)

As soon as a breach is identified, the claims clock starts ticking. For the company that was attacked, this means gathering and communicating all indicative claims information asap. And for insurers, this means providing an FNOL process that is fast, simple and seamless for your customer, broker, and claims organization.

Insurance Claims Response Team

Your internal claims team must be ready to quickly triage the claim and deploy the appropriate response team. As the response team will consist of external partners (such as law firms, financial forensic experts, digital ID experts, PR experts, etc.), your claims management solution needs to be able to facilitate:

  • Easy and comprehensive referrals, directly from the system
  • Sharing of information across the response team
  • Expert-specific permissions access to the claims system as needed

Digital Claims Auditing

A breach or cyber attack that results in a claim provides invaluable information for future underwriting audits, general risk mitigation and more effective resolution of similar claims. Your claims management solution should include an embedded auditing solution that captures claims data and facilitates an efficient audit program.

Omnichannel Communications

Open lines of communications are key both before and after a cyber incident  and real -time communication across multiple channels (text, email, chat, phone, video) can create better results for all. Unfortunately, most claims insurance technology is outdated and does not support omnichannel communications.

Five Sigma Benefits for Cyber Insurance Companies

Our cloud-native data-driven claims management solution makes your claims processing simple and smart.

Automated Claims Submission

Our digital claims management solutions (CMS) provide:

  • All FNOL data received from the insurers/digital channels are embedded automatically into our workflows and ready for the next step in the process
  • Rapid system identification of claim types
  • Automated triage and adjuster assignment

Embedded Omnichannel Communications

Our CMS includes an API-level communication module that support all types of communications including: SMS, mail, voice video calls, and even WhatsApp. All claims-related communication is documented, stored and analyzed automatically.

Just-in-time Recommendations

Our systems flags coverage and liability issues and presents the adjuster with relevant information and investigative steps within the claims system.

Damage Assessment and Negotiation

The key to effectively negotiating a claim begins with accurate damage assessment. Our CMS includes a digital bodily injury evaluation module to itemize, assess and aggregate damages.

Monitoring and Management

Based on our advanced data modeling, we enable insurers to monitor your operations and receive actionable insights that will help you make strategic management decisions.

Cyberattacks happen every 39 seconds. Can your claims management solution hack it?

Cyberattacks of varying kinds are becoming ubiquitous across businesses large and small. The resolution of a cyberattack related claim (whether it’s first or third-party) is a unique and complex collaborative effort relative to most other lines of businesses.

Although the number of unique cyber insurers has doubled from 50 to 100 providers in the last few years there has been little to no progress made on cyber claims specific systems – until now.

Learn how Five Sigma partners with cyber insurers to provide a customized cloud native claims solution that is specifically built for the unique challenges associated with cyber claims.

Go live in weeks with the state-of-the-art claims management platform.