YEARS OF EXCELLENCE 1994 ~ 2024 Market-Leading Outsourced Claims Services Find out more: www.carpentersgroup.co.uk
EDITORIAL BOARD A Varied Approach to Counter Fraud You can never be complacent or rest on your heels where security is concerned. We have a great bunch of people working in our IT security team that take a proactive approach to testing and raising awareness. Whilst traditional methods such as phishing campaigns and whaling simulations are great at keeping people on their toes and helping them understand what bad looks like, you can always do more. At Carpenters Group, we never settle on one thing. We try to come up with different ways to keep people engaged, which is always difficult in the age of information overload. That’s the tricky thing. How much is enough, and more importantly, how much is too much? We balance the quantity of information that we send out and consider what will grab attention, and what helps drive the message. There have been some really high impact news headlines over the last six months that have really hit home; social engineering and deepfake attacks that cost the associated businesses millions. These headlines really help to highlight concerns that can translate to any business. Tackling fraud requires a varied approach that combines proactive measures to prevent fraud, robust security measures to detect and respond to fraudulent activities, and ongoing education and training for employees and customers. Every business is different; therefore, it’s essential to tailor your approach to cybersecurity to fit your specific needs and circumstances. Utilising intelligence gathered from the wider business community is also essential when it comes to understanding new and emerging fraud techniques, and this is a pivotal part of our security strategy. Finally, when you promote a culture of security awareness and implement a robust cybersecurity initiative, you can significantly strengthen your organisation’s defences against threats. Ultimately, this minimises the impact of potential attacks such as fraud, ransomware, and phishing. Karen Campbell, Chief Information Officer, Carpenters Group Our internal communication platform and intranet dedicated cyber / security channels are used to keep the narrative at the forefront of people’s minds. We also run a full training programme for everyone in the business, alongside a national awareness campaign. 2024: A Year of Evolution for the <strong>Insurance</strong> Industry Entering 2024, the insurance industry is undergoing profound transformations, driven by technological advancements and shifting consumer expectations. Let’s delve into the pivotal trends shaping this landscape, and how industry stakeholders are adapting. Digitalisation. A pervasive trend across insurers, brokers, and managing general agents (MGAs) is the accelerated adoption of digital processes. From policy issuance to claims management, there’s a concerted effort to digitise workflows, aiming to enhance operational efficiency and deliver seamless customer experiences amidst an increasingly digital ecosystem. Data Analytics. With data volumes skyrocketing, the ability to extract actionable insights has become a strategic imperative. Insurers and brokers are harnessing advanced analytics to refine underwriting practices, predict market trends, and proactively manage risks. Leveraging predictive analytics and machine learning algorithms empowers industry players to gain a competitive edge by making informed decisions based on data-driven insights. Cybersecurity. The omnipresence of digital transactions has elevated cybersecurity to a paramount concern. <strong>Insurance</strong> entities are bolstering their digital defenses with robust measures such as encryption protocols, multi-factor authentication and sophisticated threat detection systems. Safeguarding sensitive data and ensuring the integrity of digital interactions are paramount to maintaining trust and security in an interconnected landscape. Customer-Centricity. In an era defined by heightened competition, personalised experiences are emerging as a cornerstone of customer retention. Insurers and brokers are pivoting towards customer-centric strategies, offering tailored policies and communication channels to cater to individual preferences. By prioritising customer satisfaction and engagement, industry players aim to forge stronger, more enduring relationships with their clients. Regulatory Compliance. The FCA Consumer Duty represents a significant regulatory development aimed at addressing longstanding issues of consumer detriment within the financial services industry. By imposing clear obligations on firms to prioritise consumer interests and promote fair treatment, the framework seeks to instil greater trust and confidence in the financial sector. In summary, 2024 heralds a period of profound evolution for the insurance sector, characterised by digitalisation, data analytics, cybersecurity, customer-centricity, and regulatory compliance. Industry stakeholders are actively responding to these transformative trends, leveraging innovative strategies and technologies to remain agile and competitive in an ever-changing landscape. By embracing these shifts and prioritising customer needs, the insurance industry is poised to navigate the challenges and opportunities of the future with resilience and foresight. Will Prest, Product Manager, ParaCode MODERN INSURANCE | 17
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