Modern Insurance Magazine Issue 65

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 Insurance 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. Insurance 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