Data migration to the cloud helps underwriters: insurers
The increased amount of data cloud providers can deliver as more information moves to the cloud will help underwriters write down cyber risks and their policyholders in turn, according to insurers and a cloud provider.
“From an insurance perspective, we like as much certainty as possible,” said Robert Parisi, New York-based North America manager for Munich Re’s facultative and corporate unit. organizations to the cloud, “the process just got easier.”
Mr. Parisi spoke at a Tuesday session of the Risk & Insurance Management Society Inc. 2021 conference, which was held virtually.
In March, units Munich Re and Allianz SE offered a program that combined a new IT policy with limits of up to $ 50 million, with cloud data provided by a unit of Google LLC.
By 2024, more than 45% of IT spending will shift from traditional solutions to the cloud, said panel moderator Monica Shokrai, chief risk officer and actuary, business risk and insurance, for Google LLC in Mountain View, Calif. . She was citing data from risk consulting firm Gartner Inc., based in Stamford, Connecticut.
Mr. Parisi said that while risk aggregation is a concern that the insurance industry needs to be aware of and need to assess, “we really want to step up to the plate, to see what happens. This is why migrating to the cloud is exciting in that the data about an organization can be shared.
Jody Yee, New York-based Managing Director, Alternative Risk Transfer, Allianz SE Allianz Global Corporate & Specialty Unit, said insurers face a rapidly changing risk landscape, “It’s complex.” , and many companies are still migrating, or considering moving to the cloud, he said.
Mr Yee said clients have always struggled to manage risk as insurers have struggled to identify the providers they use, the extent of their engagement and the criticality of the services they provide.
Obtaining these data resources from cloud providers provides a better understanding so that insurers can manage their portfolios prospectively, he said. This can create a lasting risk transfer, Mr. Yee said.