Six Things Newsletter | May 11, 2021

In this week's Six Things, Paul Carroll sees opportunity in the recent Colonial Pipeline ransomware attack. Plus, workers comp trends for technology in 2021; 4 ways to seize the latent demand; time to reimagine the finance function; and more.

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In this week's Six Things, Paul Carroll sees opportunity in the recent Colonial Pipeline ransomware attack. Plus, workers comp trends for technology in 2021; 4 ways to seize the latent demand; time to reimagine the finance function; and more.

Wake-Up Call on Ransomware

Paul Carroll, Editor-in-Chief of ITL

The ransomware attack that shut down the 5,500-mile Colonial Pipeline, the largest fuel pipeline in the U.S., contains two important seeds of opportunity.

First, the federal government looks like it may get much more involved in preventing or at least prosecuting cyber attacks, specifically for important infrastructure like pipelines and electric grids, but perhaps more broadly, too.

Second, the attack raises the profile of the ransomware problem to the point that insurance clients may no longer be able to ignore it — which they mostly have even as ransomware activity quintupled globally between the first quarter of 2018 and the fourth quarter of 2020, according to Aon. This higher profile will create the opportunity for insurers to work with clients to finally step up their defenses... continue reading >

CREATING AN ENRICHED DIGITAL CUSTOMER EXPERIENCE

Read expert advice on why carriers need to deliver a better (digital) customer experience, what that experience should look like, and how to create it.

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SIX THINGS

Workers Comp Trends for Technology in 2021
by Shahin Hatamian and Rebecca Morgan

An efficient workflow passes 60% to 70% of medical bills straight through; workers' comp has a long way to go.

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Are Your Healthcare Vendor’s Claims Valid?
by Al Lewis

This article, the first in a series, looks at how regression to the mean is often misused to justify false claims about the success of wellness programs.

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4 Ways to Seize the Latent Demand
by Sarah Parker

Consumers recognize now more than ever the importance of adequate insurance coverage. Now is the time to seize on this opportunity.

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Time to Reimagine the Finance Function
by Yolaine Kermarrec

What’s possible for finance has been redefined: Comprehensive data makes it easier to connect performance across the business.

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Tapping Into Life, Health Innovation
by Denise Olivares

Those who welcome outsider participation in innovation can unlock new solutions without needing to reinvent their current businesses.

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Insurance and Financial Protection
by Jason Mandel

If the life insurance crisis is hard to understand, we must make it easy to comprehend. The insurance industry must lead us through this crisis.

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The Alarming Surge in Ransomware Attacks
sponsored by Tokio Marine HCC - Cyber & Professional Lines Group

Join Michael Palotay, Chief Underwriting Officer for Tokio Marine HCC - Cyber & Professional Lines, and Paul Carroll as they continue their discussion on ransomware, cyber attacks, and how businesses can protect themselves.

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MORE FROM ITL

May's Topic: Cyber

In high school, a friend of mine had a poster on his wall that read, “Just because you’re paranoid doesn’t mean they aren’t out to get you.”

That pretty well summarizes how the world of cybersecurity and insurance works. Companies may feel paranoid for looking over their shoulder all the time, expecting something bad to happen, but we all know that there are plenty of bad guys out to find all the victims they can.

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Insurance Thought Leadership

Insurance Thought Leadership (ITL) delivers engaging, informative articles from our global network of thought leaders and decision makers. Their insights are transforming the insurance and risk management marketplace through knowledge sharing, big ideas on a wide variety of topics, and lessons learned through real-life applications of innovative technology.

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