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Insurers that have already entered the cyber market need to keep adapting to the changing threat: unlike many conventional perils, cyber crime is continuously evolving. Many other insurers are yet to take the plunge: attracted by the prospect of a new source of premiums, but unsure of the best way to understand the new exposure they will take on as a result.
To address the challenge, forward‑thinking underwriters are replacing manual risk‑assessment processes and questionnaires with smarter automated approaches to get better and faster risk insight at the point of pricing or renewal of policies. As clients become aware that better terms and pricing can be accessed if they provide more detailed information on their security posture, they will be increasingly eager to work with underwriters to enable ongoing technology-driven risk assessment.