What are the key skills and competencies that Insurtechs look for in cyber insurance professionals?

1 Cyber risk assessment

One of the core functions of cyber insurance is to assess the cyber risk exposure of potential and existing clients. This involves collecting and analyzing data from various sources, such as security audits, vulnerability scans, threat intelligence, and industry benchmarks. Cyber risk assessment also requires understanding the business context, the regulatory environment, and the potential impact of cyber incidents on the client's operations, reputation, and finances. Cyber insurance professionals need to have strong analytical, communication, and problem-solving skills, as well as knowledge of cyber security best practices, frameworks, and standards.

2 Cyber claims management

Another key function of cyber insurance is to manage the claims process in the event of a cyber incident. This involves coordinating with the client, the insurer, and the external service providers, such as forensic experts, legal advisors, and public relations firms. Cyber claims management also involves validating the coverage, assessing the damages, and negotiating the settlement. Cyber insurance professionals need to have excellent customer service, negotiation, and project management skills, as well as knowledge of cyber law, cyber forensics, and cyber incident response.

3 Cyber product development

A third key function of cyber insurance is to develop and innovate new cyber insurance products and services that meet the evolving needs and expectations of the clients. This involves researching the market trends, identifying the customer segments, designing the features and benefits, and pricing the premiums. Cyber product development also involves collaborating with the Insurtech partners, such as data providers, software developers, and platform integrators. Cyber insurance professionals need to have creative, entrepreneurial, and strategic skills, as well as knowledge of cyber insurance underwriting, modeling, and pricing.

4 Cyber data science

A fourth key function of cyber insurance is to leverage data science to enhance the efficiency and effectiveness of the cyber insurance processes and outcomes. This involves applying advanced techniques, such as machine learning, artificial intelligence, and natural language processing, to extract insights and patterns from large and complex data sets. Cyber data science also involves developing and testing predictive models, algorithms, and tools that support the cyber risk assessment, cyber claims management, and cyber product development functions. Cyber insurance professionals need to have technical, analytical, and programming skills, as well as knowledge of cyber data sources, methods, and applications.

5 Cyber culture and awareness

A fifth key function of cyber insurance is to foster a cyber culture and awareness within the Insurtech organization and among the clients. This involves educating and training the staff, the partners, and the customers on the cyber risks, the cyber insurance solutions, and the cyber security best practices. Cyber culture and awareness also involves promoting and participating in the cyber community, such as industry associations, events, and forums. Cyber insurance professionals need to have interpersonal, communication, and leadership skills, as well as knowledge of cyber education, outreach, and advocacy.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?