Carrier Alert: InsurTechs Pose Third-Party Vendor Security Risks
Article, Carrier Management – June 2019
The InsurTech movement has and continues to drastically change the landscape of insurance. Established carriers are partnering with emerging tech innovators on everything from robotic process automation to biometrics, all of which bring much-needed excitement to the industry.
Insurers are learning how to serve a new customer—one that shops and buys virtually everything online. And this is a challenge.
While the relationships between carriers and InsurTechs will be critical for survival in this competitive industry, the reality is that InsurTechs are third-party solution providers. They, like all vendors, present risk with the solution opportunity. For insurers, a key risk with InsurTech is cybersecurity and data privacy. To understand the cybersecurity risks, consider how and why carriers and InsurTechs are coming together and how these new partnerships must strive to create the best combination of innovation and compliance.
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