- Paweł Kruszec
Digital revolution in the insurance sector
InsurTech, artificial intelligence and cybersecurityThe insurance sector, similarly to the financial, is in the process of digital transformation, which has been initiated by the growth of InsurTech and increasing use of modern technology. Digitalisation, cloud computing or AI are now permanent elements integrated into the operating strategy of insurance companies. It is therefore not surprising that they are investing more and more in IT.
Integration in cloud computing
To take the full advantage of modern technologies, cloud solutions are worth reaching for. Insurance companies should therefore consider data migration as an essential part of their development.
The future for insurance companies, but not only for them, is the cloud-first and cloud-native approach, i.e. the use of modular and agile IT architecture to create and test new products, as well as to secure data – says Piotr Zaborowski, Key Account Manager at Polcom.
Cybersecurity always comes first
With the grow of IT in the insurance sector, comes the challenge of ever-increasing threats from cyberattacks. Insurance companies process huge amount of sensitive data on daily basis, which can be tempting target for hackers. Specialised Security as a Service models are becoming the answer to these challenges. Comprehensive solutions, such as SOC, guarantee a high level of data security.
It is important to remember that under the EU’s NIS2 regulation, companies in the critical sector are required to comply with specific security standards and failure to do so may result in sanctions.
In addition, we are in the period of implementation of the DORA regulation on enhancing the digital operation resilience of the wider financial and insurance sector, which also targets ICT providers delivering services to the sector. Among other things, it will impose the responsibility for the management of risks associated with the use of digital information technology on the entities’ governing bodies, new requirements for the content and implementation of contracts with external service providers and periodic testing of operational digital resilience. The DORA regulation, like NIS2, also provides for the application of penalties in the event of breach of its provisions. All this shows that the EU is taking the requirements very seriously – underlines Piotr Zaborowski.