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Cyber Insurance portfolio Data Analytics for Underwriting Performance Measurement: Insight into student’s work at Zurich Insurance Company Ltd
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| 1.39 MB | Adobe PDF |
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Resumo(s)
As the prevalence of cyber risks continues to grow, cyber insurance has become an essential component of risk management for many organizations. However, due to the constantly evolving nature of cyber risk, as well as other specifications, managing cyber insurance portfolios presents a unique challenge. This project aims to explore and explain the crucial role of data analytics in analyzing the underwriting performance of a new type of insurance – commercial Cyber insurance in Zurich Insurance Company Ltd. The project begins with an introduction to the Cyber Risk and Insurance, including an intensive literature review of the previous scientific works to build a robust foundation for this research, followed by collecting and processing of the organization’s cyber insurance portfolio data, both on the policy and claims levels. Using different techniques, the project analyzes key performance metrics that are further shared with key business stakeholders, especially underwriting teams. The findings of this project should demonstrate the importance that data analytics plays in managing the Cyber insurance portfolio. The intended audience for this project is primarily academics and insurance professionals, but also anyone else interested in the combination of data analytics and the insurance industry, especially in the context of cyber insurance.
Obtaining data for Cyber portfolio management reporting is often a complex process. The report reveals that critical information related to Cyber policies in Zurich, such as aggregated losses, policy periods’ information, specific clients’ exposure information, and other relevant data are typically scattered across different systems. This leads to challenges in data centralization and analysis. Furthermore, it is crucial to understand and monitor the drivers that have a massive influence on cyber risk. This is particularly important for actuaries and underwriters who deal with adequate pricing. Factors such as revenue, industry sector, company size and cybersecurity controls significantly impact the level of risk faced by organizations. These types of information are valuable for broader cyber portfolio monitoring, allowing for insights and informed risk management decisions. Mentioned monitoring in Zurich Insurance Company Ltd consists of general insurance metrics such as premium collected, retention, claims frequency and severity, as well as of other views from risk profile distribution presented in this report.
Descrição
Project Work presented as the partial requirement for obtaining a Master's degree in Data Driven Marketing, specialization in Data Science for Marketing
Palavras-chave
Cyber Insurance Cyber Underwriting Data Analytics Reporting insights Performance measurement