Cyber crime fears present massive opportunities for the industry: PwC’s Jim Bichard

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With cyber crime fears being heavily highlighted in PwC’s “Insurance Banana Skins 2023” report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and combat these ongoing fears.

“The amount of protection that currently exists for cyber is just a fraction of what could be provided. Although it’s a risk for reinsurers, there are also massive opportunities”, Bichard said.

“What we find is that corporates want more cover, but they don’t know how to obtain it. They don’t actually know how to get the insurance in the first place.

“It all starts from the insurance community supporting its customers, small and large businesses, and helping them to understand their risks better, and designing products that can really help them for the future.”

Moving forward, with AI being deployed by more companies across the sector, Bichard addresses whether he sees the technology creating more opportunities, or more issues for the industry.

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“Everyone gets very excited about the speed of this technology and certain functions of it such as Chat GPT. But what really should be the focus is what problems can this technology actually solve? For example, can it be applied to claims and help settle claims faster, or even predict claims valuation?

“Most of the industry has not got to the stage where they are using AI at any scale, and what they are concerned about is that they don’t just want to build AI models for their own sake. Instead they want it to solve problems.

“With AI, it is making everyone think very hard about their protection and data quality, as well as their accessibility to data. It is also making those across the industry think about what are the priority areas where they want to apply AI against.”

“There are a number of different areas where AI can be applied. But there are big concerns at the moment in regards to security and control.”

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