Traditionally, insurance organizations have consisted of siloed departments that are each responsible for specific parts of the business. As the industry evolves, insurers are responding to a shifting environment and finding value in working with more agility and efficiency. Collaboration among departments is becoming more important than ever.
From Yahoo to Sony to Equifax, data breaches and cyber hacks are becoming more and more common. And they are not getting any cheaper. In fact, according to Ponemon’s Cost of Data Breach Survey, the cost of a hack is on the rise – 2017 set a record high with an average total cost of $7.35 million; and the insurance industry is not immune. In fact, more than 100 million Americans have had their information hacked in insurance sector data breaches.