In order to prevail in competition, it is not only the insurance companies' products that have to convince the customer. The processes running in the background and their greatest possible optimisation are also becoming increasingly important. A comprehensive risk assessment is essential, especially in the field of cyber insurance. However, identifying such risks can also be a rather complex process.
For small and medium-sized enterprises, it is often not economically feasible to conduct elaborate IT audits or penetration tests in addition to risk questions.
On the contrary – customers expect a quick risk assessment, few questions and, above all, lean processes. As a result, risk questionnaires are shortened and trimmed down so that the manual effort for customers is not too great. In addition, process expectations on the part of insurance companies are also shifting in the direction of increased efficiency and automation.
This increases the risk that some important information is lost and that an underwriter can no longer make a risk-adequate assessment of a company. On top of that, the answers to risk questions alone only represent a subjective picture of the insurance holder.