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Press ReleasePress ReleaseIXT empowers OneInfinity to launch Cyber InsuranceOneDegree, known for its digital asset insurance solutions under the OneInfinity brand, has expanded its portfolio with a new cyber insurance offering, targeting a wide range of industries beyond Web3 companies. The digital domain is facing an unprecedented escalation of cyber threats, with AI technologies presenting both immense potential and novel challenges. The Asia markets are particularly confronted with a critical challenge: a significant portion of cyber risks remains uninsured or underinsured. Addressing this gap is imperative to fortify businesses against the growing tide of AI-driven cyber threats. Recognizing the urgent need for evolved cyber protection, OneInfinity Cyber Insurance is specifically designed to confront this dual-edged reality, offering comprehensive coverage that spans both traditional cybersecurity events and the unique challenges introduced by AI-driven cyber threats. A Cyber Insurance Product Truly Designed for Cyber Risk Protection Additionally, OneInfinity Cyber Insurance sidesteps the traditionally cumbersome and outdated cyber insurance underwriting process with its technology-first approach. By integrating Cymetrics’ advanced cybersecurity exposure scanning solution, it enables real-time risk assessment and scoring within its underwriting process. This modern approach offers a fast and fuss-free application experience with instant policy issuance for eligible companies. Beyond offering financial recovery post-incident, the OneInfinity Cyber Insurance has partnered with Blackpanda to provide professional incident response services and Cymetrics to offer proactive cyber risk monitoring solution to its clients. Detailed insights and actionable recommendations to address vulnerabilities are included with the Cymetrics assessment reports, ensuring that OneInfinity Cyber Insurance clients are not just insured, but also informed and one...
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BlogBlogExploring Innovation, Cloud Technology, and Cyber Security Opportunities – OneDegree Global’s Event with Insurers in Taiwan2024 is believed to be a remarkable year for the financial and insurance sectors in Taiwan, embracing for revolutionary collaborations and innovations. The Financial Supervisory Commission (FSC) in Taiwan recently approved the first trial application for cooperation between the insurance and telecommunications industries. This marks the beginning of a new chapter in cross-industry collaboration to accelerate the development of digital insurance.
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InsightInsightNavigating the Transformative Landscape of P&C Insurance in AsiaAccording to a recent report by McKinsey, the P&C insurance landscape in Asia stands at a critical juncture, marked by a slowdown in growth and mounting profitability challenges. However, within this scenario, emerging opportunities from evolving risks, technological advancements like AI, and relatively low insurance penetration rates are evident. Embracing a Dual-Track Strategy: Balancing Innovation and Optimization Insurers eyeing the 2024 landscape must adopt a dual-track approach. This involves exploring new prospects such as electric vehicles and climate risks while simultaneously optimizing core operations. Notably, statistics reveal that EV repairs in Asia take 14% longer and are 25% more expensive than traditional internal combustion engine (ICE) repairs. This emphasizes the need for innovative approaches to address emerging vehicle technologies. Digital Transformation Through Embedded Insurance: A Key Driver of Future Growth Accelerating digital distribution stands as a pivotal strategy. Insurers aim to secure 10% of premiums from embedded insurance by 2030. Moreover, 90% of the embedded insurance will be through key ecosystems. (See Exhibit 1) This shift towards digital platforms marks a strategic move to meet evolving consumer preferences and technological advancements. Exhibit 1 Source: Mckinsey & Company Collaborative Ecosystems: The Path to Agile Operations Partnering across ecosystems and transforming operating models are critical imperatives. Asian insurers need to move at the swift pace set by tech companies to remain competitive. Notably, Asia has encountered 31% of global cyber attacks, emphasizing the need for comprehensive products and robust ecosystem partnerships to combat escalating cyber risks. Read more: OneDegree Global and Microsoft...
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BlogBlogReaching New Heights in Insurance with Generative AIDiscover the untapped potential of Generative AI in the industry and the key considerations for a successful POC journey.
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Press ReleasePress ReleaseOneDegree Global and Microsoft Join Forces to Drive Insurtech and Cybersecurity Innovations with Azure OpenAIOneDegree Global integrates Azure OpenAI Service into its IXT insurtech and Cymetrics cybersecurity solutions, revolutionizing the insurance industry.
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BlogBlogHow Generative AI Can Transform InsuranceExplore applications of generative AI in the insurance industry to streamline operations, enhance customer service, and make better decisions.
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InsightInsightInsurtech Insights Europe 2023 RecapKey takeaways from Insurtech Insights Europe 2023, including ecosystem, embedded insurance, and more.