A.M. BestTV: Internet of Things Raises the Stakes for Insurers

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- In this ^A.M.BestTV episode, a panel of risk and technology experts examine the impact of connected devices and how breaches and network failures could lead to multibillion-dollar losses. Click on http://www.ambest.com/v.asp?v=cyperpanel517 to view the entire program.

The panelists discussed how the Internet of Things (IOT) represents opportunities for insurance companies and how it is rife with challenges.

“Insurers are becoming really excited about autonomous vehicles,” said Garin Pace, cyber product leader, American International Group, Inc. “When you take into consideration the volume of accidents that are taking place and the amount of payouts insurance companies are distributing, you can really see the potential these vehicles have to transform the insurance market..”

Martin Frappolli, senior director of knowledge resources, The Institutes, said he believes the IOT will enhance the level of efficiency in organizations; however, it does exposure them to cyber risk.

“Although there are cyber exposures involved with the IOT, organizations face a lot of pressure to stay competitive, and the only way they can accomplish this is to increase their organization’s efficiency,” he said.

This entire webinar, titled, “My Refrigerator Just Boiled the Milk: Cyber Risk and the Internet of Things,” can be viewed at http://www.ambest.com/webinars/cyber_risk17.

Other people that appear in this episode:

Marie Taylor, product manager director, CyberScout; and
Scott Stransky, assistant vice president, AIR Worldwide.

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^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.