the now over 60 percent of women who
dominate the field.
In terms of cyber, one of the most noticeable changes is the underwriting process. Today, there is much more access to
risk assessments, tools, and altogether,
the process has changed. Everything happens in real-time, which is drastically different from what she remembers 20 years
ago. In addition to her many hats, Bailey
also leads the Women’s Innovation Network (WIN) for Zurich North America.
The problems facing those in cyber can
sometimes be grey. There are always issues like securing customer data and protecting your own systems from threats.
There is, however, more to the story.
“In cyber — one of the biggest challenges is gathering the data we need and
using it in more meaningful ways. We
have access to a lot of data points, but
sometimes connecting the dots can be a
bit challenging. In an environment where
we have big data — there are a lot of data
points for companies regarding risk. Using it to come to a meaningful conclusion
is still difficult,” Bailey said.
“Property insurance can look at lots
The future of cyber
of different kinds of data, whereas cyber
doesn’t have the same access and it can be
difficult to predict what will happen in the
future. As the head of WIN — I continue
to take on greater diversity in the industry
as a challenge. We’ve made great strides in
gender equality, but continuing to spread
that diversity remains at the forefront of
my consciousness. For cyber, it’s great to
have different backgrounds, thoughts, and
areas of education/experience to inform us
as we move forward as a company.”
Even with cyber predicted to be the
fastest growing sector of insurance, Bai-
ley had some guidance along the way,
with the assistance of both formal and
informal mentors like her father, friends
Baily says cyber will continue to evolve
and that products will change as well.
We can even expect to see more services
in the market from carriers and brokers. There will be a noticeable surge
in the use of technology for the underwriting process.
From a customer perspective — we
will likely see a focus on resilience and
the security aspects of cyber, as even
the best security is not 100 percent
Zurich has added network security
monitoring to its roster of services. The
insurance giant is working with a firm
to provide services for its policyholders
to help them better detect abnormali-ties in order to mitigate claims. We will
undoubtedly see more innovative ap-proaches like this in the cyber industry.
As of today, Zurich is the first company
to offer network security monitoring with
a cyber insurance policy.
For these and other women working
in the insurance industry, there are tremendous opportunities as risks grow
and evolve, technology changes, and
companies and boardrooms become
Their predecessors in the industry
paved the way, shared their hard-earned
lessons and mentored this generation of
female insurance leaders. Soon a new
generation will be adding their contributions to the industry, driving growth and
bringing a host of fresh ideas.
Moshe Beauford (moshebeauford@
gmail.com) is a freelance journalist,
copywriter and blogger. Beauford’s work
has appeared in publications such as
Geek Time Israel, PasteMagazine,
Times of Israel, Property Casualty 360
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