A knowledge portal for the insurance industry
to better understand cybersecurity.
- Company
- Domain
- Service
- Technology
- Platform
Introduction
The notion of security possesses crucial relevance to the insurance sector today. Cyber security insurance reimburses businesses and individuals for expenses, fees, and legal costs incurred by cyber intrusions. It also involves the loss or theft of client/employee information due to an organization’s data being attacked.
Electronic data loss, vulnerability, or theft can have a significant impact on individuals as well as businesses, resulting in a loss of customers and revenue. As cyber incidents increase in frequency and severity, cyber liability policies play an increasingly important role in assisting with the timely resolution of the breaches.
By 2025, the global cybersecurity insurance market is expected to grow at a compound annual growth rate of 21.2% to reach USD 20.4 billion.
Problem Statement
Enabling the on-field sales agents to get real-time cybersecurity knowledge, help understand the customer challenges regarding the data & security threats and help the sales agent to maximize cyber-security insurance sales.
In the field of cybersecurity insurance, our client is the frontrunner in the whole of Japan when it comes to providing liability solutions targeting the following segments.
Predominantly targeting the Insurance Agencies and their Agents with cybersecurity solutions, the client wanted to create a Knowledge Hub that facilitated them with information concerning:
- Current security threats existent in the market
- The need for particular targeted insurance
- A means of conveying insurance coverages, endorsements, exclusions, and the services provided by the insurer
The lack of actual knowledge on cybersecurity hinders insurance professionals from understanding its technicality and effectively communicating it to their clients which made it difficult to sell. Knowing the threats and impacts of misused data requires an in-depth understanding of cybercrimes that must be conveyed to end consumers. Technical knowledge gaps had to be closed in understanding intricacies of threat impacts according to incidents such as Cyber Extortion, Malware Intrusion, Cyberbullying, Unauthorized Transactions, and many more
For a quick overview, a list of some of the top 5 different types of cyber losses and their breadth is provided below.
Insurers have reached a crossroad. On one hand, over the last five years, cyber premiums have grown at a compound annual rate of almost 30%. However, the vast majority of insurance professionals are unprepared to cope with such a complicated insurance products.
Solution:
Understanding the fundamentals of cybersecurity insurance.
Insurance agencies and agents may become engrossed in the complexities of cybersecurity insurance, which is why we stepped into their shoes to establish the groundwork for the Knowledge Hub.
We began by considering the solution through the lens of Design Thinking. The project initiated with the Discovery phase, where Empathy profiling was utilized to identify customer personas, those being Insurance Agencies and Agents. Moving on to the defining stage, problem statements were created based on the client personas identified, which aided in the mapping of critical problems such as:
Insufficient knowledge:
Cybersecurity, being relatively an emerging domain made it difficult to identify risks.
Extremely technical to comprehend:
Due to a lack of information, the consequences were assumed to be intangible and difficult to comprehend.
Difficult to measure:
Measurement was challenging due to the obscurity of dangers, making data measurement difficult to understand.
A demographically relevant knowledge hub platform was an essential part of the ideation stage. An assessment of actual end-users, their data consumption patterns, and market research was conducted. A strategic UI Research workshop was carried out following the primary and secondary market research to ensure that the platform experience was tailored to meet Japanese end-user preferences. As a result of the UI research workshop, key findings were incorporated into the platform, such as
Clearly Formulated Visual Schemes:
Strategic UI Research concluded that Japanese users prefer detailed information with less white space on pages and graphics clustered together. Personalized color schemes for cybersecurity platforms were identified also making sure that colors were contrasted against the background so that visually impaired users could use them.
Pursuit of Personalization:
The platform was powered with customized functionality that gets adapted to a certain user pattern, and the platform suggests actions that a person could perform next.
Optimal Navigation:
Enabling users to find valuable information and necessary details within seconds.
Radical Features: The differentiators
A well-defined platform experience can enliven a user’s comprehension of cybersecurity developments, but the distinguishing factors are the elements that provide value to the experience. Features linked with the knowledge hub platform not only provide insurance professionals with endless insights but also keep them up to date on the current developments in the attackers’ realm.
News Feed:
The primary objective of the News Feeds feature is to provide users with a curated selection of cyber security news to keep them updated with the latest. Enabling users to find specific news related to a particular period, industrial sector, attack types, and so on.
Attack Simulation:
Attack Vector: Vector feature under Attack Simulation has all the attack vectors available in the platform. Users can view its specifics, which include basic information such as the Attack Vector, Hacker’s Mindset, Attack types, Incidence Response, Infographics and statistics. The feature’s main goal is to keep the user informed about vectors and their associated attacks.
Attack data:
In order to keep users informed, Attack Data provides users with a selected list of threats. Users are able to find specific news based on a defined period, industrial sector, attack types.
Financial simulation:
The feature forecasts the financial impact and overall status of each cyber security breach in any sector. The Financial Simulation feature’s main goal is to gain access to sector-specific financial statuses as a result of any cyber security breaches.
Process and Workflow:
The inclusion of features like the RSS Newsfeed for scraping public data, or the tools integrated for security threat analysis affected the business layer drastically. The critical ingredients for a platform to be a market torchbearer are process and methodology. Agile approaches were used to break down the project into smaller, more manageable chunks. As a result, the team was able to concentrate on high-quality development, collaboration, and testing. The initiative set a precedent because it brought together three extraordinarily innovative teams. The client, a pioneer in the cybersecurity insurance business, partnered with Japan’s largest intelligent information system integrators and iauro’s seasoned innovators to assemble the finest team to address a very sophisticated problem.
Technology stack: a synthesis of essential elements
With so many tech capabilities available, choosing the right stack to match the platform’s end-user objectives of a seamless user experience and timely updates on learning required a strong solution architecture. The Knowledge Hub platform was created on the client-side composition using a micro frontend approach divided into two components. The first is that each element is reusable and can be expanded as needed. The second is an Angular framework or container application that orchestrates interactions between the frontend, events, and data. Further to this the platform is built on microservices architecture where every service should have its own database which cannot be accessed by any other microservices directly.
Technologies Used
End Impact
The knowledge hub platform, with its present combination of right-fit technology and rigorous usability testing in the design thinking stage, has proven to be a trailblazer in the cybersecurity insurance market. A powerful mix of high features such as Attack and Financial simulators, Newsfeed, and Live real-time cyber insights kept insurance agencies and their agents up to date on the nitty gritty of the digital world’s potential liabilities so that they could help their clients understand and mitigate the risks associated with it.
5X increase in availability of data on past cyber incidents for insurance professionals.
Uncertainty about the efficiency of various security systems in terms of risk reduction has been reduced by 50%.
Taking one liner ideas to Ready to make impactful business outcomes.
A knowledge portal for the insurance industry to better understand cybersecurity.
Company
Private Company
Domain
BFSI
Service
Design Thinking, UI/UX, E2E Product Development
Technology
Angular, JS, CSS3, HTML5, Node.js, Nestjs, PostgreSQL, Mongo, Redis, Kubernetes, AWS
Platform
DSL, GESSA
Introduction
The notion of security possesses crucial relevance to the insurance sector today. Cyber security insurance reimburses businesses and individuals for expenses, fees, and legal costs incurred by cyber intrusions. It also involves the loss or theft of client/employee information due to an organization’s data being attacked.
Electronic data loss, vulnerability, or theft can have a significant impact on individuals as well as businesses, resulting in a loss of customers and revenue. As cyber incidents increase in frequency and severity, cyber liability policies play an increasingly important role in assisting with the timely resolution of the breaches.
By 2025, the global cybersecurity insurance market is expected to grow at a compound annual growth rate of 21.2% to reach USD 20.4 billion.
Problem Statement
Enabling the on-field sales agents to get real-time cybersecurity knowledge, help understand the customer challenges regarding the data & security threats and help the sales agent to maximize cyber-security insurance sales.
In the field of cybersecurity insurance, our client is the frontrunner in the whole of Japan when it comes to providing liability solutions targeting the following segments.
Predominantly targeting the Insurance Agencies and their Agents with cybersecurity solutions, the client wanted to create a Knowledge Hub that facilitated them with information concerning:
- Current security threats existent in the market
- The need for particular targeted insurance
- A means of conveying insurance coverages, endorsements, exclusions, and the services provided by the insurer
The lack of actual knowledge on cybersecurity hinders insurance professionals from understanding its technicality and effectively communicating it to their clients which made it difficult to sell. Knowing the threats and impacts of misused data requires an in-depth understanding of cybercrimes that must be conveyed to end consumers. Technical knowledge gaps had to be closed in understanding intricacies of threat impacts according to incidents such as Cyber Extortion, Malware Intrusion, Cyberbullying, Unauthorized Transactions, and many more.
For a quick overview, a list of some of the top 5 different types of cyber losses and their breadth is provided below.
Insurers have reached a crossroad. On one hand, over the last five years, cyber premiums have grown at a compound annual rate of almost 30%. However, the vast majority of insurance professionals are unprepared to cope with such a complicated insurance products.
Solution
Understanding the fundamentals of cybersecurity insurance.
Insurance agencies and agents may become engrossed in the complexities of cybersecurity insurance, which is why we stepped into their shoes to establish the groundwork for the Knowledge Hub.
We began by considering the solution through the lens of Design Thinking. The project initiated with the Discovery phase, where Empathy profiling was utilized to identify customer personas, those being Insurance Agencies and Agents. Moving on to the defining stage, problem statements were created based on the client personas identified, which aided in the mapping of critical problems such as:
Insufficient knowledge:
Cybersecurity, being relatively an emerging domain made it difficult to identify risks.
Extremely technical to comprehend:
Due to a lack of information, the consequences were assumed to be intangible and difficult to comprehend.
Difficult to measure:
Measurement was challenging due to the obscurity of dangers, making data measurement difficult to understand.
A demographically relevant knowledge hub platform was an essential part of the ideation stage. An assessment of actual end-users, their data consumption patterns, and market research was conducted. A strategic UI Research workshop was carried out following the primary and secondary market research to ensure that the platform experience was tailored to meet Japanese end-user preferences. As a result of the UI research workshop, key findings were incorporated into the platform, such as
Clearly Formulated Visual Schemes:
Strategic UI Research concluded that Japanese users prefer detailed information with less white space on pages and graphics clustered together. Personalized color schemes for cybersecurity platforms were identified also making sure that colors were contrasted against the background so that visually impaired users could use them.
Pursuit of Personalization:
The platform was powered with customized functionality that gets adapted to a certain user pattern, and the platform suggests actions that a person could perform next.
Optimal Navigation:
Enabling users to find valuable information and necessary details within seconds.
Radical FeaturesThe differentiators
A well-defined platform experience can enliven a user’s comprehension of cybersecurity developments, but the distinguishing factors are the elements that provide value to the experience. Features linked with the knowledge hub platform not only provide insurance professionals with endless insights but also keep them up to date on the current developments in the attackers’ realm.
News feed:
The primary objective of the News Feeds feature is to provide users with a curated selection of cyber security news to keep them updated with the latest. Enabling users to find specific news related to a particular period, industrial sector, attack types, and so on.
Attack simulation:
Attack Vector: Vector feature under Attack Simulation has all the attack vectors available in the platform. Users can view its specifics, which include basic information such as the Attack Vector, Hacker’s Mindset, Attack types, Incidence Response, Infographics and statistics. The feature’s main goal is to keep the user informed about vectors and their associated attacks.
Attack data:
In order to keep users informed, Attack Data provides users with a selected list of threats. Users are able to find specific news based on a defined period, industrial sector, attack types.
Financial simulation:
The feature forecasts the financial impact and overall status of each cyber security breach in any sector. The Financial Simulation feature’s main goal is to gain access to sector-specific financial statuses as a result of any cyber security breaches.
Process and Workflow:
The inclusion of features like the RSS Newsfeed for scraping public data, or the tools integrated for security threat analysis affected the business layer drastically. The critical ingredients for a platform to be a market torchbearer are process and methodology. Agile approaches were used to break down the project into smaller, more manageable chunks. As a result, the team was able to concentrate on high-quality development, collaboration, and testing. The initiative set a precedent because it brought together three extraordinarily innovative teams. The client, a pioneer in the cybersecurity insurance business, partnered with Japan’s largest intelligent information system integrators and iauro’s seasoned innovators to assemble the finest team to address a very sophisticated problem.
Technology stack: a synthesis of essential elements
With so many tech capabilities available, choosing the right stack to match the platform’s end-user objectives of a seamless user experience and timely updates on learning required a strong solution architecture. The Knowledge Hub platform was created on the client-side composition using a micro frontend approach divided into two components. The first is that each element is reusable and can be expanded as needed. The second is an Angular framework or container application that orchestrates interactions between the frontend, events, and data. Further to this the platform is built on microservices architecture where every service should have its own database which cannot be accessed by any other microservices directly.
Technologies used
End Impact:
The knowledge hub platform, with its present combination of right-fit technology and rigorous usability testing in the design thinking stage, has proven to be a trailblazer in the cybersecurity insurance market. A powerful mix of high features such as Attack and Financial simulators, Newsfeed, and Live real-time cyber insights kept insurance agencies and their agents up to date on the nitty gritty of the digital world’s potential liabilities so that they could help their clients understand and mitigate the risks associated with it.
5X increase in availability of data on past cyber incidents for insurance professionals.
Uncertainty about the efficiency of various security systems in terms of risk reduction has been reduced by 50%.
Taking one liner ideas to make impactful business outcomes.