It’s a brave new world. Why? Things have been shaken from their foundation up. The uprooting of old paradigms and ideas is happening on an unprecedented scale. In a deceptively stable industry like the insurance industry, the advent of technology has barged down the door with artificial intelligence (AI) as the flag bearer in this digital revolution.
Digital-first business models are the product of traditional insurance and insuretech companies who are collaborating more than ever, testing new business models and revenue streams fueled by modern technology. Most importantly, emerging technology trends are reducing operational costs by preventing fraud and automating services.
This is where Fortinet, in partnership with Networks Unlimited, make a grand entrance. With the understanding that the better an insurance company masters AI, the higher the chance it has of survival in the future.
“Fortinet utilises AI of varying types, in various locations for complimentary purposes” Averred Imran Chaudhry, Country Manager, Fortinet East Africa. He outlined how vital it is for AI to be used in threat intelligence and monitoring. “Fortinet’s advanced analytics help your security solutions and teams keep pace with an accelerating threat landscape.”
For instance, Insurers are increasingly using advanced analytics to not only protect their businesses from risks but also identify new growth opportunities using customer information.
Fortinet, in an impactful fashion is filling a void in a culture that is soon acclimatising to automation, but has yet to grip the reality of the security aspects of automation.
“Cyber-attacks in the insurance vertical are growing exponentially as insurance companies migrate toward digital channels to create better customer relationships, offer new products and expand their share of customers’ financial portfolios.” Elaborated Chaudhrey, alluding to the idea ensuring that if security concerns are not met, insurers will be on the fringes of being pulled down just as they are preparing to digitise and upshift their business models.
“Although these digital investments provide new strategic capabilities, they also introduce new cyber-risks and attack vectors, the challenges are likely to become more complex as insurers embrace big data and advanced analytics that require collecting and handling.” Explained Chaudhrey, reaffirming that even though digital upscaling provides strategic business capabilities, the door is also left open for new cyber attack vectors. If these attack vectors are not identified earlier in the process of digitisation, then challenges are likely to occur.
For information like this and more, register for this virtual experience taking place here on 24 September 2020 at 9 am EAT. The event will also be streamed live on our YouTube channel and LinkedIn page.
The act of helping traditional insurers modernise is where the purpose of of the CIO East Africa InsureTech forum is linked. The organiser and partners will host decision-makers, insurance firms, digital leaders, and business professionals yearning to share knowledge and experiences on a purely virtual platform in a move that is as disruptive as the industry currently is.
The forum will provide attendees with invaluable insights from specialists in the sphere of digital technologies, and networking enabled by live presentations. It will be an unparalleled meeting place for decision-makers, insurance firms, digital leaders, and business professionals yearning to share knowledge and experiences. It is also an opportunity to provide attendees with invaluable insights from specialists in the sphere of digital technologies, and networking enabled by live presentation.
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