Moody’s Analytics’ Ingram: “We’re doubling down on cyber”

As the insurance industry seeks to better understand cyber risks, Moody’s Analytics’ James Ingram told The Insurer TV the risk analytics company is “doubling down” on the peril.

Ingram, who serves as managing director of regional sales for Europe and Africa at Moody’s Analytics, highlighted the group’s recent announcement of a cyber industry steering group as a good example of this.

“Along with Munich Re, Gallagher Re and BitSight, the goal is to help accelerate growth in the cyber insurance market through a better understanding of cyber risks,” said Ingram.

He was speaking in the context of interconnected risk and the importance of trying to better understand how these risks flow into other parts of the market – with cyber being at the centre of this.

“Disruptions in one part of the system can easily flow into other parts. And so, in order to navigate interconnected systems and economies, having access to a robust set of data and intelligence becomes paramount,” he explained.

“One way that Moody's is working with the market is with an integrated view of risk. We have the world's largest company database, enriched with risk insights for climate, credit, cyber, supply chain, ESG and Know Your Customer.

“Combined with our award-winning analytics and our insurance expertise, we're partnering across the insurance value chain, to deliver new standards that will help insurers better understand risk and, with that understanding, identify opportunities,” he added.

Ingram is also very focused on the potential of generative AI and how it can be applied into insurance.

“The new kid on the block is generative AI. A lot of people in the industry are eager to talk about progress, benchmark where they are against where others are, and try and figure out what's really going on, amidst all the noise,” he said.

Ingram said Moody’s regards generative AI “as a once in a generational opportunity to revolutionise” the way that companies and individuals collect and analyse financial information for the purposes of better managing risk and identifying opportunities.

“We've been more than happy to prepare notes to share what we're up to, as well as our view that generative AI is poised to unlock value across the insurance industry.”

While speaking to clients at this year’s Rendez-Vous in Monte Carlo, Ingram said data was one of the key themes that kept coming up.

“We’re being asked about everything from data consistency, data reliability, data enrichment to how do you digitise workflows and the importance of mapping data effectively,” Ingram said.

Ingram said that central to the work Moody’s Analytics is doing is ensuring insurers are making better use of the data they currently have.

“It’s got to be about removing the obstacles, in order to enable an insurer to better leverage and then enrich that data so that they can unlock the competitive advantage opportunities presented to them, such as harnessing the potential of generative AI.”

Watch the 7-minute interview with Moody’s Analytics’ James Ingram to hear more on:

  • What companies most focused on when it comes to data
  • The opportunities presented by generative AI
  • Why there needs to be a greater focus on cyber