CFC debuted updated cyber insurance coverage that addresses some emerging risk areas. Legal & General plans to bring robotic intelligence into its customer service.
U.K.-based specialist insurance provider CFC debuted the latest version of its cyber insurance product, now with cover for business interruption as well as expanded cover for a variety of cybercrime activities.
Businesses will now benefit from business interruption cover that is triggered by IT system failure as well as malicious cyber events, CFC said. The updated policy also provides full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of their technology suppliers as well as those of non-technology suppliers where named.
Additionally, CFC’s cyber insurance offering adds affirmative crime cover for a new type of cyber attack on the rise, cryptojacking, where the hacker hijacks the processing power of a victim’s computer network in order to mine cryptocurrency for their own benefit, leaving the victim to foot the bill for the increased use of bandwidth. CFC’s new cyber policy also adds affirmative cover for the replacement of hardware.
Legal & General plans to bring robotic intelligence into its customer service.
The U.K.-based financial services company, which offers, in part, general and life insurance products, will use robotic process automation technology from NICE, a provider of cloud and on-site enterprise software products and services.
NICE’s announcement explains that using intelligent virtual attendant robots in Legal & General’s organization will give its customer service operation ways to boost accuracy, efficiency and the overall customer experience.
The NICE RPA technology helps accelerate call resolution times and gives Legal & General’s customer relations arm the ability to update multiple policies simultaneously. Quick process changes are also possible with the technology, allowing more employees to give feedback and contribute innovative ideas that help improve customer processes.
Sources: CFC, Legal & General