There is a not-so-quiet revolution going on. Digital technology or digitization is fundamentally changing the way business is done across many industries: manufacturing, transportation, supply chain/logistics, automotive, health care, and energy, to name just a few. This is causing businesses to reexamine long-accepted approaches on how they create and service products.
As risk management partners with these businesses, property-casualty insurers also must consider if their existing products and services remain relevant in the Digital Age. While a number of insurers offer cyber liability insurance products to address certain consumer data breach risks, very few insurers, if any, offer policies that address other types of liability risks to which digitization is giving rise, such as hacker access to and control of vehicle braking, steering, and acceleration systems; driverless vehicles that make decisions that injure or damage third parties; and the failure of embedded sensors in dams, oil pipelines, and mass transit control systems to properly monitor assets resulting in catastrophic bodily injury and property damage. This creates potential coverage gaps.
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