Accelerating Cyber Insurance: Embracing Agility and No-Code Platforms to Stay Ahead
Every 39 seconds, a cyberattack occurs somewhere in the world. This constant threat landscape means that insurers must evolve quickly, embracing technological innovation to stay ahead. Speed in developing and launching new products has transformed from a purely competitive edge to an essential requirement for providers. As cyber risks intensify and evolve, insurers need to swiftly develop, adapt and deploy new products—a shift enabled by modernized architectures and no-code platforms, which can transform product timelines from years to months.
Meeting the Demand for Speed in Cyber Insurance
Cyber threats, from data breaches to phishing attacks, have heightened the need for insurers to release updated products at an unprecedented pace. Traditional, code-heavy product development is often too slow for the volatile cyber market, and can lead to missed opportunities, decreased market share, and customer dissatisfaction. To remain competitive, insurers must shift to agile methods, creating real-time product portfolios that adapt to current threats and market demands efficiently.
No-Code Platforms: A Game-Changer for Product Creation
No-code platforms are transforming insurance by enabling teams to design, test, edit and deploy products swiftly, with little reliance on IT support. Previously, launching new insurance products required extensive collaboration and coding, often taking months or even years. With more accessible technology, insurers can streamline this process, empowering non-technical teams to configure products through user-friendly, intuitive interfaces. This simplified approach not only shortens product cycles but also enables insurers to respond promptly to cyber market shifts.
The Value of Agility in Cyber Insurance
Beyond speed, agility is crucial for insurers to align product offerings with evolving client needs and regulatory requirements. Given the varying cyber risks across industries, insurers must deliver tailored, sector-specific products that reflect these diverse vulnerabilities, with new risks always on the horizon as technology advances. Furthermore, as regulations evolve, insurers must remain compliant while adjusting swiftly to new mandates. No-code platforms facilitate rapid adjustments, allowing insurers to modify coverage options without the need for extensive IT input, thus avoiding costly delays and compliance risks.
Real-World Impact: Faster Product Launches with Fewer Resources
These advancements translate to tangible benefits: insurers can launch products faster and with reduced complexity. Many insurers have already dramatically reduced their product development timelines with platforms such as Keylane’s Axon, allowing them to address new cyber threats and customer needs in real time. Additionally, no-code platforms improve operational efficiency by automating routine tasks and reducing reliance on IT teams, freeing up resources for other initiatives and helping insurers spend more time focusing on their customers.
Staying Competitive in Growing a Market
With cyber insurance demand projected to rise year on year, insurers must continue innovating to capture market share. By investing in modern platforms and adopting agile processes, insurers can be sure that their products remain relevant in this expanding market. These modern platforms help insurers meet the complex and evolving requirements of cyber insurance while maintaining a competitive advantage.
So, What Can Insurers Take Away From This?
As the demand for custom, compliant, and forward-thinking cyber insurance products grows, insurers must focus on technologies that drive rapid, flexible product innovation. By embracing modern no-code platforms and agile development models, insurers will not only expedite product launches but also streamline operations, achieving long-term efficiency gains—ultimately safeguarding both their clients and their market standing in an unpredictable environment.
What is Axon Cyber?
Designed for insurers looking to capture a share of the rapidly growing cyber insurance market, Axon Cyber combines the power of Keylane’s Axon platform with WTW’s deep cyber expertise to deliver a fully integrated, ready-to-launch solution—streamlining operations and ensuring a seamless entry into cyber insurance. Develop, launch, and manage your cyber solutions in a matter of months with Axon Cyber.
Find out all about Axon Cyber here.