AXIS eyes cyber leadership position with Center of Excellence

AXIS Capital has launched a dedicate Cyber Center of Excellence as it strives to offer clients both education and training on how to better manage the exposure as well as the actual insurance product. Bermuda-based AXIS is already a top five cyber insurer, with the business having seen its offering in this sector bolstered through the acquisition and subsequent integration of Novae last year. But now, the company has launched its new Cyber Center of Excellence to offer clients a variety of commercial insurance protection and mitigation solutions for both tangible and intangible assets relating to the ever evolving exposure. The hope is the new offering will help address the estimated $445bn cost that businesses face each year from cyber crime and attacks. Dan Trueman, AXIS’ global head of cyber, will lead the new Center of Excellence, and he hopes the venture will develop into the industry’s leading resource for mentorship, education, consulting services and solutions. It will then help improve brokers’ and clients’ understanding of the cyber risk environment, thereby giving them the ability to better manage their exposure. “As an insurance market, we see cyber as a product, but the world really sees cyber as a peril,” Trueman tells Reactions. “We see the Center of Excellence as [making] sure we have one view of cyber across AXIS, one definition of cyber and one way of underwriting cyber. We want consistent lexicon about how we address that challenge, and we hope that it provides our clients with consistency and a [certainty] about what they’re actually getting. We’re taking away some of the ambiguity around this risk and giving it some certainty. The market has been insuring cyber for long enough to be able to offer certainty where there was uncertainty before,” Trueman added. Trueman is keen to stress the new Center will not focus solely on pricing and new products. “We want to move away from the traditional “here’s the wording, and here’s a price for that wording”. We want to have a holistic view of that risk, and to start with education, then compliance standards and delivering proper, well thought out, data-driven research on it.” AXIS is in a strong position to take this lead on cyber, Trueman explained. “The legacy Novae was a strong global competitor in cyber, and after the integration, we’ll be a top five market for cyber around the world. On top of that, it’s very clear that when we originally talked about the post-Novae acquisition, cyber was identified by the senior leadership as something that AXIS believes it can develop and create global leadership in. We want to turn thought leadership into actually something concrete.” While Trueman will lead the Center of Excellence, he will be supported by AXIS’ executive chairman for Europe, Matthew Fosh, who will take on the role of chairman of the new venture. “Through the AXIS Cyber Center of Excellence, we are taking a holistic approach to helping our clients and partners solve their existing and emerging cyber risks. Mitigating any risk begins with education, and that is the basis from which we have built the AXIS Cyber Center of Excellence – a resource to brokers and insureds to improve their understanding of the cyber risk environment and arm them with solutions for mitigating those risks.”

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