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Managing your cyber claims

Cyber claims are increasingly in the spotlight and provide a unique set of challenges for insurers and underwriters.

As well as withstanding the advancement of cyber risks resulting from the COVID-19 pandemic, insurers also continue to face more familiar cyber risks such as phishing, hacking, ransomware attacks and large data breaches.

The market leading global Claims team at DWF, in conjunction with our legal experts, has extensive experience of managing cyber claims on behalf of large insurers, supported by cutting-edge methodologies and innovative technology.

The Challenges

Assessing a cyber breach claim is complex; we can provide you with expert knowledge to understand the depth and intricacies of attacks, determination of coverage and expert claims handling solutions. Through our market leading technology we deliver greater cost efficiencies, a streamlined claims process and risk and fraud prevention.

Insurers need a claims process that is:

Our Approach

Cutting Edge Technology

DWF is recognised as one of the most innovative service providers operating across the globe today. As part of our commitment to drive data and implement best practice, we have developed our own, proprietary claims management system, called EvoClaim.

Cyber coverages are complex – with multiple coverages, multiple limits. We recognise that one of the key challenges for insurers is the quantification of risk and potential risk exposure due to unforeseen losses.

EvoClaim gives DWF the ability to track and report data reflecting this complexity.

EvoClaim provides clients with real-time access to full electronic files and comprehensive claims data.

A client dashboard provides instant graphical analysis on:

  • Loss codes
  • Insured categories
  • Geographic locations
  • Number of new/closed claims
  • Claims trends

EvoClaim reduces claim life cycles and the management time associated with a cyber or data breach; by producing bespoke management information it enables you to adopt a robust and proactive approach to addressing cyber risks and claims.

  • Granular policy tracking of all coverages, payments and reserves 
  • Data analysis to establish risk exposure and develop accurate assumptions 
  • Market-leading insight and intelligence into market behaviour
  • A reporting suite that provides instant access to real time bespoke reports providing practical and insightful analysis that can be effectively exploited to reduce spend 
  • Identification of trends and the use of historical data to inform future approaches to claims management
     

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