Check out our latest interview with Markus Fiebig, part of Generali‘s team of cyber underwriters in Munich. Markus embarked on his cyber insurance career in 2020, and is currently actively involved in the implementation of a primary strategy in Germany. Our team caught up with Markus following his graduation from the Cyber Insurance Specialist (CCIS) course.
How did you get into cyber insurance underwriting?
I entered the cyber insurance industry through my integrated studies program with Generali. While I was abroad, the Italian corporate department of the firm approached me, and it seemed like a natural progression to join the same department in Germany afterwards. At that time, cyber insurance was still in its early stages, and not many underwriters had specialized in this field, so I found it to be an intriguing and unique career path to pursue.
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How do you feel the CCIS course has contributed to your professional development and growth?
The CCIS course has had a significant impact on my professional development and growth. Despite my prior familiarity with technical aspects and insurance-related knowledge, I believe the course excels in consolidating everything. It really is the only one-stop-shop for new cyber underwriters, encompassing knowledge from various relevant domains and establishing a strong foundation for further advancement. I would highly recommend it even to seasoned cyber underwriters, as it ensures they stay up-to-date with the latest industry trends while providing invaluable benefits.
What advice would you give to cyber underwriters who are currently taking the CCIS course?
My advice to cyber underwriters working towards CCIS certification would be to approach the with patience and give yourself ample time. Making it a “race to the finish line” is not helpful. Instead, I highly recommend delving deeper into the technical subjects, exploring areas where you may have knowledge gaps. By doing so, you’ll be able to make informed choices about your career path once you’ve completed the CCIS course. Taking the time to thoroughly grasp the content will undoubtedly prove worthwhile in the long run.
Which cyber trends and risks do you think cyber underwriters should be most aware of in 2023?
Cyber underwriters should prioritize their awareness of key cyber trends and risks. It is crucial for cyber insurance professionals to stay informed about emerging threats like supply chain attacks and risks associated with artificial intelligence. Additionally, they should closely monitor the evolving regulatory landscape concerning data privacy and security. As the adoption of cloud technologies and the Internet of Things (IoT) continues to grow, cyber insurance underwriters should be prepared to effectively address and evaluate the associated risks. Keeping a vigilant eye on these trends will enable underwriters to adapt their strategies and provide comprehensive coverage in this dynamic and ever-changing field.
How do you think the insurance market in general will change over the next few years and why?
Over the next few years, we can expect significant changes in the insurance market as a whole. As the cyber insurance market continues to mature, we will witness the entrance of more insurers who are keen on meeting the growing customer demand. The direction of the market will largely depend on the overall development of claims trends. In addition to the traditional concerns of pricing and capacity, the adoption of digital technologies will play a transformative role in the underwriting process. This shift towards digitization will enhance efficiency and address the staffing shortage in the cyber security segment. By leveraging digital tools, insurers can streamline their operations, improve risk assessment, and effectively adapt to the evolving needs of their clients.
Want to experience the CCIS course yourself? Gain valuable insights and stay updated on the emerging cyber trends Markus described by enrolling in our CII-accredited training today. Prepare for the future of the insurance market and Stay Relevant.
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