Discuss cyber risk exposures and cyber risk management

1. Discuss cyber risk exposures and cyber risk management. 2. It has been predicted by insurance company professionals that by the year 2020, usage-based insurance (UBI) will capture more than 50 percent of the personal auto insurance market. Please discuss what is UBI, why UBI will grow rapidly over the next 10 years, what it will look like, what it will do to the traditional market, and what are the impediments to the wider adoption of UBI. 3. Discusses the development of the technology-based online payment system, Bitcoins, the value and the risks associated with it, its legitimacy, and the need for risk management and insurance. 4. Discuss the development of driverless cars and trucks, and the challenges insurance industry may face on this. 5. Discuss the development and the future of social media in insurance services (underwriting, claim adjusting, and marketing), and major challenges and risk exposures faced by the using of social media. 6. Credit scoring: The use of credit scoring by insurers in underwriting and pricing personal lines of insurance (such as auto insurance) has brought on increased interest, oversight and even some action by insurance regulators and state legislatures. Discuss if it is proper to use credit scoring as a rating factor, and related issues on the balance between social and actuarial equity. 7. Medical Malpractice Crisis – Many reasons have been cited for the medical malpractice crisis. Physicians have blamed the litigiousness of society. Consumer 3 groups have cited mismanagement of insurers. What is the cause? More importantly, what is the resolution?

 

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