December 2020 CHART Exchange

TABLE OF CONTENTS

6

15

Seeman Holtz Acquires Tailored Solutions

17

Underwriting Perspective On Cyber Risk

18

Keeping It Light In A Strange Time - 5 Ways Insurance Agencies Can Help Their Neighbors Smile

21

Learn The Lessons Of 2020 To Automate For The Future

22

Student Report: A Closer Look At Bitcoin

27

High Court Approval Of Lloyd’s Brexit Transfer Ensures Continuity Of Cover For Customers

29

EEOC Guidance: Covid-19 Inquiries, Confidentiality, Accommodations, Furloughs And Discrimination

31

Love Your Data - Creating True Value Through Optimising The Data That Sits In Your Business

37

Lloyd’s Report: Reputation Is One Of The Most Valuable Intangible Assets To Business

Glenn W. Clark, CPCU, Publisher CHART Exchange Earliest Adopter

6

CHART’s Holiday Gifts To You!

9

Duff & Phelps Launches New Equity Match

11

Survey: Companies 3X More Willing To Hire Remote Workers Anywhere In U.S. or World

38

12

Employment Issues Related To The CV-19 Pandemic: A Comparative Law Review

Lloyd’s Blueprint Two - Is It On The Right Track?

40

Does Your Agency Have A Client Portal?

Cover Image: The image is released free of copyrights under Creative Commons CC0.

41

Lloyd’s Recommendations For Simpler Insurance

42

Know Yourself (And Your Partners)

47

Podcast: Kroll’s Security Concept

STUDENT REPORT A CLOSER LOOK AT BITCOIN

DECEMBER 2020 VOLUME 5 - ISSUE 4 Publisher: CHART Exchange Glenn W. Clark, CPCU Membership Services Kate Boyle Advertising: Kate Boyle Managing Editor: Kate Boyle Contributing Editor: Frank Huver

CUNY Student Jonnathan Brito in an interesting and well-written examination of the Bitcoin phenomena.

PG 22

PREFER TO READ IN PDF FORMAT? DOWNLOAD THE PDF VERSION HERE

ADVERTISING IN THE CHART EXCHANGE MAKES SENSE: CALL KATE: 302.765.6056

Layout, Design & Circulation: Ron Manera AdMax Corp., Inc.

CHART Exchange

info@chart-exchange.com 3001 Philadelphia Pike Claymont, Delaware 19703 www.chart-exchange.com 302-765-6001 Last Issue:

OUR TEAM IS THERE FROM THE START TO THE FINISH NSM Insurance Group Comprehensive Insurance Coverage for: Social Services I Addiction Treatment I Professional Liability Staffing Firms I Workers' Compensation I Collectible Vehicles Coastal Condo Associations I Breweries and Wineries Sports and Wellness I Specialty Aviation

888-235-3525 www.nsminc.com

NEVER MISS AN ISSUE OF CHART EXCHANGE

SUBSCRIBE NOW

SUBSCRIBE TO CONTINUE TO RECEIVE THE CHART EXCHANGE

MESSAGE FROM THE EARLIEST ADOPTER

CHART’S HOLIDAY GIFTS TO YOU! The CHART team wishes everyone Happy Holidays and a prosperous New Year.

If you are interested in learning more about the diverse array of services we offer, go to http:// chart-exchange. com/ChartMag.pdf and view an online version of our brochure. Also feel free to e-mail us at info@chart-exchange. com with any questions you may have.”

6 DECEMBER 2020

2

020 has been one strange year, so it is a relief that the holiday season is here.

People are adjusting to the realities of the COVID-19 world by shopping on-line and connecting remotely with family and friends.

Festive lights and other decorations are still showing up everywhere. And little children around the world are getting excited for the annual visit from Jolly Old Saint Nick.

The CHART 2.0 staff is also getting caught up in the holiday spirit. We have something special for all of the players in the U.S./London marketplace – specialist agencies, Syndicates, and Vendors. Best of all, we’re not even keeping a “Naughty or Nice” list. Here are the presents we offer:

TABLE OF CONTENTS

Glenn W. Clark, CPCU Publisher & Earliest Adopter

For specialist agents interested in partnering with London. Many domestic producers are mystified by Lloyd’s. Our gift is one of support.

The CHART team has the expertise to turn your new product of program idea into a reality. We can help in the development of marketing plans, business strategies, and other submission materials. Any deficiencies identified during this process can be resolved through our network of vendors. These partners are proficient in a vast array of disciplines, including actuarial, legal, marketing, and claims administration.

Best of all, CHART 2.0 now possesses brokerage capabilities. This means our team will continue to be intimately involved in the entire placement process.

www.chart-exchange.com

We have one extra present for our agency clients: the gift of distribution.

Some start-up programs will not immediately have the licensure, systems, or administrative capabilities in place to distribute their new product offering on a national scale.

CHART will address this issue by offering back-office functionality as needed.

CHART 2.0 has a turnkey back office with the capacity to handle all aspects of the insurance transaction, including underwriting, premium collection/remittance, marketing, and compliance. Our group is licensed to handle surplus lines business in all fifty states and already possesses delegated underwriting authorities from Lloyd’s.

For London Syndicates. A number of London markets have developed insurance offerings specifically designed for the U.S. market.

Unfortunately, they still face the daunting task of finding the right wholesaler while also maintaining a cap on acquisition costs. To these Syndicates we offer the gift of relief.

For Vendors. There are a number of firms who cater specifically to the insurance industry. To this group, we offer the gift of networking. Our clients are in need of your expertise.

Let CHART 2.0 be your source of good leads through a reciprocal business partnership.

For those interested in fully optimizing their relationship with CHART, consider placing ads and contributing content to our digital magazine. This e-publication has a circulation of over 100,000 retail insurance agents from across the country.

The CHART team wishes everyone Happy Holidays and a prosperous New Year. If you are interested in learning more about the diverse array of services we offer, go to http:// chart-exchange.com/ChartMag.pdf and view an on-line version of our brochure. Also feel free to e-mail us at info@chart-exchange.com with any questions you may have.

Glenn W. Clark , CPCU CHART’S Earliest Adopter

www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

7

Protect data, people, reputation and the bottom line with end-to-end cyber security solutions from Kroll.

CY B E R R I S K A N D B R E AC H R E S P O N S E Incident Response

Deep & Dark Web Monitoring

Managed Detection and Response

Data Breach Notification Solutions

Cyber Risk Assessments

CISO and Data Protection Advisory

PFI / QSA Services for PCI

Table Top Exercises

kroll.com

NEWS - DUFF & PHELPS

DUFF & PHELPS LAUNCHES NEW EQUITY MATCH The right investor partner can help a business achieve its ambitions in a sustainable, considered way.

N

ew offering supports small and medium-sized enterprises (SMEs) looking for financial investment options as they navigate through COVID-19 disruption London – Today, Duff & Phelps, the world’s premier provider of governance, risk and transparency solutions, announced the launch of its Equity Match service.

The new service matches the equity funding requirements of UK-based SMEs with specialist equity investors from a select network.

said: “This new offering is about matching the requirements of an enterprise with potential investors who we feel most closely align in terms of cultural fit. We have access to a network of investors who are able to provide equity funding between £100,000 Duff & Phelps – £2 million for is the world’s growth, stressed premier provider and distressed scenarios—an of governance, risk invaluable resource and transparency that SMEs can tap solutions. We work with into.”

clients across diverse sectors in the areas of valuation, corporate finance, disputes and investigations, cyber security, claims administration and regulatory compliance.”

Equity Match provides SMEs with access to difficult-tofind equity investors who are willing to inject smaller sums not usually associated with the appetite of the mainstream private equity market.

Paul Reeves, Managing Director, Restructuring Advisory, Duff & Phelps, www.chart-exchange.com

Reeves added: “We often come across businesses that need a cash injection over and above their conventional debt facilities. Equity Match looks to address a gap in the market where the SME space is often overlooked. We have a carefully chosen network of over 70 separate funders ranging from individual entrepreneurs to family offices to smaller equity houses, all of whom share a common theme—a willingness to invest smaller amounts.”

TABLE OF CONTENTS

One of the key differentiators of the service is in introducing business owners to investors who may also be willing to offer hands-on support and guidance.

“The right investor partner can help a business achieve its ambitions in a sustainable, considered way. Their strategic guidance and know-how can be invaluable in assisting a business to execute its growth or turnaround plan and stay on track. This adds another crucial level of support for businesses, no more so than during the economic challenge arising from COVID-19,” concluded Reeves.

Whilst gaining access to much-needed cash is vital for businesses at certain points along their trading journey, there is also often a pressing desire to tap into the sector-specific expertise that many industry-based investors are willing to provide. Wherever a business is within its business cycle, there are investors out there for any situation and Duff & Phelps’ Equity Match service provides access to a carefully chosen network.

ABOUT DUFF & PHELPS Duff & Phelps is the world’s premier provider of governance, risk and See Duff & Phelps Page 41 DECEMBER 2020

9

THERE’S A BETTER WAY TO CONNECT WITH LONDON …

CHART CAN GET YOU THERE FASTER! Most of us know about Lloyd’s of London. The market’s 332 year track record of innovation, technical expertise, and product diversity has cemented its reputation within the industry. Unfortunately, the vast majority of U.S.-based agencies with new program or product ideas are unsure of how to access the world’s oldest insurance brand.

The CHART Exchange can help. We were established for the sole purpose of growing the U.S./London marketplace by serving as the conduit between domestic producers and Lloyd’s Risk Takers. Our vast network of Vendor Partners can provide the support needed to help develop your program proposal. Available services include Actuarial, Claims Administration, Marketing, Legal, and Systems. We can even assist in expediting the implementation of your new program through our unique “Incubator” facility.

Interested in learning more? Visit our website at www.chart-exchange.com. We are also available via e-mail (info@chart-exchange.com) or by phone at the number below.

855-716-3660 The CHART Exchange 3001 Philadelphia Pike Claymont, DE 19703 www.chart-exchange.com • Fax: (302) 334-0325

NEWS - CONFERENCE BOARD

SURVEY: COMPANIES 3X MORE WILLING TO HIRE REMOTE WORKERS ANYWHERE IN U.S. OR WORLD

C

onference Board Survey Results

•

•

•

•

•

•

Companies report higher productivity, but employee wellbeing takes a hit Down the road, working more from home increasingly likely for many workers Finding qualified workers still difficult, despite high unemployment One quarter of companies fully restored wage and salary reductions Cost reductions, layoffs, and restructurings expected to continue Plurality of companies eyeing March for reopening the workplace

With remote work becoming the new normal for many, more companies are now willing to not only hire remote workers, but to hire them from anywhere. More than one third say they are willing to hire 100 percent remote workers anywhere in the US or internationally.

Conducted by The Conference Board in September, more than 330 HR executives at primarily large US companies weighed in about remote work and hiring, www.chart-exchange.com

productivity and well-being, workforce cost-reduction actions, and plans for returning to the workplace. This online

beginning of the pandemic, specifically around reducing salaries and wages. Key findings from the new survey include:

Many people listed as unemployed are not actively looking for a job at this point in time. Possible reasons for this pause in the job search include being furloughed and hoping to regain their old jobs, fears about being exposed to COVID-19 at work, or lack of available child care. As a result, many organizations are reporting that finding qualified workers is still a challenge.” survey is a follow up to one conducted in April.

The new findings also reveal that, after six months of adapting to the pandemic, many organizations continue to expect taking cost-reduction actions including layoffs and restructurings. On the upside, many companies have been able to fully or partially reverse some of the cost-cutting measures taken at the TABLE OF CONTENTS

COMPANIES ARE NOW THREE TIMES MORE WILLING TO HIRE REMOTE WORKERS FROM ANYWHERE IN THE US OR THE WORLD. • Talent without borders: 36 percent say they are willing to hire 100 percent remote workers anywhere in the US or internationally. Just 12 percent were receptive to that approach before COVID-19.

• Warming up to remote work: Compared to before the pandemic, companies are now far more willing to hire remote workers (52 percent willing before COVID-19 vs. 88 percent now).

• However, half still prefer that employees live within commuting distance to the office location.

POST-PANDEMIC, WORKING PRIMARILY FROM HOME IS MORE LIKELY FOR MANY WORKERS. •

The future of remote work: More

See Conference Board Survey Page 36 DECEMBER 2020

11

ANALYSIS - MITOSI

LLOYD’S BLUEPRINT TWO – ON THE RIGHT TRACK?

By Paul Rich

O

n the 5th November, Lloyd’s released it’s much awaited ‘Blueprint Two’ document. This document was seen by many as Lloyd’s conveying what the delivery phase of the modernisation initiatives under the ‘Future at Lloyd’s looks like in the coming months and years, or as the Lloyd’s CEO, John Neal put it, ‘where the rubber hits the road.’

You couldn’t fault Lloyd’s for the expression of ambition through the document and certainly think that the ambition and dedication to commit to a data driven, digitally enabled market are clear but as always ‘the proof of the pudding will be in the eating’ and given that Lloyd’s doesn’t have the best track record of delivery in the past, some may question if this is in fact overly ambitious, certainly

within the timeline given of two years.

A key question in all of this, is to ask whether the London Market directly and the global network it serves will remain engaged and give them time to deliver on the aspirations of the work underway. The London Market is after all, in many ways playing catch up with other global centres who offer an increasing range of options to an ever more aware and savvy insurance buyer, who must be finding it increasingly hard to justify

to their own clients, partners and other stakeholders, the inflated costs associated with engaging with the Lloyd’s / London Market eco-system.

It has been widely commented on that there is a change in the way in which delivery is expressed in Blueprint Two over its predecessor, with what might be called a more holistic approach now being taken, which is understandable given the ‘evolution not revolution’ approach; See Lloyd’s Blueprint Two Page 24

A

bout the author: Paul Rich has an in-depth understanding of global (re)insurance markets, particularly the Lloyd’s and London Market. MOTOSI Consulting works with clients including Brokers, Managing Agents, and Coverholders in the Company and Lloyd’s markets to assist in the delivery of operational best practice and outcome excellence, always striving to improve business processes and delivering efficiencies utilising a blend of forward, pragmatic and focused thinking and where appropriate ‘best in breed’ tech, aiming to drive costs down and margins up. With extensive strategic engagement experience and being commercially adept at managing multitiered, complex business relationships and operating models; delivery is focused, strategic and measurable.

12 DECEMBER 2020

TABLE OF CONTENTS

www.chart-exchange.com

ACTUARIAL SERVICES FOR LLOYD’S COVERHOLDERS LOSS RATIO PROJECTIONS CREATING AND UPDATING RATING MODELS PORTFOLIO OPTIMIZATION

Asad Khalil, FIA - Managing Director Mobile: +44(0)7399 025 851 Email: asad.khalil@perrenial.co.uk

www.perrenial.co.uk

NEWS Merger & Acquisition Services

serving the insurance industry

Merger & Acquisition Services is a

SPECIALIST ADVISORY AND FINANCIAL SERVICES FIRM firm specifically to participants within the insurance industry.

Our mission is to provide

CONCIERGE-LEVEL SERVICES AND EXPERTISE

PROUD SPONSOR OF

SOLELY FOCUSED ON THE INSURANCE INDUSTRY. This allows our advisors to obtain critical industry knowledge and subsequently, provide clients with sound advice.

M&A Services has closed

MORE THAN 100 TRANSACTIONS IN 10 YEARS and has earned continuous placement within the "Top 5 Financial Advisors in Insurance Underwriting" according to SNL Financial.

Investment banking services and securities transactions are provided through and completed by Merger & Acquisition Capital Services, LLC., a broker-dealer registered with the U.S. Securities and Exchange Commission and member of FINRA and SIPC.

OUR SERVICES Agency M&A Transactions Carrier M&A Transactions Agency Financing Capital Raising Strategic Advisory Valuation Services Program Business Renewal Rights Fronting

info@maservices.com http://maservices.com

(212) 750-0630 320 East 53rd Street New York - NY - 10022 Copyright 2017 Merger & Acquisition Services, Inc. & Merger & Acquisition Capital Services, LLC. All Rights Reserved.

NEW YORK, NY - ATLANTA, GA - MYSTIC, CT - CAYMAN ISLANDS

within the insurance industry by assisting firms with their corporate development and acquisition/divestiture objectives.

M&A Services is

NEWS - M&A SERVICES, INC.

SEEMAN HOLTZ ACQUIRES TAILORED SOLUTIONS

N

ew York, NY, October 2019 – Boca Raton, FL based Seeman Holtz Property & Casualty, Inc. has acquired Cumming, GA based Tailored Solutions.

Seeman Holtz Property and Casualty, Inc. is a pre and post retirement planning company that helps clients to plan and manage all aspects of their retirement in the United States.

The company offers various classes of products and strategies to the pre and post-retirement community. Its products include banking products, such as money markets, checking and savings accounts, money markets, and market-linked certificates of deposit; insurance products, such as Medicare supplemental, long term care, term life, whole life, simplified whole life, universal life, survivorship life, and equityindexed life insurance, as well as fixed, immediate, and equityindexed annuities; safe money alternatives, such as structured settlements and lottery payments; and tax efficient, high yield, and free long term care options. The company was founded in 1998 www.chart-exchange.com

and is based in Boca Raton, Florida with local offices throughout the United States.

workers’ compensation insurance, human resources and employee administration.

Merger & Acquisition Services Inc. served as the sole financial advisor to Tailored Solutions.”

Merger & Acquisition Services Inc. served as the sole financial advisor to Tailored Solutions.

Tailored Solutions KB Development, Inc. dba Tailored Solutions, is a wholesale brokerage firm that provides niche markets for alternative worker’s compensation and PEO services solutions nationwide. Tailored Solutions provides a “one-stop shop” for human resources, benefits, payroll, workers’ compensation insurance, and other employee administration tasks.

Tailored Solutions distributes its products through retail insurance agencies which rely on Tailored Solutions for their expertise and experience administering a single-vendor solution for TABLE OF CONTENTS

ABOUT MERGER & ACQUISITION SERVICES, INC. Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc. To learn more about Merger & Acquisition Services, visit https:// maservices.com or info@maservices.com

DECEMBER 2020

15

Let’s build a program together

Program business underwritten on admitted or OUR NEW non-admitted carrier.

40+

YEARS IN BUSINESS

A-

A.M. BEST FINANCIAL STRENGTH RATING OF EXCELLENT

www.fortegra.com

1.6B

$

ANNUAL REVENUE

specialty@fortegra.com

*Fortegra® is the marketing name for the membership, service contract, and insurance operations of the subsidiaries of Fortegra Financial Corporation.

ANALYSIS - FORTEGRA

UNDERWRITING PERSPECTIVE ON CYBER RISK

A

s an underwriter with 38 years of experience in my field, I have determined that conventional underwriting techniques do not work in evaluating the risk associated with issuing a cyber policy. In effect, you are underwriting the capability of firewalls and protective software intended to prevent incursions into the corporate data, not the potential insured company. This has brought me to the following conclusion: there is no way to 100% prevent a corporate intrusion.

So if there are no firewalls or protective software available on the market to guarantee that a company will not be hacked, are we just underwriting to get lucky or is there more? I have evaluated numerous companies that offer monitoring services and have determined that the three most important monitoring services are:

1. Alerting the user/network administrators that there has been a hack.

2. Securing the remainder of the network by having the hack walled-off.

3. The prevention of deep impact on corporate intellectual property.

Out of all the monitoring services that I assessed, CHECKLIGHT by Sera-Brynn appeared to be the most effective on the market.

Why doesn’t common sense work for cyber exposures like it does for other P&C business? Let us look at a few reasons for the skyrocketing losses and soon-to-follow escalating premiums: •

•

Computer wizards trying to break in are masters of deception and want your money and data so badly, they will do anything to get it. There are no rules that they play by.

We are not cautious enough

•

when receiving emails to think that it may not be real. We receive emails that seem harmless asking us to “click” or perform a function. Without thinking, we do exactly what they ask us to do. We confirm, agree, provide data, and let them in to our cyber existence. They pose as our bank, electric company, social media, government entities, and friends.

They ask for the keys to the castle and we give them away.

Hackers are great at preying on our emotions. First, by capturing our attention and following it up by making us feel compelled to act. They cannot do anything unless we let them in and for some reason, we continue to allow them to make us do it. What if it looks like a real email from a supervisor or friend and they need our help? Do we investigate

See Underwriting Cyber Risk Page 32

A

bout the author: Cooper Wallach is Vice President of Specialty Products and Programs at Fortegra where he manages the promotion and execution of property and casualty programs with the company’s MGA partners. A graduate of the University of Texas with degrees in business management and business administration, Cooper calls upon more than 30 years of underwriting expertise to help Fortegra partners Experience More.

www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

17

ANALYSIS -SIAA

KEEPING IT LIGHT IN A WEIRD TIME – 5 WAYS INSURANCE AGENCIES CAN HELP THEIR NEIGHBORS SMILE Article reposted with permission from SIAA, the largest alliance of independent insurance agency members in the United States.

spread cheer while simultaneously marketing their agencies.

A

Host a virtual comedy night. Locate n insurance office marquee and hire 1-2 PG-rated standup comedians for your online community. reads, “Dumbest purchase Solicit neighboring local businesses to of late: a 2020 planner.” join as co-sponsors and co-promoters, inviting your shared pool of clients Why use humor in the middle of a and engaging on social channels and pandemic? As we go through word-ofabout our business Get creative mouth. masked and hesitant to be with each other, many still working from home and staying in rather than risking large crowds or unpleasant awkwardness, an occasional infusion of light-heartedness can serve as relief in what is otherwise a troubling time for many.

in your own way – whether it’s starting a pumpkincarving contest for downtown businesses leading up to Halloween or sponsoring a drive-in concert at the local park or ballfield with social distancing.

Engaging with the community safely is a natural way to bring positive energy to your business.”

In addition to your focus on how you can help, why not engage your community in a positive, uplifting way? Here are five actions independent agents can take to

18 DECEMBER 2020

Enhance your community Facebook groups by posting inspirational, upbeat or supportive information.

Consider quick laughs, inspiring quotes, happy stories designed to warm hearts and inspire.

Transform your insurance agency’s brick-and-mortar into an art gallery. Invite local artists to display their art using your agency’s window space. Organize with other local businesses to do the same and expand the impact.

TABLE OF CONTENTS

Hold virtual raffles to win local restaurant gift cards. At a time when many local establishments are suffering, your support is much needed and appreciated. Consider rotating through some of your favorite restaurants, announcing new prizes and winners each week.

It’s okay to brag. Proudly show how your agency and staff are supporting your community. Sponsor charities and virtual walks; provide direct support of local schools, or hybrid school projects. Post photos and short stories of these efforts on your website and social media channels.

This work creates brand awareness and a strong public image while doing good.

Get creative in your own way – whether it’s starting a pumpkincarving contest for downtown businesses leading up to Halloween or sponsoring a drive-in concert at the local park or ballfield with social distancing. Engaging with the community safely is a natural way to bring positive energy to your business. www.chart-exchange.com

www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

19

888.246.7211 ext 133 sales@eoxvantage.com

WE’RE AMPLIFYING

INSURANCE.

™

business efficiency amplified

Give your team enhanced efficiencies and increase customer satisfaction with custom solutions using the Enterprise Operating System.

Custom Solutions

Collaboration Tools

• Automate submission-quote-

• TeamedUp 2020 suite of collaboration tools all in one secure place

rate-bind

• Enhance team communication,

• Integrate with AMS

productivity & efficiency with:

• Self-service processing for

• Company-wide Announcements

brokers & policy holders • Real-time metrics

• Chat

• Custom apps

• Integrated Mail • CRM

Request a Free Consultation

Request a Free Demo

888.246.7211 ext 133 or sales@eoxvantage.com

888.246.7211 ext 133 or sales@eoxvantage.com

20 DECEMBER 2020

TABLE OF CONTENTS

www.chart-exchange.com

ANALYSIS - E.O.X. VANTAGE

LEARN THE LESSONS OF 2020 TO AUTOMATE FOR THE FUTURE

by Mike Fieseler

W

A

bout the author, Mike Fieseler: Mike’s focus is on helping clients achieve operational efficiencies and cost savings. His career has spanned IBM, ARC, DataTrak, and for the past 10 years EOX Vantage. Last year he achieved the CPL - Certified Program Leader designation through Target University of the Target Markets Program Administrators Association (TMPAA).

e find ourselves at the end of a year like no other we’ve experienced.

Everything changed overnight.

Your people went remote, your clients went remote. Everyone’s attitude and work habits, the way we access data and information and our expectations altered suddenly and to an extent most of us didn’t expect.

It all turned into an unprecedented maelstrom of technological activity as we crafted ways to work from home, add self-serve tools, deal with nocontact claims/meetings/service and engineer rapid deployment of digitization and automated workflows.

The pandemic super-accelerated these already existing trends to a point that made our heads spin.

This year, some companies have accomplished in eight months what used to be considered a pretty full two-to-three-year workload of digital transformation projects.

And yet, there is still a long way to go for most of us and much work to

www.chart-exchange.com

TABLE OF CONTENTS

be done. Very few of us felt prepared to face the breadth of challenges brought on by COVID, and many are still struggling. A recent McKinsey study found that 80% of businesses are at risk as they currently operate, and few business leaders have a clear understanding of how to effectively implement innovative technology in their current systems. A sobering thought!

One of my key focus areas for helping clients is the optimal use of process and workflow automation. For automation to succeed, you need to practice attention to detail on both macro and granular levels. It’s necessary to have clear vision for a far outlook (read: create a strategic plan to direct your future) while also starting small with achievable projects by picking off the lowest hanging fruit that will lead directly to greater customer satisfaction. These small, successful projects get your team in the mindset to identify additional projects to undertake.

In all cases, look to integrate new technology with your existing systems and leave room to grow further. This way, you can focus on accomplishing constant improvements in your

See Lessons of 2020 Pg 26 DECEMBER 2020

21

STUDENT REPORT A CLOSER LOOK AT BITCOIN Jonnathan Brito is a student in my Intro to Cyber Risk Class at Hunter College, CUNY University. He is an active contributor to class, always in attendance and a true collaborator amongst his peers.

But more than an exemplary student, Jonnathan is a thinker and a skilled computer science young professional. He has a unique ability to analyze cyber risk from a philosophical perspective, and, with sophistication and hard work, he applies a set of ethics and standards to many components of cyber security. The article written by Jonnathan provides such an interesting, thought-provoking read about the timely topic of bitcoin and the realistic predictions for its future viability. It is a pleasure to welcome Jonnathan to the field of cyber security. As an industry professional, it has been wonderful to listen to and learn from Jonnathan’s ideas.

By Jonnathan Brito

B

itcoin - the first, most popular, and ever fluctuating cryptocurrency of the modern world.

Since its inception in 2008 and later release in 2009, the financial life cycle of Bitcoin started at less than a cent, $0.0008 to be exact. Steadily it rose to its all-time high of $19,783 on December 11, 2017 according to Coinbase. Soon after, it saw a plummet in value, dropping to $7,982.28 just a few months later on February 8, 2018.

Many critics label this point as an economic bubble for the cryptocurrency. Starting from March 13th of 2020, Bitcoin has been facing an economic boom.

The latest data from December 3rd shows the price of Bitcoin at $19,183, as claimed by Forbes in the

22 DECEMBER 2020

article, “Bitcoin’s Next Boom has Already Begun.” The recent surge in the price of Bitcoin has many analysts and crypto-evangelists convinced that the price is set to steadily climb. What does Bitcoin have in store for us?

First, a not-so-taken perspective in economics, the philosophical one; what constitutes money?

Aristotle’s concept of currency claims that money must be durable, portable, divisible, and hold intrinsic value. Of these categories, cryptocurrencies convincingly hit three of the four criteria.

Cryptocurrency exists as data through the internet, thus it holds none of the constraints of physical currency. Namely, you don’t have to tape it together if it rips or wait for it to dry if you accidentally leave it in your laundry. In theory, so long as the internet exists, so too will TABLE OF CONTENTS

cryptocurrencies. Cryptocurrencies, largely due to the advancements of memory technology, are virtually weightless and you can save any number of Bitcoins in your virtual wallet and access them with your private key. The weight of Bitcoins is the weight of your device or method of storing this private key, whether it’s using your phone, a flash drive, on a piece of paper, or the riskier method, relying on your own memory. Like data, cryptocurrencies also share the benefit of divisibility as they can be split past the 2 decimal constraint of traditional currencies well into 8 decimal places.

Finally, the arguable criteria: the intrinsic value of Bitcoin. Bitcoin is data; a sequence of binary 0s

See Closer Look at Bitcoin Pg 34 www.chart-exchange.com

ANALYSIS - MOTOSI Continued From Page 12

LLOYD’S BLUEPRINT TWO with no more talk of ‘pillars’ but more focus on the creation of an ecosystem, driven by data, underpinned by standards through digital process mechanisms and systems.

There is also reference throughout as to the iterative nature of the approach being taken, building out the micro elements of the eco system they are looking to create in the future, taking the test, learn, iterate, and scale approach, stopping and re-focussing where approaches aren’t fit for purpose. Representative of an agile approach for sure which is commendable but it could be argued that this will in itself prove hard to manage and to keep up engagement with a market, hungry to change and position themselves to take advantage of the hardening rate environment and the opportunities this will bring to balance underwriting portfolios decimated by years of under – pricing and under – performance.

Anecdotally, there is a growing sense that many companies are ‘working their own story’ and just keeping the Blueprint work in their eyeline to ensure they can engage with it

24 DECEMBER 2020

as appropriate and when the time is right.

to underwriting, utilising technology to best effect and maximising the operational efficiencies alongside.

Mention is of course made to the new syndicates formed, with Another hugely important area the market showing particular of focus is Delegated Authority, interest in algorithmically driven accounting for significant volumes of underwriting syndicates, with a premium into the London Market but few now created, most noticeably again it is known to be weighed down Brit’s Ki but with others having been by overly inefficient processes and created and others in the pipeline. what is seen by many as burdensome This technologically driven approach oversight. Lloyd’s knows this and is seen as a significant opportunity realises that this is an area in which to deliver value to a market built on much can be gained by digitisation the subscriptionand a drive to a Blueprint Two more efficient based model, often cited as a model. There are does give market strength updated / new the market some over decades but tangible assets to pin market systems increasingly seen and portals being their own delivery as the Achille’s Heel developed for aspirations to, to a model seen as delivery through almost a ‘handrail’ friction heavy and 2021 and beyond duplicitous. in which much upon which to of the legacy roadmap their own Modernisation of challenges around digital journey, the syndicated delivery of this enabling alignment business model model are being to the future employed in the updated and model proposed by London Market modernised, under the Lead / Lloyd’s, so from that meaning a more Follow workstream perspective there is meaningful and is well underway, much to be hopeful customer centric with new Minimum proposition for all for.”

Standards guidance of those who are published by engaged in it.

Lloyd’s to reflect a newer and more efficient way of doing things when Claims also continues to feature executing business in this way. heavily as this really is seen as the ‘shop window’ for carriers, brokers, Carriers in particular are looking at and the wider market, which prides this as an opportunity to take a more itself in being there when it matters focused portfolio driven approach most in times of need. By shortening TABLE OF CONTENTS

www.chart-exchange.com

claims lifecycles, better administering the different aspects of stakeholder engagement, and making faster settlements this will mean more satisfied customers and companies being able operate in much more responsive ways.

For example there is mention of a new claims orchestration platform will form part of the plan, facilitating claims triage and routing, automation of claims decisions for the simplest claims and better orchestrating complex claims handling, so this is definitely an area to keep a close eye on.

Underpinning everything and ultimately what will prove as to whether the work is deemed a success or failure, will be the market’s adoption of data standards, as without them the whole thing basically falls down and the digital journey effectively stops. Under the Blueprint, creation of a Core Data Record (CDR) is key to this, essentially meaning that a CDR is only created when all parties agree that core data captured during placement is the absolute version of truth that everyone will work from ‘downstream’ from the point of bind.

If a CDR is produced, then the expectation is that this will form the basis of the digital journey that follows throughout the underwriting and claims lifecycle that follows.

Adoption of market standards will be key but not perhaps a given, especially when again you consider www.chart-exchange.com

that the issue around data and the adoption of common standards and agreements has been something the market has grappled with for many years now.

There is lots to be hopeful for as you read and re-read the Blueprint Two document, always mindful of the significant challenge that lays ahead to see it successfully delivered and it will be interesting to see how much progress can be made in the two year timeframe referenced in it. Lloyd’s have been careful to use language that might be considered vague and a little ‘non- specific’ as they give themselves the space in which to deliver something so ambitious and potentially game changing but you can’t really blame them for doing so, this is hugely ambitious.

Expectation is high so managing this and ensuring effective communication to the market will be especially important as they bring everyone along on the journey with them. They need to make the case clearly and succinctly to everyone that the required progress is being made and at a pace that is manageable and consumable by everyone, wherever they sit in the value chain.

CHART DEFENDER COVERHOLDER E&O AVAILABLE NOW!

Mark Lann Phone:

305-248-9495 Email: chart.eo@rockwoodinsurance.com

Blueprint Two does give the market some tangible assets to pin their own delivery aspirations to, almost a ‘handrail’ upon which to roadmap their own digital journey, enabling alignment to the future model proposed by Lloyd’s, so from that perspective there is much to be hopeful for.

TABLE OF CONTENTS

DECEMBER 2020

25

ANALYSIS - EOX VANTAGE where can I find such a differencemaker?

Continued From Page 21

LESSONS OF 2020 everyday business processes while also reaching your goals: attracting new customer segments, developing valuable programs for existing policyholders and so forth.

As an example of starting small, we had a client this year that was able to automate an Excel data entry process for less than $10,000. This did not change their workflow, but took a mundane, repetitious task away from someone who retasked with customer service activities. The payback on labor costs alone took less than six months, and that return doesn’t include the faster turnaround which they say is resulting in better client satisfaction and an increase in business. That’s a great investment on a project that took only a couple weeks to implement!

To help you get started with brainstorming, let’s take a look at some emerging trends and identify common yet impactful areas of transformational improvement for insurance entities.

1. Improve the buying experience: Consumers have demanded faster transactions and better interactions. COVID restrictions resulting in less human contact and more reliance on online support, as well as an overall move to speed and the need

Successful data collection and analysis gives you better and “rounder” predictive abilities, with a corresponding positive impact on making policy and other business decisions. In this coming decade, businesses that have the foresight and skill to harness their data and make it work for them will have an inside track on success.

Thinking about ways to access and use non-traditional data and/or data sources can enhance your decision-making and client service. Your plan should include the use of 5G and IoT devices.

3. Enhance the “touch points” with your clients. Start with how you handle claims.

Be sensitive to the fact that it’s a touchy and troublesome time for policyholders. a. How can you use data to predict, eliminate or minimize a claim? As an example, the use of homeowner telematics is helping make houses safer.

Sensors that detect water leakage can enable homeowner notification, automatic turnoff, etc. before flooding occur.

Smart thermostats, furnaces and ovens perform similarly to reduce fire risk. And, the monitoring of driving habits via

LESSONS of 2020

Most companies have similar scenarios just waiting to be uncovered. It simply could be that nobody’s taking the time to look or think about it too much. So, perhaps your New Year’s business resolution should be answering this question:

26 DECEMBER 2020

for “answers right now/instant gratification,” have led to a slew of tech-based solutions.

AI, chatbots, more self-service options and the like are at the forefront of this movement—with increased customer satisfaction, engagement and retention as a result.

2. Leverage your data: Automating the policy process and lifecycle will lead to the generation of more data every step of the way.

TABLE OF CONTENTS

www.chart-exchange.com

NEWS - LLOYD’S OF LONDON IoT devices has made inroads in car insurance business models. b. What can you do to improve the process and experience? Create more effective notifications. Design easier reporting mechanisms.

Set and communicate realistic expectations for resolution, including payment. Provide timely status updates. Overall, concentrate on simplifying procedures and making interactions as helpful, informative and no-fuss as possible.

4. Reallocate resources: Automation removes the need for humans to perform timeconsuming back-office duties.

Team members can then be retrained and set to more customer-facing, value-added activities with a higher impact on the business. Begin with outsourcing these activities and adding data analysis, AI and automated routing programs that give you the capability to automatically assign each instance to the best underwriter for that case based on predefined parameters such as source, size, risk, schedule, etc.

When all is said and done, 2020 took us all by surprise and made us change our existing models on its own schedule. Let’s strategically get ahead of where we want to go next.

I wish you all a Happy New Year with good fortune, good health and good business in 2021!

www.chart-exchange.com

HIGH COURT APPROVAL OF LLOYD’S BREXIT TRANSFER ENSURES CONTINUITY OF COVER FOR CUSTOMERS

L

loyd’s, the world’s leading insurance and reinsurance market, today confirmed it has received final approval from the High Court of England and Wales to transfer EEA policies to Lloyd’s Insurance Company SA, with its registered office at Place du Champ de Mars 5, 14th floor, 1050 Brussels, Belgium (Lloyd’s Europe).

The transfer will take effect from 00:01 on 30 December 2020.

This announcement follows previous confirmation that Lloyd’s would be transferring the market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.

Approval follows successful execution of the Lloyd’s Policyholder and Market Notification Strategy as well as a detailed review of the transfer

by UK and EEA state regulators and the Independent Expert. A copy of TABLE OF CONTENTS

the Independent Expert’s final report can be accessed at Lloyds.com/ brexittransfer.

Peter Spires, Lloyd’s General Counsel and Company Secretary, said, “We are delighted that the UK High Court and regulators in UK and Belgium have agreed to the transfer. Through Lloyd’s Europe, Lloyd’s policyholders across the EEA will continue to have their policies serviced following the end of the Brexit transition period”.

Lloyd’s Insurance Company SA is able to write non-life risks from all 30 EEA countries. It is backed by a reinsurance arrangement with Lloyd’s syndicates, ensuring that its policyholders continue to benefit from the Lloyd’s Central Fund and financial ratings.

Authorised and regulated by the National Bank of Belgium, Lloyd’s Europe has been accepting risks incepting from 1st January 2019.

DECEMBER 2020

27

Bringing U.S. Entrepreneurship to the London Market The CHART/Wilson Elser strategic partnership combines the innovative underwriting philosophy of the world’s oldest insurance brand with the entrepreneurial mindset of U.S. agencies.

For close to 40 years, Wilson Elser has helped organizations to better navigate challenging markets and realize improved combined ratios. We provide London- and Europe-based insurers with ready access to more than 60 discrete legal services delivered by nearly 800 attorneys in 34 strategic locations throughout the United States.

Guided by a proprietary, systematic legal project management program, we help clients define strategies and achieve outcomes that align with agreed business requirements. We also implement dedicated Program Claim/Litigation Management services, creating value and driving efficiencies with respect to legal spend and indemnity.

Wilson Elser is especially proud of its strategic partnership with CHART Exchange and our shared commitment to strengthening relationships between cover holders and risk takers on either side of the Atlantic.

wilsonelser.com Š 2017 Wilson Elser. All rights reserved. 567-17

ANALYSIS - WILSON ELSER

EEOC GUIDANCE: COVID-19 INQUIRIES, CONFIDENTIALITY, ACCOMMODATIONS, FURLOUGHS AND DISCRIMINATION

By Laura A. Stutz

meet the ADA’s “business • Permissible workplace necessity standard.” Employers n September 8, 2020, COVID-19 tests and inquiries. may ask all employees who the Equal Employment COVID-19 testing administered will be physically present in Opportunity by employers consistent with the workplace if they have or Commission had COVID-19 or symptoms Employers are not (EEOC) issued updates to its associated with the virus, required to accommodate technical assistance guidance but may not ask whether every employee with a remote to clarify its position on the employee has a family work arrangement or permanently common workplace issues as member who has or had change essential job functions to businesses begin to resume COVID-19 or its symptoms. If an enable a remote work arrangement employee refuses to undergo in-person operations. The merely because the employer did so a temperature screening guidance appears in questionwhen it closed its workplace and/or or answer questions about and-answer format with implemented temporary remote work whether the employee has updates to address workplace COVID-19 testing and inquiries; arrangements to mitigate against the COVID-19 or its symptoms, maintenance of Americans spread of COVID-19.” employers may ask about the with Disabilities Act (ADA) reason for the refusal and then, confidentiality; requests for current guidance issued by the if applicable, proceed as they accommodation; furloughs and Centers for Disease Control and layoffs; and age discrimination in Prevention (CDC), including flexible work arrangements.

See EEOC Guidance Page 33 temperature screenings, will

O

A

bout the author: Laura Stutz practices in the area of employment law counseling and litigation. She represents management in the hospitality, retail, financial services and health care industries, including hospitals and hospital systems, nursing homes, clinical laboratories, acute care centers and retail pharmaceuticals. Laura’s practice involves counseling employers on employment laws and employee benefit issues arising under ERISA. She also litigates on behalf of management in state and federal courts and before administrative agencies over disputes involving claims of discrimination, harassment, wrongful discharge, retaliation, whistleblowing, wage-and-hour noncompliance, misappropriation of trade secrets, and enforcement of non-competition and nonsolicitation agreements.

www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

29

“WHEN YOU’RE FINISHED CHANGING,

YOU’RE FINISHED” - Benjamin Franklin

Benjamin Franklin: Scientist, philosopher, Founding Father … and business strategist?

Mr. Franklin’s advice about adapting to thrive is especially appropriate in the highly fluid insurance industry.

The CHART Exchange began with a good idea back in 2015: become the catalyst for growth in the U.S./London marketplace by facilitating interaction between domestic wholesalers/agency specialists and Syndicate underwriters. Large-scale networking events were held annually in elegant venues. While this approach produced results, feedback from the meeting participants indicated we could do much more to achieve our goal.

As a direct result of this feedback, CHART 2.0 adopted a more proactive operating model intended to provide advocacy-level support to U.S.-based agencies seeking to place business within the London market. The expertise of our various Vendor Partners — when combined with new brokerage placement capabilities — gives CHART 2.0 clients access to a broad array of services they need to be successful.

Interested in learning more? Visit our website at www.chart-exchange.com. We are also available via e-mail (info@chart-exchange.com) or by phone at the number below.

www.chart-exchange.com

The CHART Exchange, 3001 Philadelphia Pike Claymont, DE 19703

Phone: (855) 716-3660 30 DECEMBER 2020

TABLE OF CONTENTS

•

Fax: (302) 334-0325 www.chart-exchange.com

ANALYSIS - MOTOSI

LOVE YOUR DATA CREATING TRUE VALUE THROUGH OPTIMISING THE DATA THAT SITS IN YOUR BUSINESS

By Paul Rich

Y

ou will get no argument from anyone within insurance that they do not have enough data. It is after all, the ‘lifeblood’ of the industry, fueling pretty much every aspect of a company’s service proposition.

Data is everywhere, it pervades every aspect of the insurance ecosystem in some form or other and in many ways has created a paralysis of sorts as companies grapple with such huge volumes of the stuff, not really understanding the value inherently contained within the data they ingest and manage. Many companies suffer from ‘data indigestion’ too and as a

result do not get the best outcomes as they struggle with the challenge of how best to utilise the information presented to them in any meaningful way.

This situation is particularly prevalent in the Delegated Authority space, as Coverholders, MGAs, call them what

you will, are challenged to understand and really engage with the data journey that is required in order to execute on the model employing this method of capacity distribution.

Companies are pulled in all directions, with a variety of different demands See Love Your Data Page 39

A

bout the author: Paul Rich has an in-depth understanding of global (re)insurance markets, particularly the Lloyd’s and London Market. MOTOSI Consulting works with clients including Brokers, Managing Agents, and Coverholders in the Company and Lloyd’s markets to assist in the delivery of operational best practice and outcome excellence, always striving to improve business processes and delivering efficiencies utilising a blend of forward, pragmatic and focused thinking and where appropriate ‘best in breed’ tech, aiming to drive costs down and margins up. With extensive strategic engagement experience and being commercially adept at managing multitiered, complex business relationships and operating models; delivery is focused, strategic and measurable.

www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

31

ANALYSIS - FORTEGRA Continued From Page 17

UNDERWRITING PERSPECTIVE ON CYBER RISK

•

or react to the email? Based on the successful number of breaches, I think we both know the answer to that question.

We are all under the false assumptions that: a) it will not happen to us or, B) we have all the necessary firewalls, endpoint protection, and malware catchers to eliminate the exposure. We do not accept the fact that there are thousands of businesses just

like yours and mine that have been successfully hacked.

We all fit into one or more of these categories: 1.

2.

3.

4.

Hacked.

Hacked and don’t know it, yet.

Preparing to be hacked.

I give up, hack me.

Let’s get back to the title of this article, underwriting cyber risk. I have made an executive decision to not provide cyber liability and here are the reasons.

•

•

It is challenging to underwrite hackers because they continue to get smarter with every success.

Professional hacking is their business, and most are good at it.

It is almost impossible to underwrite human emotion, which allows hackers into a system simply

•

by “clicking.”

If commercial products were able to stop breaches, why have so many municipalities, utilities, hospitals, retail stores, convenience stores, etc. been susceptible to breach?

What we really need is a product that will monitor and quarantine every single breach. A product so powerful that it is driven by machine learning to get smarter and smarter. A product that allows me to make a mistake with a “click” but not allow the intruder access.

I am not a computer expert and don’t profess to be one. I am a consumer that would like my personal and business data protected from those that want to steal it, encrypt it, and sell it.

https://www.needpix.com/photo/785211/

The cyber business is very difficult because it is constantly changing.

The standard underwriting analysis that works for property, liability, auto, and workers comp, does not do justice to the cyber world. I wish there were more answers than questions for this exposure. Part of the difficulty in underwriting the exposure is figuring out fact from fiction, truth from hype, and marketing verses functionality.

So, if insurers are hesitant to underwrite cyber risk, what options are there? I use CHECKLIGHT. Not only does it protect my computer, it has a warranty if they miss a breach.

32 DECEMBER 2020

TABLE OF CONTENTS

www.chart-exchange.com

ANALYSIS - WILSON ELSER Continued From Page 29

EEOC GUIDANCE: COVID-19 INQUIRIES, CONFIDENTIALITY, ACCOMMODATIONS, FURLOUGHS AND DISCRIMINATION would for any other request for an accommodation under the ADA. • ADA confidentiality.

The ADA requires that an employer keep all medical information about an employee confidential and store it separately from personnel files. The exchange or receipt of medical information during remote work does not create an exception to this requirement.

Managers and supervisors who receive employees’ medical information while working remotely must continue to safeguard this information in accordance with the employer’s policies.

ADA confidentiality does not prevent co-workers or managers from making necessary and required internal reports of an employee who has symptoms of COVID-19 or who has tested positive for the virus. ADA confidentiality also does not prohibit disclosure that an www.chart-exchange.com

employee is working remotely or on leave, but the employer cannot disclose the reason for the leave.

• Requests for accommodation.

Employers are not required to accommodate every employee with a remote work arrangement or permanently change essential job functions to enable a remote work arrangement merely because the employer did so when it closed its workplace and/ or implemented temporary remote work arrangements to mitigate against the spread of COVID-19. Rather, employers and employees should proceed as they would for any other request for an accommodation under the ADA, i.e., engage in a flexible, cooperative interactive process.

• Furloughs and layoffs.

When planning furloughs and layoffs, employers are reminded that the laws TABLE OF CONTENTS

enforced by the EEOC prohibit the selection of an individual on the basis of a protected characteristic (e.g., race, color, religion, sex, age) or in retaliation for a protected activity.

• Age discrimination.

Employers may not provide flexibility (e.g., telework, modified schedules) to employees if it results in older, comparable employees being treated less favorably based on age in comparison.

There may be state and local legislative developments that could impact the guidance provided by the EEOC. Employers should consult legal counsel regarding specific circumstances for individualized legal advice on COVID-19-related return-towork issues.

If you have questions regarding the EEOC guidance, feel free to contact the author or a member of Wilson Elser’s Labor & Employment Practice.

DECEMBER 2020

33

STUDENT REPORT Continued From Page 22

A CLOSER LOOK AT BITCOIN and 1s that one would typically think doesn’t have intrinsic value unlike gold, which has remained a precious metal for millenia. Yet, when we buy data, we place a value on empty data itself. For example, we may purchase 1 gigabyte for $3.50, and we place further value in data with contents.

The price of a flash drive with the source code for a popular app could go for millions. Data itself holds a minimum value because of its possibility to store and preserve

information. Data that already holds valuable information then costs more depending on its possibilities of use. What possibilities does Bitcoin provide?

From its birth, Bitcoin was meant to be an anonymous cashing system, using decentralized peerto-peer technologies to cut out the middle men, the banks and government, when making and receiving transactions. Bitcoin is able to achieve this because of its integration of blockchain, the peerto-peer reviewed database which cements the confirmed transaction in blocks of data.

That block is then added to the chain of previous data nodes along with its corresponding timestamp and public keys for the parties involved in the transaction. The result is a linear, transparent and secure

A

bout the Author: Jonnathan Brito is an immigrant from Ecuador who came to The United States of America with his family when he was 4 years old in pursuit of the American Dream. He has since been a proud New Yorker from Queens. He has been supporting his family’s business, a local tire shop in Brooklyn, since he was 12 years old. He contributed by managing and cleaning the facility on the weekends until he could physically handle the laborious work.

He is currently investing his time in building an app that would generate recommended movies based on an algorithm using trends of the user’s movie history using the TMDB API. He is a rising senior at Hunter College pursuing a Bachelor of Arts in Computer Science with a minor in Philosophy. He is interested in a career in Cyber Security and Risk Management because he realizes the severity of data breaches and the need for specialists to keep major risk factors like the Healthcare sector and Public Systems safe. He is excited to work with professionals in the field to keep the bad actors at bay and modern society safe.

34 DECEMBER 2020

TABLE OF CONTENTS

record of all Bitcoin transactions which can be viewed by anyone using blockchain explorers. The public key contains no personal identifiable information and private keys cannot be guessed or derived from public keys, thus ensuring the anonymization of transaction data.

In an age where Big Data analytics can de-anonymize and identify people using benign information and trends, namely, not using PII, privacy has become a commodity rather than a privilege. Corporations like Google and Apple track any data they can get a hold of. This data can then be sold off to the highest bidder or profiled to predict trends and make assumptions on the user’s character, preferences, financial states, and so on. Terrence F. Ackerman, a prominent philosopher of privacy of the 20th century, argues that a breach in privacy can affect our autonomy of decision.

This refers to the decisions we take in order to fulfil our perception of a good life, whether that perception inclines us to eat donuts every day or exercise every day, it is subjective.

Using the generated user’s online profile, companies can influence your perspective or preferences through personalized ads and propaganda, this can easily be witnessed through Instagram ads or through the Facebook 2016 election scandal. When so much rides on our privacy, a currency that focuses on anonymizing its user’s information holds immeasurable intrinsic value.

www.chart-exchange.com

role in the need for a specialist, as Bitcoin for example, could see a drastic rise in its value one month and an abrupt drop the other. Cases of drastic rise and drops in the value of Bitcoin have been shown to be as close as a couple hours.

Another drawback, which could potentially be seen as a benefit, is the fact that Bitcoin is taxed by the IRS, which returns the influence of the government to a currency whose purpose was to exclude the government.

Unfortunately, it is also in the The complexity involved in using anonymization capabilities of Bitcoin Bitcoin is the biggest downside in that its greatest the cryptocurrency Bitcoin is drawback lies. Bad aside from its predicted actors who wish to potential user base. to grow remain anonymous The complexity exponentially in the as they make is particularly years to come, as illegal or “shady” evident in times is gold. Financial transactions make of crisis, such as analysts like Mark full use of Bitcoin. A when victims of Kieser believe that particular incident ransomware attacks the cryptocurrency that might come are required to will reach highs of to mind is the Silk gather a large sum $400,000 in the long Road website. Silk of Bitcoin in a small term and $100,000 Road existed in time frame. In these in the short term. the Dark Web and cases a specialist is Bitcoin is here to used Bitcoin to necessary to gather stay, much like gold hide drug dealings the required sum, has been and will for approximately and if there is no continue to be in the specialist, gathering 2 years. Recently years to come.” we have also seen the required amount an increase in in the allotted time ransomware attacks, can prove to be most of which utilize Bitcoin as their rather difficult. payment currency. As such, it can be argued that Bitcoin has propagated The fluctuation of the value of illicit transactions in the last decade. cryptocurrencies also plays a big www.chart-exchange.com

TABLE OF CONTENTS

Bitcoin, or “digital-gold,” as Nathaniel Popper termed it, shares more with gold than its passing of Aristotle’s 4 criteria for money.

Bitcoin’s set cap limit of 21 million BTC coupled with the periodic decreasing return of Bitcoin mining, known as halving, promotes a sense of scarcity similar to that of gold. It also shares an inverse relation with the power of the dollar.

Bitcoin is predicted to grow exponentially in the years to come, as is gold. Financial analysts like Mark Kieser believe that the cryptocurrency will reach highs of $400,000 in the long term and $100,000 in the short term. As we see the increase in the worth of Bitcoin, we also see its further integration into the global market with the Bitcoin based reward system implemented in new Visa cards. Bitcoin is here to stay, much like gold has been and will continue to be in the years to come.

DECEMBER 2020

35

NEWS - CONFERENCE BOARD Continued From Page 11

•

CONFERENCE BOARD SURVEY RESULTS than one third of respondents expect that 40 percent or more of their employees will work remotely (at least three days per week) 12 months post-pandemic. That is up from 5 percent prior to the pandemic.

FINDING QUALIFIED WORKERS REMAINS A CHALLENGE, DESPITE HIGH UNEMPLOYMENT AND A WILLINGNESS TO HIRE REMOTELY. •

Industry and manual services workers harder to find: In the case of companies that employ mostly industry and manual services workers, almost twice as many organizations say it is now very difficult to find qualified workers compared to pre-pandemic (19 percent now vs. 10 percent prepandemic). However, the percent of respondents who reported that it was somewhat difficult to find qualified workers decreased (64 percent pre-pandemic vs. 56 percent now), resulting in about 75 percent reporting difficulty overall both prepandemic and now.

36 DECEMBER 2020

“High unemployment typically means many job seekers per job opening. But so far in this crisis, that appears not to be the case,” said Frank Steemers, a report co-author and Economist at The Conference Board. “Many people listed as unemployed are not actively looking for a job at this point in time. Possible reasons for this pause in the job search include being furloughed and hoping to regain their old jobs, fears about being exposed to COVID-19 at work, or lack of available child care. As a result, many organizations are reporting that finding qualified workers is still a challenge.”

NEARLY HALF OF COMPANIES REPORT A PRODUCTIVITY INCREASE… •

Increasing reports of productivity gains: In September, almost half of respondents (47 percent) believed that productivity had increased for their workforce, compared to only 23 percent in April. This productivity increase could be due in part to employees working longer hours since the COVID-19 outbreak.

(46 percent), and more mental health problems (40 percent).

•

DESPITE SOME WAGE AND SALARY RESTORATIONS, COST-CUTTING MEASURES ARE STILL PLANNED FOR 2020’S FINAL MONTHS. •

More meetings and working hours: Many surveyed companies report that their employees are experiencing increased work hours (60 percent) and spending more time in meetings (63 percent), as well as suffering more burnouts (42 percent), decreased work-life balance

TABLE OF CONTENTS

The pain continues: From October through December 2020: •

• •

…BUT MANY REPORT DECLINING EMPLOYEE WELL-BEING. •

“These sobering statistics beg the question of whether increased working hours are sustainable in the long term,” said Robin Erickson, PhD, a report co-author and Principal Researcher at The Conference Board. “To further support the health and well-being of their workers, companies can consider implementing quiet periods without email, mandating use of vacation time, or even offering more benefits related to health and wellness to mitigate stress.”

•

13 percent of surveyed companies plan to restructure the organization 11 percent plan to cut bonuses 9 percent plan to conduct permanent layoffs 8 percent plan to defer pay increases and bonuses

ONE QUARTER OF COMPANIES THAT IMPLEMENTED SALARY/WAGE CUTS DURING THE PANDEMIC HAD FULLY REVERSED THIS ACTION BY SEPTEMBER. •

Companies were likely to reverse wage cuts as quickly as possible; one www.chart-exchange.com

NEWS - LLOYD’S OF LONDON quarter had fully reversed them

by September, and another 23 percent had partially reversed this action.

A PLURALITY OF COMPANIES IS PLANNING TO RETURN TO THE WORKPLACE BY MARCH, BUT SIGNIFICANT UNCERTAINTY REMAINS. •

•

About sixty percent of companies have either already returned or are currently planning to return to the workplace by March 2021.

However, this date could change based on the severity of the second COVID-19 surge. A quarter of respondents are more uncertain, either awaiting a vaccine or noting other determining factors, such as trends in COVID-19 cases in the geographic area.

Only 19 percent of companies had remained open or returned to the workplace by the end of September 2020.

Note: The Conference Board conducted this survey in September as a follow up to an April survey tracking human capital responses to COVID-19.

About The Conference Board The Conference Board is the memberdriven think tank that delivers trusted insights for what’s ahead. Founded in 1916, we are a non-partisan, notfor-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org www.chart-exchange.com

LLOYD’S REPORT: REPUTATION IS ONE OF THE MOST VALUABLE INTANGIBLE ASSETS TO BUSINESS

N

ew and bespoke insurance solutions could transform corporate reputation management.

Lloyd’s, the world’s leading specialist insurance and reinsurance market, today published a new report in collaboration with KPMG, which looks at the role of the global (re)insurance industry in providing risk transfer solutions and adapting to the increasingly complex reputational risk landscape.

The new report: ‘Safeguarding reputation – Are you prepared to protect your reputation?’ considers how the reputational risk landscape has changed significantly over the last decade as risk profiles of businesses continue to evolve at an ever-faster pace across all industries. It highlights that corporate brand and reputation accounts for 25.3% of the market capitalisation of the world’s leading equity market indices, equating to $16.77 trillion of value for shareholders in Q1 2019.

The report draws attention to the heightened risk of adverse reputational threats faced by organisations, both internally and externally, as they continue to digitise their operations and customer engagement. For businesses to stay resilient, operationally and TABLE OF CONTENTS

financially, awareness of safeguarding their reputation is critical and must form a considerable part of their risk management strategy.

A crucial part of this is the role that insurance plays in providing reputational risk transfer solutions and developing bespoke products that would support multiple losses from legal costs to the loss of market value. The report looks at the existing risk transfer solutions available today, and how risk indemnity will increasingly be supported by additional services that will help organisations assess their risks, build resilience, and provide support after a crisis.

COVID-19 has also challenged the way in which many businesses think about how they protect their reputation. The pandemic has caused widespread disruption and impacted organisations’ financial, commercial and operational resilience, increasing the likelihood of adverse reputational events.

The report explains how organisations can proactively take steps to protect their reputation by enhancing their brand, preventing adverse events, as well as limiting damage and rebuilding reputation after an incident.

DECEMBER 2020

37

ANALYSIS - WILSON ELSER

EMPLOYMENT ISSUES RELATED TO THE COVID-19 PANDEMIC: A COMPARATIVE LAW REVIEW April 6, 2020 Authors: Yoora Pak, David M. Holmes, Steven J. Joffe, Dean A. Rocco, Ricki E. Roer, Linda P. Wills

W

ilson Elser has compiled information on the state laws in all 50 states and the District of Columbia with respect to certain key issues that employers must or may need to address in terminating or reducing their workforce during the COVID-19 pandemic. Some of the specific areas we address by state include:

• • • • • • • • •

The COVID-19 Response Terminations versus Furloughs Unemployment Benefits State Mini-COBRA State Mini-WARN Acts Wage Theft Issues Exemption Status Work Sharing Programs Sick Leave Requirements.

Download a copy.

38 DECEMBER 2020

TABLE OF CONTENTS

Yoora Pak BIO

David M. Holmes BIO

Steven J. Joffe BIO

Dean A. Rocco BIO

Ricki E. Roer BIO

Linda P. Wills BIO www.chart-exchange.com

ANALYSIS - MOTOSI Continued From Page 31

LOVE YOUR DATA! placed upon them from regulators, capacity partners, brokers and others that feed the MGA data machine.

Layered on top of this is the necessity to maPnage the data flows running through their businesses in as efficient a manner as possible, satisfying all the various stakeholders demanding the information they require to satisfy their own individual requirements.

The ‘litmus test’ for any delegated authority agreement should be for the delegated party to be able to provide true insight and value through their data and what picture it is painting for their stakeholder partners in any such agreement.

They should own, control and disperse the data in a form which is meaningful and contextualised to reflect what is actually happening, thereby creating confidence to others that they understand the various metrics employed to monitor and manage any such agreement.

A starting point is not to look at the whole picture, start with smaller more manageable data sets within a specific area of the operation. Go www.chart-exchange.com

on the journey of particular data flows, asking what purpose it serves to all the various parties with an interest in it. Once this is done and an understanding is reached as the intrinsic value it provides, you then cascade this out to other areas in which data serves its rightful purpose.

Once this is done, the data becomes meaningful and relevant and very importantly, trusted so that decisions are made with confidence, from each perspective view of it. It is also important to appreciate the relevance of any such data being used, there needs to be continuing and looped feedback mechanisms to assess and develop the data that is being used, ensuring it is relevant and appropriate to be used in the way that it is.

Humanising data is also something that companies often overlook, thinking it is purely mechanical TABLE OF CONTENTS

in nature, which of course at the transactional level might be true but people need to understand it and apply their own IP and value in order to get what is really required from it.

Businesses need either the skills sets within their organisations or access to external resource that can bring it to life. Pictures as they say paint a thousand words but if there is no one painting with the materials they are provided with then all you have is a pretty much an unintelligible mess that certainly does not look good!

Get that clear vision across all areas of your business and truly understand what it is telling you, or perhaps more importantly what it is not telling you, then by taking a very pragmatic and structured approach address the issue and then apply best practice principles to commercialise and ‘weaponise’ your data to best effect.

DECEMBER 2020

39

ANALYSIS - SIAA

DOES YOUR AGENCY HAVE A CLIENT PORTAL? Article reposted with permission from SIAA, the largest alliance of independent insurance agency members in the United States.

A

branch and phone banks.

Banking customers expect the flexibility to conduct business how, when and where they want, and have little patience to wait for simple transactions.

s the pandemic continues to fuel the adoption rate of digital technologies throughout Today’s insurance clients are also the independent insurance agency coming to expect easy access to their channel, principals are seeking to policy and claims information, as well strike the right balance of meeting $ as features such as proof of insurance,$ the on-demand needs of their clients, insurance ID cards, the ability to request while retaining the human touch totalcoverage in-force premium changes and more. For many, that differentiates them from direct this is already table stakes, and your channels. Many agencies are finding

$8.1 billion

success in adopting systems that allow clients to selfservice 24/7, freeing staff to dedicate time to client education and advisorybased sales.

“My clients like to know they can call my office and get a real person to service them.”

201 IN REV 1. Cuts down on email and phone calls, saving valuable time for your $ $ $ $ $ $ staff $ conduct more $ $meaningful,$ $ $ to income-generating business activities.

2. Allows the agency to communicate information to the client.

3. Securely and quickly share documents in a secure manner, minimizing E&O exposure

Implementing a client portal on your website does not have to be a giant Implementing a client portal on your website does not have undertaking, but there to be a giant undertaking, but are considerations before total in-force premium growth there are considerations before choosing a platform to add to choosing a platform to add to your agency’s tech stack. Does your agency’s tech stack.” it integrate with your agency

Sound familiar? Clients may appreciate the personal service, but the reality is their needs are not limited to the hours your agency is open. Consider the parallels to online banking. Community banks and credit unions have seen widespread adoption of online banking through their websites and mobile apps while also servicing their customers at the local

40 DECEMBER 2020

Client portals also offer benefits to the agency, beyond winning (or not losing) business because you offer this service tool.

$690 million 465

management system? Does it agency may be one disappointing provide the essential tools? Does it experience away from losing them offer personal and commercial lines independent strategic to someone who is further along in information?

Does it offermembers a mobile providing quick and easy access to selfapp? Are you able to customize service. Handing them off to the writing the portal with key elements of company in lieu of using technology for your brand? Understanding what is account servicing important to your agency’s unique 1983may get them what they need, but at some cost to the value needs should drive your client portal of the client-agent relationship. decisions.

36

TABLE OF CONTENTS

www.chart-exchange.com

9.

grow

signe

NEWS - DUFF & PHELPS Continued From Page 9

DUFF & PHELPS LAUNCHES NEW EQUITY MATCH SERVICE transparency solutions. We work with clients across diverse sectors in the areas of valuation, corporate finance, disputes and investigations, cyber security, claims administration and regulatory compliance. With Kroll, the leading global provider of risk solutions, and Prime Clerk, the leader in complex business services and claims administration, our firm has nearly 4,000 professionals in 25 countries around the world. For more information, visit www. duffandphelps.com.

M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/ SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory, capital raising and secondary market advisory services in the United Kingdom are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India. www.chart-exchange.com

LLOYD’S RECOMMENDATIONS FOR SIMPLER INSURANCE PRODUCTS IN RESPONSE TO CV-19

L

loyd’s, the world’s leading specialist insurance and reinsurance market, today published a new report, Building simpler insurance products to better protect customers, which sets out a number of ways the global insurance industry could remove complexity and provide enhanced coverage clarity for their customers.

The COVID-19 pandemic has set in motion irreversible societal change around the world, calling for new insurance solutions and greater protection for customers’ short, medium, and long-term needs. As countries and businesses begin to reopen cautiously and recover from the immediate economic and societal impacts, the insurance industry must take this opportunity to improve the way it protects its customers.

While the global insurance industry’s response and recovery efforts continue to expand through claims payments, charitable donations, and product innovation, there have been distinct complications that have arisen

TABLE OF CONTENTS

from pandemic insurance coverage uncertainty and resulting court disputes between insurers and their customers.

This report, developed in collaboration with Lloyd’s Global and UK Advisory Committees, has been published to support the global insurance industry’s efforts to better serve its customers through simpler products that promote enhanced understanding of coverages. It provides three important recommendations that the industry should implement to respond to the challenges that COVID-19 has presented: 1. Leverage and build on the application of existing leading practice.

2. Invest in continuous product design and delivery innovations.

3. Involve customers directly in product design to build simpler, more relevant products for their changing needs and postpandemic risk profiles. (read more)

DECEMBER 2020

41

ANALYSIS - BLUEVOYANT

KNOW THYSELF (AND YOUR PARTNERS)

By Austin Berglas, Vincent D’Agostino, Jennifer Rothstein

G

reek philosophers could not predict this cautionary wisdom to self-reflect would apply to modern day challenges facing the cyber security market. Similarly, Aristotle could not have known that his definition of good money would be cited to negate the characterization of cryptocurrency as money. The recent OFAC and FinCEN governmental advisories surrounding ransomware payments are creating concern and uncertainty, and the insurance industry in particular is asking “what does this mean for us?”

At a minimum, it means carriers need to work with investigative partners who can facilitate proper payment. Partners need to perform due diligence, have extensive forensic investigations experience, and knowledge of, and capabilities

42 DECEMBER 2020

for, cryptocurrency payments.

Partners should be able to work with all relevant parties to make an informed decision about the payment, but it does not mean that partners need to be a registered Money Service Business (MSB).

While MSBs can certainly make a ransomware payment, they do not always handle the critical

forensic investigation that goes along with it. The most compliant, defensible process is one where the forensic investigation supports the payment determination. There is a significant exemption to the MSB registration requirement which TABLE OF CONTENTS

allows for an integrated approach to ransomware investigations: the integral exemption. Any company that provides money transmission services only as an integral part of its sale of goods or provision of a separate service is not considered a money transmitter under FinCEN’s regulations, and is not required to register as an MSB.

This exemption allows for the performance of forensic services in conjunction with a payment, if appropriate, and in adherence to the OFAC and FinCEN advisories. The See Know Thyself Pg 44 www.chart-exchange.com

www.bluevoyant.com

••

For insureds that need forensics, incident response, or proactive security services

••

BlueVoyant is a pure play cybersecurity firm

••

WE GET IT – we do it faster and better

Austin Berglas | Global Head of Professional Services austin.berglas@bluevoyant.com Vincent D’Agostino | Head of Cyber Forensics & Incident Response vincent.dagostino@bluevoyant.com Jennifer Rothstein | Business Development Head, Insurance & Legal jennifer.rothstein@bluevoyant.com Breached: incident@bluevoyant.com | Info: contact@bluevoyant.com www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

43

ANALYSIS - BLUEVOYANT Continued From Page 42

KNOW THYSELF (AND YOUR PARTNERS) exemption affords companies an opportunity to allow the forensic findings to be the driver for the payment decision.

OFAC and FinCEN echo themes from the banking industry which call for financial institutions to “Know Your Customer” in order to avoid money

laundering schemes. The same proactive awareness applies when working with companies to assist with ransom payments. The more information that can be gathered before triggering payment, the better. If carriers and breach coaches are looking for a checklist to complete when choosing an

incident response firm, the following four criteria will lead to a compliant and successful investigation and ransom payment process: 1. Due Diligence - In order to ensure that payments are not made to any sanctioned party, proper due diligence is a must.

Ransomware threat actors are crafty and deceptive. Assuming that you are dealing with a nonsanctioned party simply based on a file extension is a recipe for disaster. Be sure the retained forensic partner has an entire host of due diligence services

About the Co-Author: Jennifer Rothstein is the Business Development Head, Insurance & Legal, for BlueVoyant, a cybersecurity provider headquartered in New York City. She also co-founded and serves as the President of Women in Cyber Leadership Corp. As the cyber security industry has been rooted in STEM and the military, she recognized that it can be intimidating for women to start and thrive within the space, and has dedicated her efforts to providing everyone with the tools, opportunity, knowledge and confidence to succeed in cyber. Throughout her career at companies such as Kroll and AIG, she has lead the effort in combining cyber expertise with her deep knowledge in insurance. She is driven by a resolve to demystify two complex categories allowing access and understanding to both cybersecurity and insurance in our increasingly interdisciplinary and interconnected world.

About the Co-Author: Vincent D’Agostino, Head of Incident Response and Cyber Forensics at BlueVoyant, spent eleven years as a Special Agent in the FBI’s NY Office. As one of the most senior Special Agents within the Cyber Branch, he was recognized as a subject matter expert in TOR hidden services and cryptocurrency facilitated criminal activity. Additionally, Vincent was the trial agent for the Silk Road investigation, the case agent for Silk Road 2 investigation, and was the lead FBI Agent investigating the Mt. Gox Bitcoin exchange (which involved the theft of $700M in Bitcoin.) Although not currently engaged in the practice of law, Vincent is a member of the bar of the State of New York About the Co-Author: Austin Berglas, Global Head of Professional Services at BlueVoyant, spent 22 years serving in the US Government and was Head of the FBI’s NY Office Cyber Branch. In this role, he was responsible for all national security and criminal cyber investigations in the FBI’s largest cyber program, managing numerous high profile joint and international investigations.

44 DECEMBER 2020

TABLE OF CONTENTS

www.chart-exchange.com

available to include, proper threat intelligence collection and analysis, malware code review, and cryptocurrency expertise. This is the only way to ensure that your ransom payment is legally defensible and fully compliant.

2. Coordination with Law Enforcement - Any partner must have contacts with, and access to, the appropriate law enforcement personnel. Written attestations are key to showing the information gathered during the engagement was shared with the appropriate government representative(s).

The information should be specific such as relevant email addresses, IP addresses, malware hashes, and suspicious domains.

3. Investigations - A team needs to have decades of practical experience in the field. Experience reflects the capabilities to determine root cause efficiently, identify the systems accessed by the threat actor, and defensibly determine what data is suspected to have been targeted or exfiltrated.

4. E-Currency Payments via InHouse Wallet or Third-Party Relationships - A partner needs to be able to quickly source and provide payment when appropriate. A partner who issues ransom payments in conjunction with an investigation instills confidence in the fact-based decisions that prompted payment. This is critical for any insurance www.chart-exchange.com

industry professional to be able to rely on and document in the appropriate file.

As carriers adopt more stringent measures to approve panel partners and are reviewing current panels for expertise, incident response firms must also self-reflect before committing to a reliable and compliant process; what are our capabilities and what licenses are required for our business? There are enough unknowns in the malicious business of ransomware; the firms that protect against these crippling attacks should be sources of trust and comfort.

WOULD YOU LIKE TO HAVE YOUR MESSAGE DELIVERED TO 100,000+ FOCUSED INSURANCE INDUSTRY EMAIL ADDRESSES EVERY MONTH?

NEVER MISS AN ISSUE OF THE CHART EXCHANGE!

SUBSCRIBE NOW!

TABLE OF CONTENTS

I’m Kate Boyle Managing Editor. I handle CHART Exchange Advertising. Call me at 302 765-6056 and let’s have a conversation.

DECEMBER 2020

45

PODCAST - KROLL

PROTECTION OF VACCINE SUPPLY CHAIN

SPEAKERS

N

ick Doyle is managing director and head of the EMEA Security Risk Management practice for Kroll, a division of Duff & Phelps, based in the London office. (read more)

R

ichard Dailly is a managing director in the Business Intelligence and Investigations practice of Kroll, a division of Duff & Phelps, based in the Singapore office. ((read more)

S

W

hat are the top issues facing pharmaceutical supply chains in the development and distribution of vaccines? Hear our experts discuss the growing concerns around vaccine supply chain distribution and security measures that should be a priority for companies.

46 DECEMBER 2020

TABLE OF CONTENTS

tacy Scott is a managing director in Kroll’s Cyber Risk practice, based in Los Angeles.

She joined Kroll with over 16 years of experience, during which she built a successful track record of developing and implementing strategic inform-ation security initiatives. (read more)

www.chart-exchange.com

LLOYD’S OF LONDON

www.chart-exchange.com

TABLE OF CONTENTS

DECEMBER 2020

47