Insurance companies should seek out "high quality partnerships" with insurtech start-ups, rather than launching their own businesses, according to Pascal Millaire, CEO at CyberCube. He said there was "tremendous, under-represented value" for smaller firms enabling bigger incumbents to maximise opportunities in the cyber risk space, where annual losses stand at 4bn compared to premiums of $around $400bn.
Insurance companies should seek out "high quality partnerships" with insurtech start-ups, rather than launching their own businesses, according to Pascal Millaire, CEO at CyberCube. He said there was "tremendous, under-represented value" for smaller firms enabling bigger incumbents to maximise opportunities in the cyber risk space, where annual losses stand at around $400bn compared to premiums of $4bn.