What risks hold the digital world? Pavel Dimitrov, CEO of Board of Directors of Lev Ins Plc. explains
The COVID-19 pandemic forced many businesses to speed up their digitalisation. How transferring traditional services to the Internet reflected on the insurance businesses and what risks does this hold? We sought the answer at Lev Ins Insurance Company, which recently released some of its services online. The company also has a portfolio of cyber insurance policies for corporate clients and individuals, as well as 24/7 Cybersecurity Operative Centre.
Pavel Dimitrov, a graduate from Academy of Economics – Svishtov, has been a part of Lev Ins since 2003. In 2008 he became a member of the company's Board of Directors and in 2015 became а CEO. Mr Dimitrov also holds a PhD in Economics and is a professor at the Academy of Economy – Svishtov and at the VIZF University. He specialises in actuary, insurance products, risk management, analysis of insurance activities, and control. He became a member of the Bulgarian Actuarial Society in 2010.
How did digitalisation reflect on the insurance sector?
Digitalisation provides a lot of new opportunities, but also sets serious challenges to the insurance sector. Technologies develop with stunning speed, asking companies' managers: How to adapt quickly, answering the clients' requirements for more accessible and quality services in the current dynamic environment? The truth is that digital technologies affect almost every aspect in our field. Thanks to our successful partnerships with high-tech Israeli companies we are a digital leader on the Bulgarian market and internationally. Early in the COVID-19 pandemic, Lev Ins transformed some of its entirely analogue services, like claims and policy application, into digital services, making them available on mobile devices. These are just a few of the steps we took to be more flexible, meeting clients' needs at any time, in any place.
To continue this process of modernisation, however, we need a serious change in regulations. This has been debated for years, but in reality, in terms of insurance digitalisation Bulgaria now lags behind neighbouring countries, such as Romania.
What are the risks of fast business digitalisation?
When a "digital dinosaur" business is forced to quickly enter the Internet, security is often its last concern. In fact, it is the time to realise that a business's cybersecurity is just as important as its physical one. The Internet is not a safe environment. That is why Lev Ins offers its clients not just insurance, but expert risk management that will minimise the potential losses. Our portfolio includes not only cyber insurance policies, but complete proactive security solutions. We created a Security Operative Center with 24/7 monitoring and timely reaction to any hacking attempt of companies that are insured with us.
What is the essence of Lev Ins proactive cybersecurity strategy?
First we conduct cybersecurity analysis of the client’s digital assets. Certified experts perform penetration tests that simulate a real hacking attack. It allows us to identify weaknesses in the informational systems that could be exploited by intruders. Then our experts prepare a detailed report of the identified vulnerabilities and recommend corrective measures to be taken. We use the report and the company's needs to prepare a personalised cybersecurity insurance policy with individual damages and insurance premium. We provide proactive security by introducing innovative systems and cybersecurity technologies. Thus, our clients have their own security team 24/7/365 at their disposal.
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Proactive risk management is the key to success in digitalisation
Each business has its own, unique identity. Therefore its needs are specific. Lev Ins offers individual (cyber) insurance solutions – tailored proactive security.
Proactive cybersecurity strategy
The cyber insurance policy by Lev Ins is covered by Hannover Re – the third largest reinsurer in the world. Lev Ins offers its clients not just insurance, but complete risk management solutions. Together with its Israeli partners, CyberTeam360 and the world-renown cybersecurity expert Oren Elimelech, the company allows its clients to have at their disposal their own cybersecurity team of certified experts taking care of their business 24/7/365.
Tradition and innovation – hand in hand
Lev Ins is one of the most innovative and dynamically developing insurance companies on the Bulgarian market. In 2019 and 2018 it took the leading position, with 13.1% and 13.4% of the insurance market share, respectively. Following its serious tradition in car insurance, the company offered its clients an entirely new digital portfolio in policy conclusion – online application. You can apply for each product in the portfolio of Lev Ins, online, choosing the office without visiting it physically.
Why restrict ourselves to one location?
Yet another service of Lev Ins became a digital reality – insurance damage claims. The mobile application allows clients to register insurance claims through their smart phones. The intuitive design leads users each step of the process. Forms and templates set in advance facilitate the process of uploading photos, data, and information.