Navigating future talent development in cyber insurance

Young professionals need to immerse themselves in the office environment and absorb the knowledge being shared around them, says Chris Burgess, director for cyber at Markel International.

In an exclusive interview with Intelligent Insurer, Burgess talked about artificial intelligence (AI) and data technologies, the fast-paced nature of the sector and the role of continuous learning and training in retaining talent.

The crucial role of AI and data technologies

Burgess started by explaining how Markel International places a strong emphasis on staying ahead of technological advancements, observing: “Technology itself, if we put AI into that big bucket, is ever-changing.

“It’s very fast-moving, rapidly changing and I feel that underwriters and brokers alike need to keep abreast of how that technology is changing in order to be able to advise their clients better.”

Burgess elaborated on the underwriters’ challenge. “Understanding why our clients are using the technology and how they are using it enables us as underwriters to be able to underwrite that exposure, provide solutions for clients, and charge an equitable premium,” he said. 

The other challenge, Burgess noted, was the speed at which technology evolved, particularly with AI, which brings new exposures and opportunities alike.

“It’s vital for young cyber underwriters and cyber risk professionals to have a strong understanding of AI and data technologies.” Chris Burgess, Markel International

AI and data will shape the future

Discussing how AI and data technologies are influencing cyber insurance, Burgess remarked: “At the coalface of underwriting, underwriters are talking more about it and clients are being asked to articulate where they’re using AI in their businesses.” 

He pointed out that this new landscape was driving the development of question sets and shaping insurers’ appetites as they learn more about AI.

The impact of AI on risk management is significant and Burgess shared an example of deep fake AI attacks. “A case was widely publicised when a large company suffered a fraud after an employee was duped into having a video call.

“Deep fake technology was used, and along with social engineering tactics, the employee was duped into sending a large payment outside the company to a malicious actor,” Burgess said.

“These kinds of risks are relatively new, and they require us to stay vigilant and adaptive in our underwriting practices.

“Our ability to understand and anticipate these threats is crucial to offering relevant and effective insurance solutions to our clients,” he added.

Training and development matters

According to Burgess, training is of paramount importance in the ever-evolving cyber insurance landscape. “One of the biggest challenges facing cyber insurance is the shortage of people coming in and also trained professionals within the organisation,” he said.  

Burgess explained how Markel was tackling this issue through various initiatives, including graduate and apprenticeship schemes, a cyber forum, and participation in the Lloyd’s Market Association’s Cyber Academy programme.

On the importance of continuous professional development, Burgess said: “We ensure our cyber underwriters undergo certification, with training programmes from IT and insurance perspectives, and we conduct internal training on ransomware and the ever-changing threat landscape.

“We engage in cross-training programmes for underwriters with our own security IT professionals, allowing the underwriters to gain exposure to different areas of cyber risk and support their understanding of technology. 

“This approach broadens their knowledge and fosters a more comprehensive understanding of the interrelated aspects of cyber threats and insurance solutions.”

Pinpointing skills for success

For young professionals entering the field, a blend of skills is important, Burgess explained. “Underwriting is still quite a traditional business; you need to be analytical and have an eye for detail,” he said.

“It’s also a people business, so interpersonal skills are essential,” he added. “You have to be a good learner.

“The industry is fast-moving, so being keen to learn and continue professional learning are vital.”

Burgess stressed the importance of being in the office for new entrants. “Working from home is great, but we’ve lost our osmosis learning—the ability to be around a team and pick up important information.

“Being in and around your team will truly help their learning. There’s value in face-to-face interactions that cannot be replicated virtually. Young professionals need to immerse themselves in the office environment, absorb the knowledge being shared around them, and build those crucial professional relationships.”

Supporting newcomers

Burgess advises industry leaders to support young team members and believes it’s vital for young cyber underwriters and cyber risk professionals to have a strong understanding of AI and data technologies.

“Training programmes, both formal and informal, are essential,” Burgess stated. “At Markel, we’re passionate about ensuring our staff are well-prepared and well-trained to provide a good service to our clients.

“We believe in mentoring programmes whereby experienced professionals can pass on their knowledge and expertise to the newcomers. 

“This helps skill development and building a supportive and cohesive team environment.”

Burgess highlighted the importance of providing diverse learning opportunities, saying: “We encourage our team to attend industry conferences, participate in webinars, and engage with professional networks.

“Exposure to different perspectives and practices enriches their understanding and keeps them updated with the latest industry trends,” he added.

“In cyber, where there’s so much to keep abreast of, continuous learning and being around your team are essential.

“It’s a challenging space because of the sheer speed at which technology is changing, especially at the moment with AI,” he said. 

Markel International’s commitment to training and development highlights the importance of investing in talent to stay ahead in the rapidly evolving cyber insurance landscape.

“We want to build on the expertise that the industry is so starved of, and ensure we continue at Markel to play our role, training our own employees and underwriters and also ensuring that we’re doing our bit for the wider industry in contributing to the good practice and training that’s going on,” he concluded. 

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