EDF: How Can AI Help To Embed an Evidential Culture of Cyber Resilience for Insurers?

Keeping abreast of cyber trends is vital to success in any industry, and it is particularly prevalent in the insurance sector. Being left behind can result in large payments and companies losing money. How can that be avoided? Well, one way is to understand the dangers of the Internet and constantly learn about them. It is not enough for employees to simply withdraw a training unit – learning must be an ongoing process.

Adrian Harvey, CEO of artificial intelligence provider Elephants Don't Forget
Adrian Harvey, CEO, Elephants Don’t Forget

after Chartered Insurance Institute(CII) research on cyber insurance knowledge gaps within companies, Adrian HarveyCEO, Artificial Intelligence Provider Elephants don’t forget – which supports improving employee efficiency in the UK’s top five public insurers – looks at why behavioral science in learning and development can support organizations to include retention of the important topic and the development of a positive and enduring culture of cyber resilience.

Harvey explained:

“With CII recently highlighting that cyber-insurance knowledge gaps can lead to missteps and poor customer outcomes; it was alarming to read that nearly six in ten insurance professionals surveyed stated that they had not received any training in cyber-risks. Although they participate in the pricing or underwriting policies relating to them.

“On a positive note, with nine out of ten professionals actively stating that they want to learn more about cyber risks through their training, continuing professional development is needed to ensure employee knowledge stays ahead of evolving risks.

However, it is extremely important for companies to remain vigilant about the methodologies they are using to ensure that their training is maintained consistently. It is also critical – from the point of view of ensuring risk and return on investment – that the demonstrable outcome of their training actually improves the knowledge of their employees and provides companies with the ability to predict where the risks of their larger individual base are and quickly correct them.”

Harvey stresses that the methodologies requested by employees and reported in the CII survey to help accommodate cyber awareness training may not provide the continuous learning approach needed to improve critical subject retention and individual proficiency levels.

The CII survey indicated that while nearly all respondents wanted more training on emerging cyber risks, most of the training methodologies required were in the form of “virtual” technologies such as online courses, webinars, electronic guides for self-election, and single point in time assessments.

Instead, Harvey urges companies to consider the shortcomings of these methods and understand the benefits of applying behavioral science in spreading learning and development to better support their employees.

Harvey outlined the principles of their method which are being published by leading organizations including AllianzAnd RSAAnd direct line Collection, And Aviva; It is a technology that recently, jointly with Aviva and Aviva Canada, was awarded a Collaborative Gold Award in Brandon Hall Group Human Capital Management (HCM) Excellence Awards 2021 In the category Best Advances in Machine Learning and Artificial Intelligence.

Harvey continued:

“It has been hypothesized that many ‘virtual’ employee training and participation methodologies can have a negative impact on improving employee efficiency, denying employees participation and retention in their training, and providing little clear quality assurance data for companies that their employees can effectively remember how to apply Training in daily practice.

German psychologist Hermann Ebbinghaus (1850 – 1909) suppose that training materials are largely forgotten from the moment the learner consumes them unless efforts are made to preserve them. His study — now best known as the “forgetting curve” — showed that retention declined over time, concluding that we forget up to 80 percent of what we learned during the first 30 days when there is no attempt to retain it.

“The forgetting curve supports the idea of ​​one of seven types of memory failure: transience; the process of forgetting that occurs over time. While the overall rate of forgetting varies slightly between individuals, the speed at which individuals forget can be affected by the difficulty of the material, how important it is, and how the material is provided to absorb.

Individually spaced learning, repetition, and self-testing have since been cited by psychologists and learning professionals as highly effective instructional techniques for increasing memory retrieval. These are the basic principles of our AI platform – Deft Nelly.

“These principles have long been cited as invaluable to the insurance companies and financial companies we support to help ensure that their employees are knowledgeable and competent in critical compliance, process, policy, and product materials. It can be difficult for employees to absorb them consistently during the setup process and throughout their careers.

“So, rather than systematically and recursively paying attention to what employees need to be most effective in their individual role, hypothetical training provisions—often featuring employee engagement surveys, annual refresher training and competency assessments at one point—risk becoming routine and offering little to no benefit from. Proactive indicators of real efficiency risks for companies.

“It can also lead to less substantive employee engagement, reduced retention of critical subject matter, and highly misinformed management information (MI) needed to inform individual performance management conversations and strategic business decisions related to people-based risk in real time.

“And if you’ve ever wondered how competent your employees are, it is notable that we commissioned a three-year study to assess the core competency of employees—many of whom work in the financial sector—to analyze responses to more than 72 million competency interactions between 2017-2019. Our analysis found that the average The efficiency level of the fixed employee was only 52 percent.

With reports suggesting that if global multi-line insurers fail to consistently stay ahead of cyber trends, potential claims may not be insurable in extreme scenarios, prevention – through effective training deployment – is now advocated as a primary way for insurers to become more Flexible market risk.

And with notable insurance companies – including Hiscox Leading a renewed charge To highlight that “human error remains by far the biggest security hole when it comes to cyberattacks” and that “employees forget the basics of their training” continue to show increased cyber risk to insurers, Harvey raises an intriguing question regarding the effectiveness of the methods Traditional training for insurance companies and financial companies to consider.

Harvey concluded:

“Are e-learning, annual refresher training, and self-election training manuals—supported by customized simulation training—really enough to ensure that employees are consistently safe online in terms of their knowledge?

“If the people within your business represent one of your biggest risks, insurance companies should not place more emphasis on effective analysis to make behavioral decisions for individual employees in real time and fix knowledge gaps as they appear, rather than just offering a single routine point in time training or Relying on employee selection themselves to develop their knowledge Simply put, the satisfaction of providing training per se – without decisively ensuring that competence is achieved and maintained – is a suboptimal strategy for improving subject knowledge.

“Companies need to continually evaluate individual Internet understanding, and when critical gaps are identified, they must be fixed immediately. It is about consistency and reinforcement; training in preparation for six months and annually cannot provide employees with effective patterns of learning behavior to retain and apply knowledge, especially when risks arise New.

“Combining this problem with the fact that many employees are denied vital peer-to-peer learning and face-to-face training due to mixed work practices, organizations face a significant amount of employee behavioral risks and governance issues if competency is not proactively maintained, analyzed and improved in critical subject areas. .

“Employee-centric AI—like Clever Nelly—supports insurance companies to cost-effectively and continuously assess individual competency; automatically fix any gaps or knowledge fading. It takes less than 1 minute and 30 seconds out of an employee’s day and interacts with employees in a flow Working, without any disruption to BAU.

“So, if employee knowledge gaps are constantly presenting problems, a renewed investment in the way companies categorize talent management not only provides increased protection for them, their brand, their markets and their consumers, but also has the added value of generating the greatest return on investment from human capital. While improving employee engagement in subject training as well.”

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