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Careers

Shaping the Future of Insurance: Guiding the Next Generation

The insurance industry, often perceived as a safety net, plays a much larger role. It fosters progress and innovation, driving sustainable growth for businesses, individuals, and communities. This success begins with nurturing talent. Attracting, developing, and retaining the brightest minds is essential to sustain the industry. It’s not just a strategy—it’s a shared responsibility to inspire the next generation to redefine the future of insurance. Building Bridges with Tomorrow’s LeadersOrganizations like Gamma Iota Sigma connect students with professionals, showing them that insurance is more than risk assessment. Leaders from diverse fields, such as data analytics, technology, and traditional actuarial sciences, can guide students toward fulfilling careers in this dynamic sector. Ways to Lead the Charge: In-House Initiatives to Empower TalentInsurers can also develop internal programs, such as Travelers EDGE. This initiative partners with schools and organizations to provide scholarships, internships, and career preparation resources. Since 2007, it has enabled over 340 students to earn bachelor’s degrees, creating a robust talent pipeline for Travelers and the broader industry. Committing to a Brighter FutureTo ensure our field thrives, we must commit to mentoring and supporting the next generation. By engaging with initiatives like Gamma Iota Sigma, we can solidify insurance’s dual role as both a safety net and a catalyst for progress. Let’s Lead Together.#WeShareYourVisionForABetterTomorrow

Cyber Liability

The Rising Importance of Cyber Insurance for Startups

The landscape of cybersecurity is shifting rapidly, making cyber insurance a critical safeguard for startups. According to Embroker’s 2024 Cyber Risk Index: Startup Edition, 93% of startups now carry cyber insurance, a significant increase from 86% just two years ago. This trend reflects growing concerns over cyberattacks, with 81% of startup founders having faced a cyberattack in their career—up from 67% in 2022. Why Cyber Insurance Matters for Startups Startups face mounting pressures from investors, boards, and clients to maintain cyber coverage. In fact, 41% of founders say cyber insurance has helped them secure funding, underscoring its role beyond protection. As Andy Lea, Embroker’s chief insurance officer, explains, “Cyber insurance is becoming more important, not just for protection but as a business enabler, given the prominence of cyber breaches in the news.” Factors Driving Cyber Coverage Adoption Several elements are pushing startups toward cyber insurance: Moreover, 87% of startups are planning new cyber protection measures for 2025, while nine in 10 have a dedicated cybersecurity team or vendor. Confidence in Coverage Interestingly, while only 7% of startups opted for the most comprehensive cyber insurance in 2024, most founders remain optimistic about their policies. A substantial 66% believe their current coverage fully addresses their risk, up significantly from 30% in 2022. As cyber threats evolve, startups are increasingly prioritizing insurance as part of their resilience strategy, reflecting a broader industry shift toward proactive risk management.