『The Future of Insurance - Caroline Thompson, CUO, Operations, At-Bay』のカバーアート

The Future of Insurance - Caroline Thompson, CUO, Operations, At-Bay

The Future of Insurance - Caroline Thompson, CUO, Operations, At-Bay

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 Episode Detail Cyber insurance has changed what it delivers to policyholders twice in roughly 15 years: first with breach response, and then with outside-in scanning that helps a business become a better risk before it is ever quoted. Caroline Thompson helped build both. In this episode, Bryan Falchuk talks with Caroline, CUO, Operations at At-Bay, about what she saw at the forefront of those shifts, how At-Bay's InsurSec model pairs every policy with security services for small businesses that lack the people to defend themselves, and why VPNs became one of the clearest signals of risk in cyber. Looking ahead, Caroline shares why she believes the cyber market is due for consolidation, why AI exposure is so hard for underwriters to separate from AI marketing, and where she sees the next gap: personal cyber coverage for individuals and executives who are on their own when their personal accounts are compromised. Guest Bio Caroline Thompson is CUO, Operations at At-Bay, the InsurSec company that pairs cyber insurance with active cybersecurity for small and mid-sized businesses. She brings more than 15 years of insurance experience, much of it spent building underwriting operations from the ground up. Caroline came into insurance through internships at Catlin in London and Hannover Re, and wrote her senior thesis at Providence College on microinsurance. She built her underwriting foundation at Beazley, where she moved onto the cyber team, followed by roles at Zurich North America and Argo Group. In 2019 she joined Cowbell as its 13th employee and head of underwriting, becoming part of the founding leadership team. She created Cowbell's Prime 250 product and led its form filing and acceptance in all 50 states, rising to SVP of Underwriting and Reinsurance and then Chief Underwriting Officer. She later joined Elixir, a newly launched AI-driven cyber MGA, as Chief Underwriting Officer, before joining At-Bay, where she served as Middle Market CUO before taking on her current role. She was named a Business Insurance Break Out Award winner in 2021. A former nationally competitive synchronized swimmer, she says she enjoys the early, ambiguous stage of building a team, framework, or process from scratch. Show Notes: Two Shifts That Redefined Cyber Insurance: Breach response becomes standard: At Beazley, Caroline watched cyber grow from an infosec tower into a policy with a response team built in, now a component of nearly every cyber policy. Underwriting before the loss: A wave of InsurTech MGAs began scanning a prospect's outside perimeter at scale to understand the risk, and make it better, before binding. Why it had to change: Paper submissions and the time it took an underwriter to get a quote out were never going to scale. Data as an Early Warning System: The volume of data: What surprised Caroline most on joining At-Bay was the sheer amount of data available to assess each individual risk, with research and risk teams constantly looking for trends and red flags. VPNs as a signal: At-Bay was early to identify VPNs on customers' systems and alert them to next steps, an indicator of compromise the rest of the market later came to recognize. What InsurSec Means in Practice: Insurance and security under one roof: At-Bay's insurance company and security company both report into the same parent. Built into every quote: Every package includes some free security services plus an InsurSec option with deeper protection, including the Stance platform and managed detection and response (MDR). Help small businesses can't staff on their own: Policyholders can send a suspicious email or a request to change wire instructions to At-Bay's team and get an immediate answer on whether it's safe. Joining Munich Re: Caroline on At-Bay's long relationship with Munich Re and why joining the Munich Re family under HSB makes sense. A Market Due for Consolidation: Too many players: Caroline believes the number of MGAs that sprang up in cyber isn't sustainable, and that consolidation is needed and already underway. The end of the runway: Many MGAs are reaching the end of their funding and facing a decision on what comes next, as technology that once stood out becomes more common. MGAs as the Industry's lab: Bryan frames this cycle as how new exposures get worked out, with innovation in MGAs eventually folding into larger organizations. AI Exposure and the Underwriting Challenge: Real AI risk versus AI marketing: Every market is struggling to separate true AI exposure from operational risk or AI branding, much like companies adding ".com" to their names in the early 2000s. New skills and tools: Underwriters need training to assess it, and carriers need to build or buy tools to understand it at scale. Room for specialists: With much of the market staying quiet on AI, Caroline sees opportunity for niche MGAs with AI liability-specific products. The Personal Cyber Gap: Individuals on their own: Friends, family, ...
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