Strengthening insurance with mitigated supply chain impacts

Global supply chain operations have been crippling under the effects of the COVID-19 pandemic. The cross-border restrictions, travel ban, and piles of cargo sitting at the ports that started for supply chain disruptions continues still today. The reduced workforce impacted its performance. Every industry is facing the ripple effects of the supply chain failure on a global scale. Insurance industry is one such sector which is also facing the heat. Insurers need to be flexible to provide the best customer experience to insureds in order to help them cope with the global disruptions with ease. Supply chain disruption could shrink the operational capacity of the suppliers, but being able to identify the risk factors with their supply chain services can help insurers improve their service levels by improving the mitigation efforts. 

Most insurance companies already have mitigation plans to deal with supply chain threats in place, but they are mostly designed to mitigate the effects of localized events. When critical events evolve beyond the usual earthquakes, floods, storms 一 they have disaster mitigation issues with no preparedness plans easily available handy. 

It just shows that insurers or financial leaders need to have well thought supply chain disaster recovery tools like a critical event management tool. The CEM platform basically focuses on  the deep understanding of the future threat scenario to help locate the threat picture and come out with faster resolutions.  

Cybersecurity threats and their remediation to insurance processes 

Insurance supply chain processes pass through multi-layered communication channels between varied user touchpoints. When it comes to progressing with one particular insurance project, it involves data transfer between parties that include, insurers, third-parties agents, insureds, and back to third-parties again. Between data transfers, one single delay in the data transfer can impede processes, impacting customer experience. 

Larger insurance industries have invested in tools to protect their data. However, their third-party suppliers, and vendors deal with supply chain communications upon systems which are low on cybersecurity strength. Hackers find this opportunity as a swift ground for cyber attacks and demand ransomware.

Vulnerabilities to one network can lead to risks for all parties involved. So, if one insurance supply chain process is linked with too many networks, each one will be at risk. 

Cybersecurity risks that occur within the supply chain network in the insurance industry look similar to other industries. The threat involves data leaks, malware attacks, customer data thefts. Cybersecurity threats in the supply chain can lead to operation disruptions for insurance processes.

As  part of the insurance response plans and cybersecurity mitigation processes, the adoption of IoT sensors-backed CEM software tool opens up ways to mitigate supply chain risks. Instead of being thwarted by the prolonged disruption, Zapoj enables leaders to have better visibility into the threat landscape, get better resources to get complexity out of their operation zones and restore operations sooner. 

Situational awareness gives everyone a better insight into what is happening to complex supply chain networks and how critical vulnerabilities can impact major operational performance. Threat mitigation leaders can react faster and collaborate with the right contingency team. Together with the stakeholders, business leaders, and partners, business owners in the insurance industry know effective and efficient ways to utilize resources at optimal level and reduce the impacts of cybersecurity threats before they pose a serious threat to whole business operations. 

Setting up the threat mitigation system with Zapoj creates a robust CEM tool that helps you with cyberattack recovery. 

Supply chain risk analysis and disruption mitigation

A layered network of supply chains when connected through IoT-connected devices, it is useful for the insurance industry to develop a common operating picture and get a close view, or more accurately to say a common view. Zapoj has integrated tools to pull data and overlay feeds into a single pane of glass, which reduces the gap into information silos, and provides clarity for risks and disruptions. 

Embedded with location technologies, Zapoj is instrumental in identifying the right supply chain network that is under threat or approaching risk. This is an intelligent solution to reduce time and effort as emergency teams are at minimizing business operation risks. With data from disparate tools, Zapoj ensures that insurance leaders can handle crises by planning and managing disruptions properly. So, leaders who want to build resilience into the supply chain to make insurance processes robust and frictionless can achieve their mission-critical business objectives with the Zapoj CEM software tool.

Business continuity and supply chain resilience 

Provided the critical and unpredictable characteristics of critical events 一 wildfires, floods, storms, COVID-19, and man-made disasters, leaders need to predict and view critical threats as source of supply chain disruptions. Insurance companies are having major concerns to mitigate these usual risks upon their business operations and maintain supply chain resilience. 

Zapoj gives contingency teams to utilize location technology and predictive analytics to detect and prepare for risks based on the threat trends. Smart maps and advanced analytics provide insights and improve cognizance about a wide-spectrum of threats at scale. Localized or regional threats could mean different types of resources to handle their impacts on the supply chain disruptions, and get the ability to manage risks with better understanding.

Supply chain operations in the insurance industry is a significant process to improve business operations and performance. The operational efficiency helps insurance leaders improve customer service, and manage business growth and scalability.

With critical events on supply chain services threatening its operation capability, supply chain management could be at stake any time. Leaders can never know when their supply chain operations are vulnerable to a variety of threats. Zapoj helps them discover threat sources and have better contingency plans and mitigate supply chain risks. Being a critical event management tool, Zapoj uses AI-powered capabilities to detect and offer better threat mitigation support to remain stable and resilient even in most critical situations. To build resilience into your supply chain operations and make your insurance services more user-centric and immune to vulnerability, schedule a demo today