NAME: Heather Wilkinson
NEW JOB TITLE: Southern California-based principal, EPIC Insurance Brokers and Consultants
PREVIOUS POSITION: Southern California-based principal, EPIC Insurance Brokers and Consultants
INDUSTRY OUTLOOK: Cyber insurance is constantly changing as new threats emerge and evolve. The industry is struggling to continue to offer meaningful and viable solutions in the wake of heavy losses due to ransomware. As underwriting criteria evolve, our job as brokers is to help our clients adapt and become better and be more in tune with current and developing risks. Collaboration with clients to view cyber risk holistically and not just as a function of risk transfer will help the entire industry respond to changing attack vectors amid the fast-moving, cyber risk landscape.
GOALS FOR NEW POSITION: This position will focus on creating innovative solutions and driving synergies across the region. The focus will be on business development and the design, placement and management of cybersecurity programs and solutions for mid-market and large clients.
CHALLENGES FACING THE INDUSTRY: Due to heavy losses coming on the tail end of years of very competitive rates, the cyber market is very hard. Insurers are struggling with offering some elements of extortion and first party coverages. The Tech E&O market is shrinking even as there is a push toward automation and increased reliance on technology solutions. Outsourced and managed service providers have emerged as recent targets, further challenging the markets ability to underwrite to silent cyber.
FIRST EXPERIENCE IN THE INDUSTRY JOB MARKET: My experience dates back to 2007 when the industry as a stand-alone product was really becoming regularly available. Typically, health care entities and some retailers were the main purchasers of early cyber insurance. There were many individuals who assumed the product itself was not sustainable and would be rolled into other commercially available solutions, like property insurance.
ADVICE: My advice is to learn all you can from those around you and to participate in as many learning sessions as you can. Its no longer enough to just know the insurance side; having some understanding of the major threats as well as the solutions being deployed to combat those threats is also key. Dont be afraid to ask questions its just as important to know why a certain language request or endorsement request is being implemented as to know who to ask to get it.
OUTSIDE THE INDUSTRY, A DREAM JOB: I heard there is an organization offering a small sum of money and free travel to go to certain MLB stadiums and watch baseball and sample stadium food. If I could make a career out of watching sports and eating, I think cyber insurance would have a run for its money.
COLLEGE MAJOR: I majored in English literature, which helps with reading contracts and policies.
LOOKING FORWARD TO: Im looking forward to the fresh perspective of new colleagues and building something really special. EPIC invests in people, and that shows in the warm welcome Ive received since I started here.
FAVOURITE MEAL: Thats a tough one. I have three kids, so I think pizza is probably our go-to.
BOOK: Lord of the Rings trilogy
HOBBIES: Well, due to the three kids and my career, I dont have a lot of time for hobbies. I love running and sports and watching my kids sports.
TV SHOW: I dont watch a ton of TV.
ON A SATURDAY AFTERNOON: Saturdays, I usually get up early and get a run in before I become a taxi service to various youth sports. As the world opens up more and more, I find myself driving from one field to the next, but it sure is nice to sit in the grass in the sunshine and watch my kids out in the dirt for a bit.
