“It’s a lot easier to come up with a new product than it is to change the existing ones,” said Matt Woodall (pictured), president and senior claims specialist at Royal Claims Services Ltd.

That gap - between how fast risks emerge and how slowly the industry adapts - has only widened. Clients now face a barrage of new exposures, yet insurers still lean heavily on legacy policy frameworks. Cyber coverage stands as a rare exception. “Cyber was maybe an add-on... but now it’s its own sector. It’s a mandatory product,” said Woodall. “For us, it’s mandated to a relatively high limit in most of our contracts.”

But faster coverage evolution hasn’t made claims handling any simpler. A single incident can activate property, casualty, crime, and cyber lines, often involving multiple carriers. That c

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