Lowers Risk Group in 2023

By Mark Lowers,

It hasn’t been easy, but I’m thrilled to say that our business has evolved significantly since the 2020 COVID-19 pandemic.

Today, Lowers Risk Group provides a single point of contact to help businesses around the world manage complex pre-risk and post-loss challenges. Our clients operate in high-risk, highly regulated environments and call on our team of subject matter experts to help minimize risk exposure and maximize new opportunities that enable long-term growth. We’re helping our clients, partners, employees, and those they serve build resilience – and brighter futures.

In order to catch you up on how our business has changed and how our specialized team of global subject matter experts is helping consult on claims involving human capital, technology, cyber, large loss property, casualty, energy & mining, industrial, retail (and many, many more), we’ve put together a timeline of recent milestones.

And because sometimes a picture is worth 1,000 words, we’ve also created a simple, interactive pre-risk and claims services map that highlights how each Lowers Risk Group service can help your business – and your client’s business – keep moving forward.

  • April 2020: Led by London insurance market veteran David Bosley, Lowers Risk Group launched Adjusteck, providing loss adjusting services to the global insurance community through a unique combination of technology and extensive partner network, with specialties in complex industrial claims.
  • May 2021: Lowers Risk Group launched Lowers Drone Solutions to simplify the collection, analysis, and distribution of aerial data and provide insurance professionals and business owners deeper insights into their potential risk for better real-time decision-making.
  • July 2021: In collaboration with Mastercard, Lowers Risk Group launched Periculus, providing small to medium-sized businesses access to tools, services, and solutions – including a free Cyber Quant assessment and access to cyber insurance – to make managing business risks simple.
  • November 2021: Lowers Risk Group exited the human capital space selling its public records research firm Wholesale Screening Solutions as part of a move that enabled the formation of a new company InformData, focused on curating a “people data” platform serving a variety of industries including insurance markets.
  • May 2022: Through Lowers Forensics International, Lowers Risk Group launched the next generation of Stratis, an AI-powered platform that automates the BI calculation process to handle high-volume claims more efficiently, helping get insureds back on their feet faster.
  • September 2022: Lowers Risk Group formed LRG technologies as part of create technology solutions to help your business grow. Our security-focused development and decades of risk management experience ensure you’re prepared for whatever comes next.
  • April 2023: With its insurtech product success, Lowers Risk Group will debut Risk Concierge by Periculus at RIMS 2023, featuring an updated app and marketplace that includes a suite of assessments and new solution providers to give businesses everything they need to manage risk, all in one place.

Heading to RIMS in Atlanta?

Visit our recently updated microsite that gives you everything you need to know about our business, team, and key resources.

For more, click the link below to discover how our ecosystem of services can help you manage uncertainty.

Have a question? Contact us and let’s start a conversation.

  Category: Fraud Prevention
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Fraud Week 2020: Cyberfraud and COVID-19

By Lowers & Associates,

Fraud Week 2020: Cyberfraud and COVID-19

Think You’re Not at Risk? Think Again.

Our special 5-part Fraud Week Coffee Break Series continues today where we invite you to spend 10 minutes each day learning about various aspects of fraud detection and prevention through the eyes of our Certified Fraud Examiners and other fraud experts.

For this episode, we interviewed Steven Schwartz, Chief Revenue Officer for Periculus and a recognized innovation leader in the fields of risk management and cybersecurity. Periculus is a digital risk company specializing in helping small businesses measure, understand, and protect against digital risks so they can pursue growth. Before launching Periculus, Schwartz led strategy and insurance at Cytegic, one of the industry’s leading cyber risk quantification platforms, playing a vital role in the company’s successful acquisition by MasterCard in June 2020.

In its September 2020 Fraud in the Wake of COVID-19 Benchmarking Report, the Association of Certified Fraud Examiners (ACFE) reported, “Cyberfraud (e.g., business email compromise, hacking, ransomware, and malware) continues to be the most heightened risk for organizations, with 83% of respondents already observing an increase in these schemes and 90% anticipating a further increase over the next year.”

Many experts believe that organizations were simply unprepared from a cyber perspective for the pandemic and its resulting shift to a remote work environment where employees are now operating outside the usual infrastructure and oversight of their organizations.

As Schwartz explains, “We’re in an interesting time right now, where we’ve never been so polarized, yet so connected. With the increase in digital connectivity comes an exponential increase in the vulnerabilities and threats. The doors are open for attackers to exploit.”

Grab a cup of coffee and spend 7 minutes listening to Schwartz’s view on cyberfraud during COVID-19 and how organizations can better protect themselves moving forward.

How Can Organizations Better Protect Against Cyberfraud?

As with any type of risk an organization faces, it starts with an assessment to develop a true understanding of the risks you face and how those risks might impact your organization. From that place of understanding, you can make decisions about how to effectively mitigate or transfer those risks.

Schwartz explains it this way: “If you just tell me my risk is a 3 out of 5 and that’s all you tell me, I have no idea what that means to my business. But if you tell me I’m a 3 out of 5 with a financial impact of 2 million dollars, it becomes contextualized. And if we take that a step further and we’re able to demonstrate the controls you should invest in because they’re going to have the greatest impact in reducing your risk and financial impact and this is how much you should consider transferring via insurance, we can start to make sense of it all.”

We hope you enjoyed this Coffee Break episode. Come back tomorrow to hear from Neil Watson and lessons learned from real-life stories of fraud.