The insurance industry is at a crossroads with the intersection of many competing market forces. Competition from new disruptive companies, increased customer expectations for convenience and instant results, the need for lower cost to increase profitability, and the need to mitigate fraud are all key drivers impacting insurance carriers and providers.
Such market pressures have demonstrated the need to innovate and create more online, self-service functionality while balancing the right level of security to create an optimal customer experience. Historically, as digital functionality increases, so too does the presence of digital fraud. With 86% of insurance organizations admitting that their cybersecurity function is not meeting the organization’s need, there is still much to be done to be able to deliver on optimal digital experiences while mitigating fraud risk.
Whether it is life insurance, property and casualty, or health insurance, it’s key that insurers understand the trustworthiness of the person on the other end. In today’s digital world, security ecosystems must include advanced digital intelligence in order to identify trustworthy and risky devices and deliver the best customer experience throughout various points of the user’s digital journey including policy application, account creation and account changes, login, claims submittals, digital consent, etc.
Account Takeover Protection
Next-generation digital intelligence technology from InAuth creates a trusted device ID, allowing your business you to utilize the user’s device as a trusted second factor of authentication because it is “something they have”.
In addition, InAuth detects and analyzes unusual device behaviors that can be leading indicators of account takeover fraud, including non-typical location, geolocation inconsistency, unusual access times, velocity across many accounts, or device attributes that have changed significantly from what is normally expected.
Secure Policy or Account Opening
In situations such as new account opening, any risk intelligence of the device itself becomes critically important in order to make more confident transaction decisions.
InAuth’s digital intelligence platform uses various techniques to mitigate against account opening fraud such as enhanced device identification, device screening within InExchange, bot detection, spoofing tool detection, malware detection, and the ability to use negative lists for devices associated to fraud.
InAuth provides critical context, allowing your business to expand its real time defense network and providing another layer of transparent authentication that can be seamlessly incorporated into your account opening process.
Strong Customer Authentication
InAuthenticate gives your customers a better experience – one that is secure and specific for that user. InAuthenticate pushes secure, encrypted, contextual messages to your business app on a trusted device, allowing your customer to verify a transaction or acknowledge a notification seamlessly.
The message can only be delivered to the intended, trusted device and allows for secure communication between your customer and your business. Insurance providers can securely send authentication messages, such as payment verifications, account changes, disclosures or consent, etc.
Better Customer Experience
InReach provides enhanced device recognition to help your organization better identify, target, and reach online customers that are shopping for your products and services.
Better customer identification allows for enhanced analytics and extended opportunities to drive a consumer to transact, helping to increase revenue.