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.