What Life Insurers Need to Know About Identity Access Management
As digital transformation accelerates, insurers must quickly and effectively identify customers and fraudsters who wish to pose as customers.
Insurers operate in an ever-widening circle of contacts, including customers, prospects producers, business partners and others.
Identifying and engaging with electronic identities means taking cues from physical, digital, devices and behavioral realms.
Challenges to identity management should fit the task. Not all customer contacts require ultra-maximum security environments.
Marketing, sales, claims, call centers and others should be confident they are working with who the customer claims to be.
Compared to some sectors, insurers traditionally have had less ongoing contact with customers. Better identity access management can reduce the friction of customers when they choose to visit.
Insurers have been challenged to maintain more regular contact with customers. John Hancock has found new ways to engage customers on an ongoing basis.
Cyber criminals are exempt from nearly all the responsibilities of insurers and their security personnel, giving them countless opportunities to explore insurers' electronic vulnerabilities.
Insurers' experience with cyber attacks is helping them become better at distinguishing imposters from legitimate customers.
Insurers are combining voice analysis, browser usage patterns and behavioral characteristics to build more complete pictures of individual customers, allowing insurers to better resist fraudulent inquiries.