How P/C Insurers Are Benefiting from Better Identity Access Management
As in-person and phone interactions give way to mobile, identity becomes a critical element in effective interactions.
Legislators and insurance regulators are increasingly concerned with insurers ability to protect consumers' data.
Insurers are benefitting from a host of new tools and services enabling better identity management.
Insurers' need to know who they are communicating with, including when to curtail access.
Because insurers host so much personal information they are prime target for fraudsters.
Nearly all business units, whether they have direct contact with consumers or whether they focus on internal systems, need to know with whom the insurer is transacting.
If insurers' information falls into the wrong hands, many fraudsters will find it easy to compromise identities of consumers and their families.
Technology providers have built bridges between access management and insurers' legacy systems.
Timely use of data and interaction software can alert insurers to suspicious access or customers misrepresenting their information.
Many identity management systems began as java-based software systems but are being rewritten and upgraded to become more flexible and easier to access.