According to the National Association of Insurance Commissioners (NAIC), cybersecurity is one of the most important topics for the insurance sector. “Insurers and insurance producers must protect the highly sensitive consumer financial and health information collected as part of the underwriting and claims processes.” The risk of cyberattacks increases when subsidiaries, partners and third-party contractors are involved and have access to personally identifiable information (PII). For example, in 2020, Chubb had a “security incident” involving unauthorized access to data belonging to an unnamed third-party.
Customers want a frictionless experience and real-time responses from their insurance providers. Insurance companies still relying on outdated legacy systems are putting their customers and reputations at risk. Read on to learn how modern identity and access management (IAM) solutions address security, privacy, compliance and customer experience issues for insurance companies.
Why your Insurance Company needs Identity and Access Management (IAM)
Most people have some form of insurance, which varies by age, such as health, life, auto or identity theft. Enterprises can also have a variety of policies, such as general liability, product liability, commercial property or cybersecurity liability. Keeping customer data secure while also providing a seamless user experience is essential to staying competitive and compliant with applicable regulations.
Customers are beginning to expect the same level of service from all their online interactions that they can find at leading online retailers or “born online” startups. Insurance companies still using unsupported legacy systems or at the beginning of their digital transformation are leaving customers frustrated.
Cloud identity and access management (cloud IAM) is a flexible solution that allows you to authenticate users wherever they are, at any time, and secure access to resources across cloud, SaaS, on-prem and APIs. IAM solutions are available for customers, employees and partners, and can be integrated to provide a complete solution for insurers while increasing your speed, agility and efficiency.
Customer Identity and Access Management (CIAM) for Insurance Companies
Customer identity and access management (CIAM) solutions offer features including registration, self-service account management, consent and preference management, single sign-on (SSO), multi-factor authentication (MFA), access control, directory services and data access governance. CIAM solutions are scalable and ensure a secure, frictionless customer experience regardless of whether a user logs in from a computer or mobile device. Customer experience touchpoints that identity services can enable include:
- How quickly they can register and get quotes
- Personalized communications and offers
- Pre-filled information on long forms
- Multiple security and authentication options, such as biometrics and ID/document verification
- Enforcement of customer consent to data sharing and privacy regulations
CIAM can also prevent fraudsters from taking over customer accounts. If a login seems suspicious, additional layers of authorization can be required, denying the fraudster access to the account.
Workforce, Partner and Third-party Identity and Access Management for Insurance Companies
Employees, partners and third-party contractors also need seamless experiences to complete their work. Because insurance companies have to provide different levels of access for different users, a workforce IAM solution verifies the user’s identity and controls access to data and resources.