Enhanced risk assessment for policy applications and claims
Insurers use ThreatMetrix® to verify that policy applicants are who they claim to be at the point of sale. This accelerates the underwriting process and stops fraudsters at the front door.
As data breaches become more prevalent, insurers are under greater pressure to prevent fraudulent policy applications and ghost broker activity. Providing instant quotes also puts the onus on underwriters to have access to the best possible data sources, but integration challenges can often hamper operational efficiency.
ThreatMetrix looks beyond device data. We integrate location, identity, behavior and threat intelligence with internal data sources for a holistic view of the customer for better risk decisioning.
We now live in a “post breach” world where digital identities have been compromised on a massive scale. The reality insurance carriers face is that user IDs, passwords and other personally identifiable information is widely available to cybercriminals who use stolen identities to create bogus accounts and policies.
Many realize that passwords and other static identity checks are near useless. Others have turned to device intelligence or rely on out-of-band authentication to recognize customers. ThreatMetrix augments device intelligence with location, identity and threat analytics to add the context of behavioral history. This helps detect anomalies and reduce false positives to deliver a safe and frictionless digital experience.
ThreatMetrix had all the capabilities of our previous device-ID solution, but with the additional digital identity intelligence. It was a no-brainer to switch.
— Josh Barnsdale, One Call Insurance
When customers or brokers request a policy quote, the speed and accuracy of the underwriting process can make the difference between won and lost business. Insurance carriers need to verify the person requesting the quote is legitimate. They also need a single view of the customer that combines multiple data points. They need a system for end-to-end authentication, identity verification and fraud detection for better risk decisioning.
ThreatMetrix provides real-time digital identity intelligence at the point of sale and a standards-based framework to facilitate integration with enterprise authentication services. Case Management provides a forensics portal to help isolate and resolve transactions that require additional review.
ThreatMetrix provides us with the data, insights and visibility we need in order to make instant, informed risk and underwriting decisions.
— , WePay Online Payment Solutions
Customers demand security, but they also want minimal friction. The reality is that greeting customers with step-up authentication leads to fewer transactions and more defections to competitors.
Device, location, identity and threat intelligence help authenticate the guest in real time. Behavior intelligence can define patterns of normal behavior, and ultimately identify behaviors that deviate from the norm, which can then be flagged as high risk.
ThreatMetrix allowed us to have bespoke, risk-based authentication. We continue to improve the online experience for valued customers while removing unnecessary friction.
— Evgeny Vinogradov, Head of Data Warehousing & Analytics, Yandex.Money
Newer low-and-slow bot attacks that resemble valid customer login behavior can often bypass traditional security defenses, such as that provided by Web Application Firewalls (WAF). The problem is that WAFs were designed to prevent attacks against Web services – not those on customer identity. This vulnerability exposes companies to increased fraud losses, customer attrition due to lack of trust, insult due to false positives and, ultimately, a loss in shareholder value and brand equity.
ThreatMetrix layers on top of existing security infrastructure and passively authenticates digital identities across devices to detect even the most sophisticated bots without compromising the digital experience. This can help address granular intrusion where bots are specifically designed to mimic human behavior and bypass profiling by a WAF.
Clearly, as consumers shift to mobile, cybercrooks are beginning to shift along with them. The emergence of automated attacks targeting cross-border transactions will only exacerbate matters.
— Alisdair Faulkner, Chief Product Officer, ThreatMetrix