September 25, 2018
September 20, 2018
Insurers are under increasing pressure to prioritize digital-first strategies in order to maintain relevance in a crowded market that is being shaken up by Insuretechs bringing product innovation and bespoke digital services.
Meanwhile as data breaches become more prevalent, cyber criminals are infiltrating the online world, masquerading as legitimate customers using stolen and spoofed identities. Insurers are under greater pressure to prevent fraudulent policy applications and ghost broker activity. Understanding an applicant’s true digital identity relies on looking beyond just device data to the holistic context of every online transaction.
Speed to quote puts the onus on underwriters to have access to the best possible data sources. However, the integration challenge can often hamper operational efficiency. The ThreatMetrix Dynamic Decision Platform supports a single view of the customer without the complexity of combining multiple data points for better risk decisioning.
Businesses have traditionally relied on static identity verification methods to check that information they see correlates to what external data bureaus know about users. However, as more and more identities have been breached, static information alone becomes ineffective. Fraudsters can create full and convincing identities using stolen pieces of information harvested from separate breaches, often passing basic identity checks. Static data must therefore be augmented with real-time identity intelligence in order to accurately profile policy applications.
Insurers can use ThreatMetrix to understand the true digital identity behind a policy application, improving real-time intelligence at the point of quote and more accurately detecting potential fraud.
The ThreatMetrix Digital Identity Network collects and processes global shared intelligence from millions of daily consumer interactions including logins, payments and new account applications. Using this information, ThreatMetrix creates a unique digital identity for each user by analyzing the myriad connections between devices, locations and anonymized personal information. This can more accurately profile the risk of every policy application; high-risk policies can then be further reviewed via ThreatMetrix Integration Hub.
Integration Hub unites digital identity intelligence with third-party data sources and custom services to provide additional “plug and play” authentication and identity verification services, providing insurers with a single view of the customer without complex and costly integrations.
ThreatMetrix dynamic digital identity intelligence helps determine the risk of policy applicants, policyholders, brokers and claimants. This helps detect and stop fraud rings and ghost broker networks from the first fraudulent policy, reducing losses and damage to reputation.
In addition, as data breaches proliferate, identity information can be bought and sold at the touch of a button, exposing digital users to heightened risk from account takeover. Infiltration of cybercriminals to an online insurance account can have devastating reputational and financial consequences. ThreatMetrix can accurately differentiate between trusted customers and potential threats in real time.
ThreatMetrix offers a powerful yet easily customizable Policy Engine that allows insurers to incorporate their own processes and tolerance for risk. This allows insurers to fine tune and automate responses to online transactions. Every digital business faces different exposure to fraud risk; with ThreatMetrix organizations can tailor the solution to meet these varying and evolving fraud and security needs.