In today’s complex online business environment, insurers often find themselves wrestling with conflicting requirements to provide seamless customer experiences while protecting against data breaches. As I explained in my previous post, identity and access management (IAM) plays an important role in this process.
Common authentication and verification tools
Insurers have several tools available to accomplish their IAM objectives:
- Identity verification, which helps ensure that an identity is real and that the information associated with that identity is accurate and current.
- One-Time Password authentication helps authenticate an individual’s identity by sending a special code through an email or mobile device.
- Knowledge-based authentication in which a customer must correctly answer a series of questions to verify they are who they say they are.
- Multi-factor Authentication (MFA) – Both One-Time Password and Knowledge-based authentication can be used as MFA tools in addition to a customer’s existing username and password to access company infrastructure, providing a higher level of protection.
In combination with fraud detection tools, these solutions can help you make sure the right people have the right access to the right resources at the right time for the right reasons―and to enable the right business outcomes.
The beauty of an integrated solution
LexisNexis® Risk Solutions has built a common interface through which we deliver most of our products and services to insurers. The beauty of this architecture is that it allows us to add relevant processes, services and data points as needs evolve. Because data security is such an important element of serving your customers, we have now added an IAM component to this interface―the LexisNexis ID Compass Platform.
Our ID Compass Platform provides a number of solutions that allow you to minimize risk, including identity verification and authentication―all through a single point of entry. Dynamic workflows powered by capabilities such as machine learning and artificial intelligence are foundational to the system. These workflows adapt in real time to the unique circumstances of any given transaction, including who is initiating it, and can be customized to fit your business needs. The services the platform delivers are layered into four lines of defense.
Getting to “yes”
The benefits from the LexisNexis ID Compass Platform are numerous. Your customers will enjoy a seamless, frictionless experience regardless of point of access. Documented processes, rules and policies will allow you to enhance your security profiles and simplify auditing and reporting. You’ll know who’s accessing your infrastructure, for what purposes and what they’re doing when they’re in your system. And, you’ll enjoy increased productivity and reduced IT costs.
Simply put…you’ll be able to say “yes” to your customers with confidence.