This article is the first of four in a series about the LexisNexis® ID Compass suite of Identity Access Management solutions.
2020 will be remembered as the year when everything changed and we all had to navigate “the new normal.” With employees around the globe sent home to work in response to COVID-19 shutdowns, industries – especially financial and insurance – relied on a growing number of transactions being processed online and by phone. In this new, uncharted territory, cybercriminals are finding new ways to steal identities and valuable data. Insurance carriers must also explore new ways to protect themselves – and their customers.
The blame, however, cannot be laid solely on COVID-19 and resulting shutdowns. Consumer demands for seamless, digitalized interactions driven by younger “digitally native” generations have been increasing in recent years. While this has ushered in digital transformation for the insurance industry, it has also opened the door to potential fraud. Consider these statistics:[i]
- 14.4 million consumers were the victims of identity fraud in 2018
- Losses from new account fraud increased from $3 billion in 2017 to $3.4 billion in 2018
- Exposed consumers’ Personally Identifiable Information (PII) records jumped from 197 million in 2017 to 446 million in 2018.
Keeping cybercriminals at bay has never been more important, or more difficult. In addition to keeping up with advances in technology, carriers must also provide a quality customer experience while defending themselves and their policyholders from fraudsters.
Focus on Identity Access Management
As is the case within many other industries today, insurance carriers are increasing their focus on Identity Access Management (IAM) to help verify and authenticate identities, especially for new accounts. To help carriers protect themselves, LexisNexis® Risk Solutions offers the LexisNexis® ID Compass Platform, a multi-layered Identity Access Management solution suite designed to help insurers minimize risk, improve the customer experience and ensure compliance with evolving privacy regulations.
As part of the ID Compass Platform, LexisNexis® InstantID® combs through billions of public records to instantly verify and validate identities, spot potential fraud and identify theft, and automatically flag discrepancies in applications. Watch the video below to learn more about how InstantID combines verification, validation and risk detection processes to deliver the reliable information carriers need to help reduce errors, processing time and fraudulent activity.
To learn more about InstantID, and all the products in the ID Compass Platform, visit our website.
[i] 2018 End-of-Year Data Breach Report (Rep.). (2018). San Diego, CA: Identity Theft Research Center. doi:https://www.idtheftcenter.org/2018-end-of-year-data-breach-report/