The Changing Insurance Landscape

Unlocking the power of digital identity helps insurers improve end-to-end customer experiences and build real-time view of needs to increase customer conversions, renewals, and average product holding rates. Beyond that, digital identity is, more often than not, the first line of defense against new account fraud, account takeover attacks, as well as unauthorized access. Taking this together, digital identity provides the foundational blocks of insurers' digital transformation and third-party ecosystem expansion.

Learn more about the Ping Identity solutions for the insurance industry.

1. Elevate End-to-End Customer Experiences

Increasing investments in digitization, usage-based insurance, and zero-touch claims, as well as point-of-sale distribution, have forced insurers to radically rethink their approach to customer experience. Meanwhile, consumers are demanding consistency and security across online (web, digital) and offline (call center, branch) channels.

The Ping Identity Platform helps insurance providers elevate customer experiences and security without compromise. By leveraging its comprehensive customer identity and access management (CIAM) capabilities, providers can deliver a streamlined registration experience, reduce friction, and build privacy-based trust, while personalizing every customer touch point.

Delivering a first-rate customer experience at every stage of the journey drives customer acquisition, conversion, and renewal rates — digital identity is critical to a differentiated insurance offering.

Ping Identity works with leading financial service providers and serves:

• 9 out of 9 largest retail banks in the U.S.
• 7 of the CMA9 banks in the U.K.

Learn more about the Ping Identity customer identity and access management (CIAM) solutions.

2. Drive Profitability

Differentiating through customer experience is a great starting point, but only if these investments reap sustained bottom-line profitability. The economic headwinds together with growing innovation spurred by insurtechs have pressured insurers to make greater use of data to drive underwriting, personalized pricing, and the refinement of premium-yield/benefit coverage models. Digital investments are increasingly focused on empowering customers to use self-service, driving upsell and accelerating technology modernization.

Ping Identity helps insurance providers accelerate upsell with a real-time view of customer needs across online and offline channels. By giving customers the tools to self-serve and manage the data they share with third parties — while minimizing friction — insurers can reduce operating costs and increase the average product holding. This is all achieved through comprehensive identity and access management (IAM) modernization and convergence across all identity use-cases as well as the end-to-end identity lifecycle.

Accelerating IAM modernization helps insurance providers elevate customer experiences, mitigate fraud, account takeover (ATO), and unauthorized access, while driving total cost of ownership (TCO) savings — digital identity is key to securing sustained profitability.

3. Accelerate Digital Agility

Many factors are pushing innovation across the insurance industry, such as insurtech, the emerging Open Finance agenda, advances in financial-grade application programming interfaces (FAPIs), and the increasing demands of digitally native consumers. The race to differentiate through experiences and profitability is going to be shaped by providers' ability to grow with agility. Continuously delivering customer-facing features across multiple engagement and distribution channels has never been more important.

The Ping Identity Platform helps insurance providers rapidly build, test, and deploy access journeys using its no-code orchestration engine across all consumer, workforce, and third-party provider (TPP) use cases. By being able to bring in over 1,800 third-party biometric, identity proofing, and risk management technology capabilities available out-of-the-box into orchestration, insurance providers can accelerate time-to-value and, critically, free developers to focus on developing customer-facing features that drive revenue. To add to this, the Ping Identity Platform can be consumed across all self-managed, hybrid, and SaaS deployment settings, giving insurers the full flexibility to transition to cloud at their pace.

The combined value of no-code access journey orchestration, rapid extensibility, and deployment flexibility helps insurance accelerate their CX roadmaps — digital identity is key to agility.

Learn more about the Ping Identity Platform identity no-code orchestration.

The Ping Identity Platform in the Insurance Industry

Ping Identity's market-leading converged IAM solutions help leading global enterprises meet all their consumer, workforce and third-party identity needs using a single unified platform.

Nowhere is this more important than in the insurance industry. Leading insurers trust Ping Identity to enhance end-to-end customer experiences and protect their data, while enabling rapid ecosystem expansion. Beyond that, Ping Identity helps these very providers mobilize cutting-edge IAM innovation to accelerate their digital transformation investments.

The Ping Identity Platform is purpose-built to support any type of identity across the end-to-end identity lifecycle, provides extensibility across 1,800 third-party biometric, risk management, and identity proofing technologies, and gives you full flexibility to consume its comprehensive services in self-managed, hybrid, and SaaS settings. This is all orchestrated from a powerful drag-and-drop low-code/no-code engine that helps to accelerate your agility, reduce costs, and accelerate your digital roadmap.

Learn more about the Ping Identity Platform.

• ¹ Gartner: Forecast Enterprise IT Spending by Vertical Industry Market, 2020-2026
• ² IBM: Elevating the Insurance Customer Experience Research Insights.
• ³ McKinsey & Company: Scaling agility: A new operating model for insurers.
• ⁴ Customer Alliance: Improving the Customer Experience in the Insurance Industry.
• ⁵ IBM: Elevating the Insurance Customer Experience Research Insights.
• ⁶ Markets and Markets: Usage-Based Insurance Market for ICE & Electric Vehicle.
• ⁷ Accenture: Guide to Insurance Customers to Safety and Well-Being.
• ⁸ Ibid.
• ⁹ McKinsey & Company: IT Modernization in Insurance: Three Paths to Transformation.
• ¹⁰ A U.S. Bank.
• ¹¹ Ping Identity: HSBC Customer Success Story.
• ¹² Ping Identity: Maersk Customer Success Story.
• ¹³ McKinsey & Company: Scaling agility: A new operating model for insurers.
• ¹⁴ Datos Insights: Cloud Computing in Insurance: Current Adoption and Plans.
• ¹⁵ Ping Identity: 2022 Consumer Identity Breach Report.
• ¹⁶ A major international financial services provider.
• ¹⁷ A major U.K. wealth management provider
• ¹⁸ A major international financial services provider

At Ping Identity, we believe in making digital experiences both secure and seamless for all users, without compromise. That's digital freedom. Ping enables enterprises to combine our best-in-class identity solutions with third-party services they already use to remove passwords, prevent fraud, enable Zero Trust, or anything in between. And they can do it all with a simple drag-and-drop canvas. That's why more than half of the Fortune 100 choose Ping Identity to protect every single digital interaction for their users, while making experiences frictionless. Learn more at www.pingidentity.com.