According to the National Association of Insurance Commissioners (NAIC), cybersecurity is one of the most important topics for the insurance sector. "Insurers and insurance producers must protect the highly sensitive consumer financial and health information collected as part of the underwriting and claims processes." The risk of cyberattacks increases when subsidiaries, partners and third-party contractors are involved and have access to personally identifiable information (PII). For example, in 2020, Chubb had a "security incident" involving unauthorized access to data belonging to an unnamed third-party.
Customers want a frictionless experience and real-time responses from their insurance providers. Insurance companies still relying on outdated legacy systems are putting their customers and reputations at risk. Read on to learn how modern identity and access management (IAM) solutions address security, privacy, compliance and customer experience issues for insurance companies.