Beat Life Insurance Fraud With Identity Verification and Authentication

Identity theft and account takeover have increased, and customers are experiencing the impacts.

Boston, June 15, 2021 – In the past few years, the life insurance industry has been undergoing significant digital transformation. Online customer applications, electronic medical data for underwriting, and portals for customers and agents are now all considered table stakes. While technology has made it easier to do business, it has also created new opportunities for fraudsters. Data from insurers and consumers shows that the current business environment has led to increased vulnerability and fraud incidents.

This Impact Report examines the current practices and opportunities in identity verification, authentication, and fraud management in the life insurance industry. It is based on Aite Group’s domain expertise and knowledge base, secondary research, briefings with industry players, a quantitative consumer survey in December 2020, and interviews with more than 20 experts at life insurance carriers and fraud-related industry organizations.

This 22-page Impact Report contains five figures and five tables. Clients of Aite Group’s Life Insurance or Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Evadata Protect, IDology, and Vanguard.

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