This Aite report examines current practices in identity verification, authentication, and fraud management in the life insurance industry.
Aite Group estimates that losses in the life insurance sector due to identity theft increased to $712 million from $502 million over the course of a single year.
This report examines the need for identity verification, authentication, and fraud management in various parts of the life insurance value chain. Leaders in the life insurance space can confidently use this report as groundwork for how to effectively implement an identity verification program.
Key takeaways from this report include:
- How insurers can utilize identity verification to deter fraud while maintaining long-term strategic focus.
- What high-maturity insurance carriers are doing to effectively implement a robust identity verification solution.
- Why insurers need to consider a multilayered approach to identity verification in order to build a better customer experience.