Insurance: An Industry Ready for Disruption

Posted by Adam Parker on 18 July 2019

Over the past few years, mobile biometrics have become heavily integrated into financial services applications, and insurance providers have taken notice. As carriers work to familiarize themselves with the latest technology, it is evident that biometrics offer ease of use and enhanced security, particularly when paired with multi-factor authentication tools.

In an industry that is often characterized as stagnant, there is a real opportunity to transform the customer experience from start to finish, and doing it in a way that has no impact on cost to the consumer. The implementation of mobile biometrics can help reduce fraud, offer a secure and consistent user experience and add value to the digital journey.

BioConnect offers a secure way to perform a step-up authentication for high risk transactions, and in the example below, we will walk you through the insurance claim approval process using our mobile biometric authentication platform:

As you can see in this case, the claim approval process was quick, seamless, and secured by mobile biometrics using BioConnect's mobile authenticator application. 

 

Why BioConnect for Secure Applications?  

True Multi-Factor Authentication: Most deployments of 2FA include “Something You Know” (a password, or PIN) and “Something You Have” (a phone, or token). With biometrics, the third “Something You Are” is introduced, becoming true Multi-Factor Authentication.

Building Trust With Identity Binding: A user can no longer share their password leaving gaps in access assurance. A biometric identity bound to the users’ mobile device eliminates this threat. Offering immediate detection of malicious activity, geographic and time anomalies, and provides actionable incident management.

Meet Compliance and Audit Regulations: True MFA provides exact identity assurance of the person who actually completed a transaction or access attempt. A full audit log of all transaction/access attempts of users is provided, as well as an audit log of all administration activities inside of an account.

 

To get in touch and learn more about streamlining your claim approval process through mobile biometrics, book a free demo here.

 

Topics: Authentication, Biometrics, Cybersecurity, Digital Security