Novarica

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Insurers Are Leveraging More Third-Party Data Than Ever From Wide Range Of Providers

New Novarica report profiles more than 75 data providers that serve insurers

Boston, MA (Apr. 6, 2021) – While insurers have long drawn upon third-party data providers to enhance their marketing, underwriting, and claims, growing digital services and the availability of more powerful analytics have driven recent increases. In Third-Party Data in Insurance: Overview and Prominent Providers, research and advisory firm Novarica reviews multiple insurance industry use cases for third-party data, provides examples of insurers that are investing in this area, and profiles more than 75 data providers that serve insurers.

“Core systems vendors are increasingly incorporating analytics functionality into their offerings, and many already enable web service calls,” said Eric Weisburg, Vice President of Research and Consulting and co-author of Novarica’s new report. “As insurers and vendors build support for APIs and true microservices into their architectures, it will be easier to integrate third-party data, making progress toward true straight-through processing.”

Key findings of the report include:

  • Drivers of third-party data usage include AI, customer experience, cost, and regulation. The need for large data sets to train AI and customer buying experience expectations that online retailers set both stand out as relatively new motivators.
  • Privacy concerns have made data use transparency critical. Growing state regulations such as New York State’s Cybersecurity Regulation and the California Consumer Privacy Act have increased demand for transparency in how organizations use data and for what purposes.
  • Third-party data providers are consolidating, due to vendors’ desire to maximize wallet share. Data vendors are not always integrated into their acquirers, which can mean challenges for insurers consolidating their data purchases for a more efficient procurement experience.

Click here for the table of contents or to access the report.

Report Summary

Insurers continue to leverage third-party data for analytics augmentation and predictive modeling as well as for validating and cleansing existing data. The marketplace of third-party data providers is complex, with cross-industry providers, specialists, and startups all vying to help insurers.

This report reviews multiple insurance industry use cases for third-party data and examples of insurers that are investing in this area. It also profiles more than 75 data providers that serve insurers.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.

Source: Novarica

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

Multi-Factor Authentication a Critical Part of IT Security for Insurers

As security threat landscape continues to grow, legislation and regulators are mandating MFA to reduce identity theft and other forms of fraud; new report profiles 14 prominent providers

Boston, MA (Apr. 6, 2021) – While insurers have traditionally balanced security against expense and inconvenience to their users, the security threat landscape continues to grow in number and impact. In a new executive brief, Multi-Factor Authentication: Overview and Prominent Providers, research and advisory firm Novarica provides an overview of MFA, business drivers and use cases in insurance, current and planned usage among insurers, and profiles 14 prominent providers.

“Although many carriers are not currently considering MFA for all users, regulatory scrutiny and enforcement of IT security will only increase,” said Deb Zawisza, Vice President of Research and Consulting, and co-author of Novarica’s new brief. “The ability of most solutions to offer different levels of authentication for different access use cases means there is less of a tradeoff between customer experience and security.”

Click here for the table of contents or to access the report.

Report Summary

As the security threat landscape grows in number and impact, insurers should consider multi-factor authentication (MFA) approaches as part of a broader IT security strategy. This brief provides an overview of multi-factor authentication (MFA), business drivers and use cases in insurance, current and planned usage among insurers, and profiles of 14 prominent providers.

Many insurers have deployed multiple authentication methods, with the primary driver being risk management. MFA is in use both internally and externally. With many insurers forced to enable remote operations during the pandemic, and continuing regulatory pressure for increased data security, multi-factor authentication has gained renewed attention.

Providers profiled in this brief include Broadcom, CyberArk, DeepNet Security, Duo Security (part of Cisco), ForgeRock, Ilantus, Iovation (part of TransUnion), LexisNexis Risk Solutions, Okta, OneLogin, OneSpan, Ping Identity, RSA, and Thales Group.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.

Source: Novarica

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Read the original article at Insurance-Canada.ca