ThreatMetrix: Fostering End-To-End Insurance Security

Reed Taussig, President & CEO, ThreatMetrixReed Taussig, President & CEO
With widespread data breaches becoming common occurrences, insurers are under great pressure to avert the imitated policy applications and ghost broker activities. Reed Taussig, President and CEO at ThreatMetrix, believes that, not only the speed to quote the application, places the responsibility on the underwriters to have admission to the best possible data sources, but also the integration complexity adds to the challenges of operational efficiency. To help insurers overcome these challenges, ThreatMetrix through its platform, integrates location, behavior identity, and threat intelligence with internal data sources providing a complete view of the customer for better risk decisions. With fraudsters trying to exploit undetected security loopholes, the ThreatMetrix platform enables insurers to verify that policy applicants are who they claim to be at the point of sale. This accelerates the underwriting process and stops fraudsters at the front door.

ThreatMetrix platform coalesces a broad set of collected data, behavioral analytics and the ThreatMetrix Digital Identity Network to help users distinguish between authentic and fraudulent activity, and protect insurance firms against payment fraud, account takeover, fraudulent account registration and multi-channel web fraud. “ThreatMetrix leverages the power of comprehensive cybercrime data repository to help protect businesses across a wide range of industries— from financial services to government agencies,” states Taussig.

The firm’s Digital Identity Network scrutinizes all the cybernetic transactions across various devices, applications, and locations with zero time delay. Hinging on averting account takeover, the firm’s Fraud Prevention built on Digital Identity Network distinguishes new devices for current users, in case of attempting to logins from a new location or via incognito proxies, or accessing multiple accounts in a single device and in case of high velocity password attempts. With respect to payment fraud, ThreatMetrix offers analytical reports and visualizations enabling the fraud detectors to observe and comprehend the enterprise application activities, to not only enhance security but also to minimize fraud in new registrations.

ThreatMetrix leverages the power of the comprehensive cybercrime data repository to help protect businesses— from financial services to government agencies

With the use of this information, the firm binds the customer’s verified digital identity by evaluating the multitude connection between locations devices, and anonymized individual information. The ThreatMetrix Integration Hub purely boosts the value of the ThreatMetrix Digital Identity Network, helping organizations to streamline end-to-end workflow management.

Using a distinctive combination of tagless device identification technology and web page fingerprinting, the firm intends to run online security threats from several types of web-enabled devices, to safeguard customer data from identity theft or insecure transactions and to make a note of high-risk login attempt.

As a corroboration of such expertise, ThreatMetrix assisted One Call Insurance, an independent insurance broker in UK, as they wanted to reduce fraudulent new policy applications, accurately detect ghost brokers and organized fraud rings, streamline the fraud review process, and reduce fraud losses. Sifting through various prospects, One Call Insurance switched over to ThreatMetrix and was able to leverage intelligence relating to an applicant’s true digital identity. With the use of ThreatMetrix, they were able to detect variance relating to devices, locations and online behavior that could indicate a fraudulent policy application at the entry level itself—reducing fraud losses from false claims.

“ThreatMetrix has successfully transitioned from being a world-class data source for fighting fraud to a comprehensive platform that drives critical customer authentication decisions for today’s digital business,” points Taussig. ThreatMetrix believes in building a passionate team under its honeycomb construction that has an eye for resilient technologies and hunger for excellence. Moving the needle towards future, the company intends to maintain its reputation as a security solution provider for the insurance companies.