Solutions for Insurance

Overview

The insurance industry thrives on documentation and the ability to choreograph information from a variety of different sources to issue policies and manage claims. As a result the fastest-growing segment in the insurance industry is the integration of general business processes, such as writing new policies, performing policyholder services, and reporting claims into electronic management and workflow systems. Heightened industry competition, increased customer expectations and demands for greater profitability are key drivers pushing the insurance industry to reevaluate its strategies and to modify its traditional operating methods. With its pursuit of greater communication and reduced cost structures, the thrust toward "Internet-centric" solutions is creating both opportunities and challenges for the industry.

Web-based technologies allow insurers to provide policyholders with direct access to their policy information and the ability to update their insurance records online. This web-enabled personalization takes service to an entirely new level, while assuring customer loyalty. The challenge is how to do this securely and cost effectively. Fortunately, online applications protected by SSL make this possible. Equally important is the need to ensure that only trusted employees and agents can access sensitive customer information or manage claim data. By implementing digital identity systems and individual user ID tokens, insurance companies can control access to data and add digital signatures to documents as they are processed.

Insurance companies are reaping the benefits of streamlined Web-based workflow automation, lowering costs of operations and shortening decision time. For example, the paperwork and process necessary to prepare a commercial lines application for a small business client is an unprofitable business segment for insurers due to time-intensive application and qualification process. By using Web-based automation, insurers can offload the bulk of this process by giving their clients access to their data online in real-time and allowing them to handle their own service needs, request a quote and even bind and download a policy. By providing online access, insurers increase profit margins on a formerly unprofitable business segment.

The insurance industry requires the sharing and exchange of sensitive and confidential information among multiple people and organizations. Security and a high degree of accountability are crucial to keeping client satisfaction high; for insurers servicing the healthcare sector complying with strict government measures of protection of private information security is not an option. In the U.S., health insurers must be compliant with HIPAA - the Health Insurance Portability and Accountability Act - which governs the transmittal, storage, access and usage of patient data. Even in situations where healthcare information isn’t exchanged, such as an affiliate insurance brokers accessing and managing home or auto policies, a secure VPN extranet is recommended to maintain privacy.

The Internet provides a new tool for the insurance industry to enhance process efficiencies, improve access to newer markets, reduce costs, increase customer satisfaction and maximize margins. But insurance companies must be conscious of the security risks involved in placing their business processes onto the Internet. SafeNet solutions address these problems with a comprehensive suite of security products.

SafeNet Luna products for Digital Identity Solutions:

SafeNet products for Digital Communication Solutions:

SafeNet products for data security and integrity:

SafeNet product for secure electronic transaction solutions: