A business opportunity for insurance companies

An online life brings online risks

Consumers are living more of their lives online than ever before. And while digital technology brings great benefits, it also carries risks in the form of online attacks, identity theft, data breaches and harmful content.

Online attackers are constantly looking for ways to exploit consumers. The pandemic has provided plenty of opportunity, with people sharing more personal data and doing more activities online than ever. In an uncertain time of quarantines and lockdowns, consumers are more vulnerable to social engineering and other malicious online attacks.

An opportunity for insurers

Consumer behavior is changing, and digital technology is enabling a remote digital lifestyles. Insurance carriers have an opportunity to offer a customer experience that provides more holistic support for policyholders' lifestyles and well-being.

Digital solutions including cyber security, cyber coverage and identity prevention services are an innovative way for insurers to achieve greater customer mindshare in a competitive world.

Solutions that safeguard consumers from malware, ransomware, account takeover and other online threats address current consumer concerns, helping insurers strengthen and enhance relationships.

As an insurer carrier, your clients already trust you for risk management. Now you can have a role in helping them avoid the risks that come with the digital world.

Report highlights

  • Identity theft has long-lasting consequences Every third person has experienced cyber crime in the past 12 months. Falling victim to identity theft causes consumers a lot of stress and anxiety. It’s no wonder, as even resolved identity theft issues may resurface years later.
  • Weak and reused passwords pose a risk 79% of consumers say passwords are important in protecting online life. However, 41 % of consumers reuse the same passwords across many online services. This is an area where consumers clearly need support.
  • A value-added service opportunity for insurance companies By 2024, 33% of premium volume in insurance sector is expected to come from new services. Identity protection presents a unique opportunity to differentiate your offering and increase customer loyalty.

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