U.S. Identity Theft: Consumer Trends in Health, Life, and P&C Insurance

More than one-quarter of U.S. consumers (27%) experienced insurance-related identity theft in the past two years.

Boston, MA (June 23, 2021) – While insurers are playing catch-up to other industries in building a frictionless and secure digital experience, they face many challenges when it comes to the rising threat of identity theft. While each insurance line has a different claim submission model, the threat of identity theft brings to bear a similar need regardless of the insurance vertical. The stakes for insurers have never been higher in leveraging tools that add to a great user experience while protecting the digital identities of their customers and their bottom lines.

“Unfortunately, data breaches have become more commonplace in recent years as fraudsters eye gaining access to a consumer’s personally identifiable information (PII). Yet there is another sometimes overlooked to dimension fraud and that is the fraudster is often someone that is known to the victim,” says Aite Group research director Michael Trilli. “Regardless of the fraudster’s identity the current environment puts an onus on insurers to ensure their customers can transact digitally and with peace of mind,” he explains.

This Impact Report is designed to give insurers insight into the scope and impact of identity theft to their customers across application fraud and ATO by insurance vertical, by generation, and by noninsurance industries. It is based on Aite Group’s December 2020 online quantitative survey of 8,653 U.S. consumers aged 18 or older.

This 35-page report contains 34 figures and one table. Clients of Aite Group’s Health Insurance, Life Insurance, or P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

Click here for the online summary or to download the table of contents.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.

Source: Aite Group

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