Digital transformation within the Insurance sector increases opportunity to win customers, improve performance, enhance customer loyalty and experience and to succeed long term.
In a data-hungry environment, insurers need to remain one step ahead- recognising that emerging technologies such as IoT, advanced analytics, AI and Big Data will be crucial to driving new offerings;
- Predictive analytics- efficient tracking, trends & personalized products
- Process automation for core business operations
- Synchronous processes increase sales, productivity and profits
- Customer ‘self-service’ for products and services
- Integrated design and systems enhance customer experience
- Reduced cost and time in business operations
- Improved claims processes and increased underwriting efficiency
As innovative, disruptive, technology-led insurtechs enter the insurance sector creating a competitive threat to incumbents, they also come with valuable opportunities to collaborate and meet on common ground: data and the customer.
Applications for Trusted Digital End-to-End Processes
Digital Signatures
Digital identities are critical for security of a constant purely digital business relationship which is based on a continuous transmission of data where there are privacy concerns as to how it should be managed. Digital signatures leverage PKI certificates to offer the highest levels of security and universal acceptance in compliance with regulations such as eIDAS.
Multi Factor Authentication
Multi-factor authentication securely restricts access to the service infrastructure and reliably identifies the user. Hardware security modules (HSMs) generate, manage and store the secure cryptographic keys required for authenticating a user or device in a broader network.
Code Signing
HSM-based code signing is the most secure way to physically and digitally secure code. If the code is tampered with after signing, then the signature will be invalid and no longer trusted. Signing keys are protected and can only be accessed by authorized users or systems.
Tokenization of Payment Data
With widespread adoption of tokenization for multiple purposes, it’s no longer “good enough” to encrypt clear data and offer a surrogate. Utimaco provides tokens produced from FIPS 140-2 Level 3 certified RNGs with AES-256 encrypted keys.
5G Security
With 5G networks being built on software based models, ensuring security from the infrastructure layer to the application layer is an essential factor for consideration. HSM-protected 5G creates secure channels between devices and the bank.
Blockchain
The integration of HSMs into a blockchain solution secures the privacy and security that may be lost by distributing proprietary software to an untrusted network of blockchain operators. By storing private keys and data within the HSM, data integrity and user authentication can be dramatically improved. Proprietary code can even be stored and run fully within an HSM to protect intellectual property.
Post Quantum Crypto Agility (Future Proofs and PQC)
At this time, no quantum computer can run quantum algorithms, however once they are able to, these computers will decimate the security infrastructure of the digital economy. Post-quantum crypto-agility is a necessity for the financial services infrastructure to be able to evolve in the advent of a new generation of attacks and consequently evolving cryptographic standards and algorithms.
