Act now to help insureds stay safe

To protect the millions of insurance customers caught up in the Equifax breach, insurers can take the following steps.

1. 1. Create awareness. Many policyholders — and even agents — aren't aware that identity theft services are already part of their home or auto insurance policy, or can be added relatively inexpensively. Simply reminding them that protection is available supports the breach victims when they need it most and reinforces the tremendous value of their current policies and insurer relationships. Most identity protection service offerings include unlimited 24 x 7 support without risk of additional loss or cost exposure to the insurer, so prompting usage of the existing service is a win-win for policy issuers and policyholders
  2. Be ready with expertise. Just as in a natural disaster, most consumers are asking a few, immediate questions about how to respond to the Equifax breach. Help them with clear, practical answers to provide immediate help. (These five steps will help Equifax breach victims.)
  3. Engage with long-term help. Most of those exposed by the Equifax breach will need to monitor for fraud for the rest of their lives. There are credit and identity monitoring tools available in the insurance space that are essential to a comprehensive identity protection solution. Consider enhancing your portfolio with these tools to fully protect policyholders.
  4. Expand your value proposition by addressing emerging risks. Cybersecurity experts warn that Internet connected devices in the home are vulnerable to cyber attack with the aim of hacking into home and SMB networks. Social media has become a risky place of cyber bullies and fraudsters. The WannaCry ransomware epidemic targeted small businesses around the world. As new risks emerge, innovative approaches to personal lines coverage will need to be developed.

The next generation of cyber coverage for families and small businesses has started to appear, which address these broader risks, protecting against digital and cyber related risk like hacking and ransomware and addressing expenses related to cyber bullying. An extension of current P&C coverage, they empower insurance companies to engage in a new way with customers.

Special Reports /

The Equifax breach: Here's what insurers should do next

Related Stories

Recommended For You