Identity Theft Coverage - How are Insurers Protecting Their Customers


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Having personal and credit card data stolen is traumatizing and presents a host of hassles to consumers. As more transactions take place online, opportunities for fraud and identity theft increase.

This slide deck highlights the products and educational content related to identity theft available on the public sites of five leading life insurers. It is noteworthy that MetLife and Nationwide are the only firms we track that offer separate, specialty products focused on protecting clients from identity theft.

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Identity Theft Coverage - How are Insurers Protecting Their Customers

  2. 2. ABOUT CORPORATE INSIGHT Connect With Us Corporate Insight provides competitive intelligence and user experience research for the nation’s leading financial institutions. For over 20 years, the firm has tracked technological developments in the financial services industry, identifying best practices in online banking and investing, online insurance, mobile finance, active trading platforms, social media and other emerging areas. There are no assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with unparalleled, unbiased intelligence on the competition. Joan Kagan Research Associate Annuity Monitor and Life Insurance Monitor Media Inquiries Please Contact Intermarket Communications: (212) 888-6115 Press Coverage 2
  3. 3. TABLE OF CONTENTS  Introduction  Reviewing Insurers’ Identity Theft Offerings o Nationwide o The Principal Financial Group o USAA o Liberty Mutual o MetLife  Summary of Insurers’ Identity Theft Offerings  Three Tips for Insurers  Corporate Insight Syndicated Studies & Thought Leadership 3
  4. 4. INTRODUCTION 4 Having personal and credit card data stolen is traumatizing and presents a host of hassles to consumers. As more transactions take place online, opportunities for fraud and identity theft increase. This slide deck highlights the products and educational content related to identity theft available on the public sites of five leading life insurers. It is noteworthy that MetLife and Nationwide are the only firms we track that offer separate, specialty products focused on protecting clients from identity theft.
  6. 6. Liberty Mutual 6  Offers optional Identity Fraud Expense Coverage with its home insurance products. o Coverage can be added to Homeowners policy for $35 or less per year. o Coverage includes up to $15,000 per occurrence and $30,000 per policy period.  Provides educational information on Identity Theft Prevention and Identity Fraud FAQ pages. LIBERTYMUTUAL Liberty Mutual Identity Fraud FAQs Page
  7. 7. MetLife 7  MetLife Defender is a specialty product available for individuals or families. o In addition to identity theft and personal data protection, the policy offers financial data protection health data monitoring and online child safety features.  Their team alerts users of any suspicious activity.  24/7 live experts available to help resolve issues. o Policy provides $5 Million Service Guarantee for any necessary third-party services. o Family plan costs $45.95 a month or $495 a year; Individual plan costs $22.95 a month or $245 a year o Information available on separate microsite with responsive design and colorful graphics.  The firm also offers complimentary Identity Protection Services with Auto and Home coverage.  Educational content is provided on the MetLife public site including a downloadable Identity Theft Protection PDF checklist. METLIFE MetLife Defender How Defender Works Page
  8. 8. Nationwide 8  Nationwide offers a separate Identity Theft Specialty Insurance product. o Identity theft protection hotline for policyholders provides expert assistance in the event of identity or medical theft. o Provides up to $25,000 for expense reimbursement with no deductible. o Optional credit monitoring service (in partnership with Europ Assistance USA and Trans Union) also includes their DataScrambler and PhishBlock services. o Quote Tool link on the product page allows users to be contacted by a local financial professional  Educational content on public site includes a Prevent Identity Theft page that provides advice for consumer protection. NATIONWIDE Nationwide Identity Public Theft Coverage Page
  9. 9. The Principal Financial Group 9  Free Identity Theft Tool Kit included with all group business life insurance plans: o Kit is offered in association with ARAG, a legal services company, and allows users to protect themselves from identity theft as well as restore and reclaim their identity.  Public Identity Theft page offers in-depth information on preventing identity theft, including a table that illustrates risky activities and how to minimize risk. THEPRINCIPALFINANCIALGROUP The Principal Financial Group Public Identity Theft Page
  10. 10. USAA 10  Offers ID Theft Coverage with Renter’s and Homeowners’ Insurance. o Coverage goes up to $5000 (fixed amount that cannot be changed).  Partnered with Experian to provide USAA members discounted monthly rates on CreditCheck Monitoring and ProtectMyID services.  Multiple articles in public Advice Center and USAA News sections offer advice on preventing identity theft. USAA Image From USAA Public Homeowners Insurance Page USAA Public Renters Insurance Comparison Page
  11. 11. SUMMARY OF INSURERS’ IDENTITY THEFT OFFERINGS 11 Liberty Mutual MetLife Nationwide The Principal Financial Group USAA Public Site Contains Easily Accessible Information    Pricing Information Available  (Quote tool link allows users to be contacted.) Offers Exclusive Identity Theft Product(s)   Coverage Available With Other Policy    Site Contains Educational Materials      SUMMARY
  12. 12. THREE TIPS FOR INSURANCE FIRMS 12 #1 Offer Educational Materials All five of the firms featured here offer users with educational materials. The explanations and tips for preventing identity theft are valuable to clients and prospective clients and can also help foster additional trust in the insurer. #2 Use Real-Life Examples None of the firms offered real-life examples, such as the recent data breaches at major retailers like Target and Neiman Marcus, to illustrate the impact of identity theft on average consumers. Firms should use these to position their identity theft products and services as both timely and necessary. #3 Provide Engaging, Easy-to-Understand Site Content Many insurers in our coverage group do not provide easy access to important information – costs, key features, etc. – for their identity theft protection options. The MetLife Defender microsite stands out by offering colorful graphics, detailed policy features and pricing information as well as responsive design on mobile and tablet devices.
  13. 13. CORPORATE INSIGHT SYNDICATED STUDIES 13 CORPORATEINSIGHTSYNDICATEDSTUDIES The Millennial Shift: Financial Services and the Digital Generation With 80 million members, the Millennial generation is the largest in the history of the United States. While this represents a potentially huge opportunity for financial services firms, Millennials also pose a clear challenge to the industry’s traditional marketing strategies and business models. They have different preferences from their Boomer parents, particularly when it comes to financial products, technology and the way they interact with companies. This study will help financial services marketers, product managers and strategists better understand Millennials and identify effective tactics for marketing to and serving these individuals. Release Date: April 2014 | Download Study Preview 2014 Investor Survey Report CI’s 2014 Investor Survey Report examines the relationship between retail investors and their brokerage firms, identifying the Web and mobile features that matter most to different types of investors and have the greatest impact on their overall satisfaction. Our analysis explores the behaviors and preferences of key demographic groups including mass affluent and high net worth investors, mobile brokerage users, active traders and more. This study answers three questions about investors: What do investors consider the most important website and mobile features? What activities do investors perform using their firm's website and mobile app? How can firms improve their offerings to enhance client satisfaction? Release Date: June 2014 | Download Study Preview Next-Generation Investing: Online Startups & the Future of Financial Advice This is the first comprehensive study on the investing- and personal finance-related startups that have emerged in the wake of the financial crisis. The study represents the culmination of nearly two years of research, encompassing over 100 online startups pioneering a wide variety of unique investment ideas. The study offers detailed analysis of ten categories of unique investment products and services. The study features startup profiles with reviews of innovative online startups challenging traditional models of investing and planning. We also offer our analysis of the implications for the industry, which examines the potential impact of these ideas. Release Date: October 2013 | Download Study Preview
  14. 14. CORPORATE INSIGHT THOUGHT LEADERSHIP 14 User Insights Vol. 3: Retirement Plan Websites Disappoint Millennial Participants Our latest User Insights usability study features analysis of the DC plan platforms' UX strengths and weaknesses from the perspective of actual Millennial participants and test results for four leading defined contribution plan providers: Fidelity, J.P., TIAA-CREF and VALIC. Online Communities Across Financial Services: American Express, Bank of America and TIAA-CREF This slide deck examines the design and capabilities offered by each firm’s online community, with a focus on noteworthy site features. We also provide tips for financial services firms looking to improve their online communities. The Complete Bitcoin User Experience: Mining, Exchanges, Wallets and Beyond This study provides a detailed analysis of how Bitcoins are created, traded and stored. The study includes reviews of the top websites and online services driving the Bitcoin marketplace including Slush’s Pool, and Coinbase among others. 2014 Mobile Finance Trends and Innovations This study draws on our ongoing tracking of the industry as well as relevant developments outside of the financial services space. This study includes commentary on mobile developments, key takeaways for financial services firms and thoughts on what’s next for mobile finance. Senior Citizens & Mobile Finance: Design & Support Solutions to Empower the Senior Set Using CI’s user-testing expertise and ongoing mobile finance research, this slide deck highlights specific areas where seniors may struggle with financial services apps and offers design and support solutions that will give this valuable audience the comfort and confidence to engage in mobile finance.