Imagine suffering a massive data breach resulting in the public exposure of millions of policyholders’ personal data. For many insurance companies, this has been a reality. Legacy identity management systems are often unable to keep up with modern business, but migrating to a modern platform can be daunting.
Here are 5 strategies to help insurance companies tackle common challenges and get identity security right.
1 – Modernize legacy platforms to help improve identity security and management.
- Consolidate identities for centralized security and management
- Obtain visibility into access across the organization
- Make continuous improvements in compliance and cybersecurity
84% of breaches organizations are experiencing are identity related.1
- 1. Source: Identity Defined Security Alliance report. Cited in 2022 Trends in Securing Digital Identities, https://www.idsalliance.org/white-paper/2022-trends-in-securing-digital-identities/
2 – Automate cumbersome compliance processes and audit requirements.
- Eliminate spreadsheets and certification fatigue
- Decrease business disruption resulting from compliance processes
- Reduce compliance and audit costs
50% of responding insurance companies have not yet adopted identity capabilities at scale.2
- 2. Source: 2 Horizons of Identity security, SailPoint, 2022. https://www.sailpoint.com/identity-library/horizons-of-identity-security/
3 – Leverage AI to help increase the return on your identity program investments.
- Automate the discovery, management, and control of each user’s access
- Make faster, more informed access decisions
- Spot and respond to potential threats
4 – Leverage out-of-the-box integrations to help accelerate new market entry and product development.
- Embed identity context across the environment
- Centrally control access to IT assets for each identity type
- Onboard new applications with ease
80% of financial services professionals agree that insurers will invest in innovation at a faster pace than what they experienced in the last decade.3
- 4. https://www.pwc.com/gx/en/financial-services/fs-2025/pwc-insurance2025.pdf
5 – Establish cross-functional alignment to help prevent risk and fraud losses across the business.
- Educate executives on how an identity security platform benefits them
- Empower every user to help reduce identity security risk
As one of the leading providers of identity security for the insurance industry, SailPoint and PwC empower agencies to put identity security at the core of their organization. PwC can help reduce the time and cost needed to achieve the benefits of a modern identity security platform alongside the business benefits of core system transformation. Through the power of AI-driven identity security, SailPoint can help you save time over manual processes and more effectively secures access to insurance applications and data.
Learn more at www.sailpoint.com/partners/pwc
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