Insurance is meant to mitigate a loss. Whether if it is a home, person, car, or health, very personal data is transferred between the agent, agency, and the insured. The insurance industry is often used as an example for tight regulations at both the state and federal level. With all of the data leaks, ransomware, and other online attacks, targeting businesses with loads of personal information are ideal for hackers.
Last year, the insurance industry received an influx of losses because of several natural disasters like Hurricane Maria and Irma and the ever-changing healthcare system. US property-casualty (P&C) insurers saw underwriting losses more than double, to $5.1 billion, for the first half of 2017 compared with the year before.
Of course, insurers also need to protect themselves and their customers. Since insurers are often the companies that business customers rely on to help them stay in compliance with their own regulations, they have to keep up to uphold their reputation. In an increasingly technological landscape, the insurance industry is leaning towards being paperless. To communicate and protect themselves efficiently, investing in the right IT software will improve their business.
IT software for insurance compliance
No matter what kind of business the insurance company is in, they are likely to deal with some sort of compliance. State insurance departments impart some of the regulation, and the federal government does the rest.
IT software for the insurance industry helps companies avoid being the target of money laundering by following strict customer ID practices. Inflating costs of repairs is easy when someone is not taking a closer look at what needs to be fixed. Money laundering does not require detergent. Jason Bateman can give you a quick lesson if you are not entirely sure as to what it is.
The human factor of any business is likely to cause some errors. We all make mistakes. You want to ensure that we keep the personal data safe whether it is in your organization or if we transfer that information to someone else. In insurance, there are many parties in play such as the agent, insurer, insured, and underwriter. Since personal information is passed on from person to person, you will need to ensure that it does not get into the wrong hands.
GFI EndPointSecurity keeps track of all of the removable devices on your network. You can even create rules which do not allow information to be transferred onto something like a USB flash drive. This type of protection keeps information from leaving the building without your knowledge.
GFI EventsManager takes a step further by monitoring all of the user’s activities, and it can prepare logs for compliance. If you have an employee using a shady website that could potentially lead to data leakage, you can find out who it was and when it happened. There’s always a person in your office who will attempt to cross a line or two if they do not think they will get caught.
Secure archival for insurance documents
A lot like the medical industry, insurance companies are susceptible to needing signed documents. There will probably be a time you will need to fax something to an underwriter that needs to be signed by the insured or somewhere else. With advancements in technology now you can send faxes via email. Yep, no more standing next to a machine to make sure the document went through. With a product like GFI FaxMaker, you can send a fax without a fax machine. Brilliant!
Let’s take it a step further.
A company will need to generate reports of the personal data they have, if it was sent to someone, and, now with GDPR, whether there was a breach. Organizing all of that information for reporting purposes is a pain. But with the right IT software like GFI Archiver or GFI OneConnect, you can archive data to generate reports for whichever reporting entity requires the information.
Network security for the insurance industry
It is not enough that you have to generate reports and monitor activity on your network, but you also have to protect any possible threat from the outside. There are several patch management solutions out there that keep your machines up to date with the latest patches to keep you safe from various threats like GFI LanGuard. Not only that, but you should also invest in antispam and antivirus which is included with GFI OneConnect and Kerio Control.
After reading what is necessary for you to stay protected, you’re probably thinking, “How can I afford all of these solutions to keep my business productive and safe?”
The answer is GFI Unlimited. Access a full library of business-proven network security and communications solutions like the ones mentioned above for one low price per unit. Honestly, the more you use, the more you save. A business uses an average of 14 different types of software to run. Gain peace of mind by getting your network security and communications solutions in one place.