Insurance companies achieve regulatory compliance
Insurance companies depend on complex information sharing. Insurance agents and their agents, corporate clients, their employees and owned entities, claims ajusters and administrators all need access sensitive data. Many identities, many access points, and strict regulations regarding the privacy of clients and the financial solvency of the company, create an authorization challenge.
Delegation along authorization chains
Along with a complex chain of identities, insurance companies manage a complex chain of delegated authorizations. An agent working on behalf of an insurance company handles insurance details on behalf of a client. The agent of the agent does the same as does the agent of the agent's agent, and so on. Exactly who is allowed to do what on behalf of whom depends on a complex chain of agreements and contracts.
The information managed is sensitive to the insured party, be it an individual or a legal entity, thus privacy is a serious concern. The services offered are subject to regulations and financial supervisory authority audits, thus regulatory compliance is a serious concern.
Insurance companies therefore need to look at ways to duly authorize and secure the privacy of the many identities they maintain, which is where Attribute Based Access Control (ABAC) based on the XACML standard is ideal.
Insurances going online
Access control is a core discipline within the insurance industry. If the process of delegating authorizations does not work smoothly, an insurer is unable to deliver its services in time. This is proving to be more and more difficult as, with increasing competition and customer expectations with regard to online services, the magnitude of authorization issues to be managed is becoming overwhelming. For the insurance industry, conventional Identity & Management offerings are simply too limiting. With context-aware and dynamic access control technologies however, it's possible to offer a rich array of secure online services and thus gain a competitive advantage.
At the core - claims processing
The insurance business is special. Paying customers hope never having to make use of what they are paying for, unless they have an unfortunate accident. Processing claims of victims is therefore a core business process that involves an intricate sequence of administration and communication. Segregation of duties (SoD) is a serious concern to avoid financial fraud risks. The process may include both internal and external experts and a sequence of financial bookings and payments. Security and efficiency in related business processes offers a competitive advantage.
Again, this is why insurance companies look at Attribute Based Access Control (ABAC) and XACML to meet the competition in the next generation of financial services offered by the industry.
Axiomatics ensuring regulatory compliance for insurance companies
Verified and proven compliance with privacy regulations as well as with Solvency II and other governance mandates represent an authorization challenge that simply cannot be met with traditional, static access control models if you consider these advanced information sharing scenarios. Extensible authorization from Axiomatics helps insurance companies meet their new life-long challenges while satisfying their auditors and regulators.