Insurance Biometrics: The Future Of Security And Efficiency

Over the years, many security measures have shown their flaws. ID cards, passwords, keys, signatures and so forth are vulnerable to identity theft, forgery and fraud. However, emerging technologies like biometrics have the potential to ease current security concerns. Biometrics are uniquely human characteristics like fingerprints, voice, DNA, facial structure and blood type to name just a few. This data can be stored, analyzed and used to recognize people much like a password or username uniquely identifies a person logging into a website. So what can biometrics do for us? For one, they can improve efficiency in identifying people and verifying their identity. The biggest advantage to biometrics is that they are inextricably linked and unique to every single person. This makes it much more difficult to forge these identifiers or for them to become separated from their owners (i.e. you would need to pluck your eyes out and remove your fingerprints to invalidate them!). These advanced tools are becoming more affordable and widespread as technology improves, making biometric security and risk management measures increasingly viable to more and more businesses. In particular, observers expect healthcare and insurance to be impacted by the march of biometrics. Let’s take a look at some of the changes in store for us.

Biometrics and Insurance

Your insurance is getting with the times. Insurers are deploying artificial intelligence, leveraging mobile platforms and software, and expanding coverage to keep pace with technological change. Evolving customer preferences for mobile and online are partially responsible for this shift. Criminals and fraudsters aren’t resting on their laurels either. Basically, anything can be hacked these days, making security and privacy a top concern for everyone as technology continues to permeate every aspect of our lives. The increased risk of being hacked has considerable implications for the way we think about insurance. Given recent trends, it’s a safe bet that insurers and businesses will be investing more in security measures. Technology is becoming more cost-effective and accessible and it’s only a matter of time before businesses, professionals and customers from all industries adopt biometrics in their daily lives and operations. Reducing fraud will help insurers offer lower rates to policyholders. Some insurers are now using biometrics to combat billing fraud by preventing people from sharing medical insurance cards which makes it more difficult to assume someone else’s identity. Biometrics can also shut down fraudsters. Remember all those annoying spammers posing as CRA agents? Voice recognition tools will be able to recognize known spammers’ voices and identify potentially fraudulent interactions by analyzing speech. It’s really a new world out there.

Biometrics and healthcare

Biometrics can improve patient identification and record-keeping, and reduce fraud in the healthcare industry. Traditional patient identification means wristbands and barcodes can be lost, stolen, damaged and forged. On the other hand, biometrics are always present with the patient no matter where they go. To identify a patient, all doctors need to do is get a fingerprint or blood sample. They plug the information from the sample into a computer system that stores patient information to instantly identify the person. Biometric identifier systems will also simplify record keeping. Just like physical identification means, records can be lost, stolen, damaged and include incorrect or inaccurate information. Biometrics will provide up to date and consistent medical records for the person across all facilities and streamline treatment. It will become easier moving a person from one facility to another without the hassle that comes with paper records.

Final Thoughts

As more of our business world moves online, the challenges for business owners to protect themselves from cyber-attacks increase. When a cybersecurity breach happens, the right insurance coverage will help you through the uncertainty.

Whether you are in the eCommerce space or running a medical practice, there is never a good time for a cyber attack. But with the proper insurance, you can get back to what you do best: running your business. The Shepherd Group offers Cyber Liability Insurance for your business. Reach out to our team and start protecting your company and your clients today.