In the digital age, insurance companies are increasingly relying on technology to manage their operations, but this has led to an increase in the number of cyber attacks and data breaches. The insurance sector is rethinking its security strategies to embrace the next phase of digital disruption. To ensure the security of their digital platforms, insurance companies are implementing robust cybersecurity measures. This includes the use of encryption and secure authentication methods to protect data in transit, as well as the use of firewalls and intrusion detection systems to prevent unauthorized access to their networks.
Additionally, regular security audits and vulnerability assessments can help identify potential weaknesses in the system and allow for prompt redressal. The key focus area of the CISO of an insurance company is to improve digital trust by protecting sensitive customer data and enabling fool-proof operations to improve customer engagement.
In an exclusive interaction with CORE Media, Kiran Belsekar, Senior Vice President and Chief Information Security Officer (CISO) & IT Governance, Aegon Life Insurance, shared his views on how the digitally interconnected world has brought significant changes in the insurance industry, and as a chief information security officer, how he manages to navigate complex regulatory frameworks related to data privacy and security.
“As a Digital-Only Life Insurance company, we understand the importance of digital trust in today's world. We want to assure our customers and partners that their privacy and security are paramount to us. We have a digital-native multi-cloud environment with Work from Anywhere (WFA) options for employees. We are committed to continually improving digital trust by providing the security of customer information,” he explained.
Aegon Life is now an ISO 27001-certified company that provides assurance of the security of customer information. It also provides reassurance that their Tech & InfoSec platform and processes are state-of-the-art and benchmarked to global standards. “This certification brings improved security, better compliance, competitive advantage, increased risk management, more trust, and increased customer confidence. This achievement is just the beginning, and we will continue to work towards maintaining the highest standards of Information Security and Privacy,” added Belsekar.
It has been observed that insurers can develop and introduce new products more quickly and achieve faster time-to-market by deploying a cloud-based architecture. Speaking about the company’s cloud journey, Belsekar said, “We have also Cloudfied the Tech & Security Operations, which enable the Work from Anywhere approach, launch new products faster, scale its infrastructure on demand, improve the resiliency of its services, and improve its security posture by better detection, prevention, and automation capabilities, which are essential for business success. Overall, the Cloudify journey helped Aegon Life become a more agile and efficient organization, better able to meet the needs of its customers, partners, and employees.”
With the rise of digital technologies, insurance companies are increasingly relying on digital platforms to manage their operations, connect with customers, and provide services. One of the most significant benefits of the digitally interconnected world for the insurance industry is the ability to collect and analyze large amounts of data. Insurance companies can use data analytics and machine learning algorithms to identify patterns and trends in customer behavior, assess risk, and make more informed decisions about underwriting and pricing policies.
“Aegon Life Insurance has moved its operations to a new digital platform, making buying policies seamless and straightforward. We have adopted a ‘Pure Digital 2.0’ strategy at Aegon Life, entirely AI-driven, with a vision of financially securing every Indian household. Customers are also becoming more aware of their data and the importance of its security. Establishing digital trust among customers and partners becomes very crucial in this journey of digital transformation. We want to provide confidence to our existing and prospective customers with this announcement,” concluded Belsekar.
Summary
Digital technologies have made it easier for insurance companies to connect with customers and provide personalized services. For example, customers can now purchase insurance policies, file claims, and receive updates on the status of their claims through mobile apps and online portals. However, the increased reliance on digital platforms has also introduced new risks and challenges. Thus, to succeed in the digital age, insurance companies must ensure the security of their digital systems.
