As sophisticated "bad bot" attacks become more
prevalent, U.S. auto insurers must evolve their approaches to
differentiate between humans, good bots and bad bots, and manage
good traffic at point of quote
Key takeaways
- LexisNexis® Risk Solutions announces the launch of
ThreatMetrix® for Insurance Quotes to help U.S. auto insurers
differentiate between the rise in malicious bot attacks and
legitimate human queries at point of quote without adding friction
to the consumer experience.
- ThreatMetrix for Insurance Quotes includes a crowdsourced
repository of 100 billion global digital transactions that can
identify and help mitigate bots in near real-time, leveraging the
strength of the LexisNexis® Digital Identity® Network.
- In 2023, the percentage of consumers who purchased insurance
online was 25%, up from 24% the year prior, with consumers
between the ages of 18-29 purchasing insurance online at the
highest clip of 54%i. As more consumers transition
to digital interactions with insurers, the threat of bot attacks
could continue to grow.
- The rise of AI – a double-edged sword: The technologies
generative AI has spawned provide a variety of innovations for
legitimate applications and criminal applications.
ATLANTA, June 11,
2024 /PRNewswire/ -- LexisNexis® Risk Solutions, a
leading data, analytics and technology provider, today announced
the launch of ThreatMetrix® for Insurance Quotes to help U.S.
insurers and consumers better combat the rise in cybercrime that
continues to plague a number of sectors, including the auto
insurance industry. Digital fraud attack rates
recorded in the LexisNexis® Digital Identity Network® platform
continued climbing in 2023, increasing 43% year-over-year in
North America, maintaining a
trajectory first noted in the LexisNexis® Risk Solutions Cybercrime
Report 2022ii.
Through the use of ThreatMetrix for Insurance Quotes, insurers
can now:
- Quickly assess if a transaction is a bot or legitimate consumer
seeking a quote for auto insurance.
- Evaluate the devices visiting insurers' websites without adding
friction to the consumer experience.
- Identify data-harvesting bot attacks and protect consumers'
personal data.
"ThreatMetrix for Insurance Quotes gives insurers the ability to
better assess the risk of bot activity for each digital transaction
in real time, returning an easy-to-use bot risk score and
thresholds that each insurer can customize based on their own risk
tolerance, then order LexisNexis® Auto Data Prefill with
confidence that they are delivering an efficient quoting experience
for the consumer," said Kim Brown,
associate vice president of product management, insurance,
LexisNexis Risk Solutions. "We know that bot attacks are becoming
more sophisticated by the day. With consumers increasingly shopping
for and purchasing insurance online, insurers who integrate
ThreatMetrix for Insurance Quotes in the face of these
ever-changing risks can enhance their detection management systems
to help their organizations protect consumers and reduce friction
during the auto quoting process, while better safeguarding
themselves against costly data breaches. And with the evolving
nature of these bot attacks, ongoing updates from
ThreatMetrix based on what we are seeing in the market can
help U.S. insurers stay one step ahead of the bad guys."
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data,
sophisticated analytics platforms and technology solutions to
provide insights that help businesses across multiple industries
and governmental entities reduce risk and improve decisions to
benefit people around the globe. Headquartered in
metro Atlanta, Georgia, we
have offices throughout the world and are part of RELX (LSE:
REL/NYSE: RELX, a global provider of information-based
analytics and decision tools for professional and business
customers. For more information, please
visit www.risk.lexisnexis.com, and www.relx.com.
Media Contacts:
Chas
Strong
LexisNexis Risk Solutions
Phone: +1.706.714.7083
Charles.Strong@lexisnexisrisk.com
Dean Carney
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5607
Dcarney@brodeur.com
i Statista Report: Share of US consumers who
bought insurance online in 2023, by age. August 2023
ii LexisNexis Cybercrime Report
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SOURCE LexisNexis Risk Solutions