The Insurance industry is chock-full of personal data ripe for picking. Whether it’s health, auto, life, homeowners, or any other niche, clients and customers are entrusting you with their most personal of information. They’re also expecting individualized attention and comprehensive solutions, which are primarily formed using that very information. Knowing this, many prospective customers contact insurance agencies as they’re able to provide “one stop shopping,” ideally saving time and frustration. But what if you, the agency, in an attempt to streamline the customer experience, find your efforts stymied by excessive logins, password resets, and subsequent help desk tickets?
Supporting multiple insurance carriers is only as manageable as the logins that are used to access them. Estee Pinheiro of Shapiro Insurance Group knows this all too well. Prior to integrating RoboForm into her company, Pinheiro and her colleagues kept track of passwords using an Excel spreadsheet. Multiple people accessing the same spreadsheet, led to passwords being saved over one another, subsequently causing system lockouts. “We were also dependent on everyone to update the sheet as they made changes, but with the overwhelming number of phone calls that we get on a daily basis, it often slipped the employee’s mind and the password wouldn’t get updated on the sheet at all,” Pinheiro said.
According to the Gartner Group, between 20% to 50% of all help desk calls are for password resets. Time spent waiting for password resets is time that could otherwise be dedicated to providing individualized customer care. Making matters worse, the larger the agency, the greater the number of password reset requests. Pinheiro’s company has over 100 employees and 14 different offices.
“It was very time consuming trying to figure out where the temporarily password or reset was e-mailed to. In the meantime, several other people requested resets as well, so by the time someone received the e-mail they were looking for, it was no longer valid. Another time-consuming issue that we had was that we needed to change passwords every time we let go of an employee because some people knew a lot of the login information by heart. This just caused many more lock-outs.”
Password resets are also expensive. Forrester Research reports that the average help desk labor cost for a single password reset is about $70. This average does not include the costs associated with loss of productivity. Chief Technology Officer, of La Familia Insurance, witnessed how password resets were negatively affecting her company. By adopting RoboForm as their password management solution, Manji’s company successfully reduce lockouts due to erroneous password entry. “The productivity of our agents increased as well [as security] since we spent less time dealing with password resets,” Manji said.
RoboForm for Business directly confronts the difficulty of managing multiple agency/company logins. As learned by both Manji and Pinheiro, Excel is not a feasible solution for tracking passwords. RoboForm organizes passwords, making them readily available when needed, eliminating spreadsheets or memorization. Pinheiro’s company labeled each RoboForm login with the name of the company. By doing so, employees could juggle multiple logins all centrally located while switching from one to another with a single click.
Additionally, RoboForm eliminates password reset requests, saving time and money while streamlining the client experience. According to Manji, one of the biggest obstacles for his company was the potential security implications associated with employee turnover. RoboForm’s Centralized Management allows company admins to reset or revoke credentials. Role based permission levels can be assigned to easily meet your business’s specific needs and security standards. This means Logins can be shared in a way that prevents the recipient from ever seeing or knowing the password(s) that have been shared.
IBM’s X Force reported that the financial industry is the targeted by 65% more cyber-attacks than the average business. The Ponemon Institute’s 2017 Cost of Data Breach Study asserts that due to the intensity of compliance and regulations, “Heavily regulated industries such as healthcare, education and financial organizations have a per capita data breach cost substantially higher than the overall mean of $141.” Attacks on the insurance industry can result in significant damages such as fines, legal fees, and fraud monitoring costs. Subsequently, loss of trust leads to brand damage. Nefarious actors often sell personal data on the black market or even use it to commit fraud for financial gain.
RoboForm provides complete data protection. Each user has their own Master Password which is known only to them, but which can be easily reset in cases of forgetfulness or mandatory updates. Minimal Master Password complexities can be easily enforced, as with two-step authentication, and all data is encrypted at all stages using AES256 bit encryption with PBKDF2. Admins can also generate reports based on data access and account admins can evaluate security scores of individual users.
When working in an industry that thrives on the ability to juggle multiple accounts and loads of personal data, risks must be managed as effectively as time. RoboForm For Business provides the level of organization and security that your insurance agency or company demands. Implementing RoboForm is a practical and proven solution that’ll save you time and money, while mitigating the likelihood of data loss and potential damage. See how RoboForm can enhance your business by starting a free trial today.