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. KEEPING LIFE INSURANCE CLIENTS SAFE ONLINE
AUTHOR: IAN M LUNDAHL
FEBRUARY 2013
Corporateinsight.com | Blog | Twitter | LinkedIn | Facebook | SlideShare | Google+
LOGIN SECURITY PRACTICES
ABOUT CORPORATE INSIGHT
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Connect With Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s
leading financial institutions. For over 20 years, the firm has tracked technological developments
in the financial services industry, identifying best practices in online banking and investing, online
insurance, mobile finance, active trading platforms, social media and other emerging areas. There
are no assumptions in Corporate Insight’s work – we use live accounts at all of the firms we
research, providing our clients with unparalleled, unbiased intelligence on the competition.
For additional information on Corporate Insight, please visit www.corporateinsight.com/about-us.
Chase Marshall
Director – Business Development
212-832-2002 x-140
Ian Lundahl
Senior Analyst – Life Insurance
Monitor
212-832-2002 x-101
TABLE OF CONTENTS
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Introduction
Key Findings
Login Security Best Practices
Recommendations
About Corporate Insight
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ABOUT LIFE INSURANCE MONITOR
Life Insurance Monitor focuses on the online and offline user experience leading life insurers offer prospects, clients and advisors. Using actual life insurance policies and authentic advisor website access, our subscription research service goes beyond the public website to give you a unique, first-hand look at the online resources, account documents and sales materials competitors provide to their clients and financial advisors.
Life Insurance Monitor Subscription Deliverables
Life Insurance Monitor subscriptions are company-wide. A single subscription makes the service available to all employees without seat licenses or restrictions. The service includes a variety of deliverables that collectively provide a comprehensive look at the online experience being offered by your competitors and other leading insurers:
Monthly Research Reports – In-depth reports that focus on key aspects of the online prospect, client and advisor user experience, account documents, life insurance industry trends and more. Reports include:
Detailed reviews of each Life Insurance Monitor firm
Key findings and best practice analysis to help improve your company’s offerings
Handy matrix summarizing your competitors’ offerings
Bi-Weekly Updates – Comprehensive review of changes and additions to competitor public, client and advisor websites.
Client & Advisor Website Videos – Go behind-the-login and take a first-hand look at the online resources being offered to clients and advisors by your competitors.
Client & Advisor Collateral Materials – All materials and communications that we receive are available for subscribers to view or download online. This includes account statements, newsletters, marketing pieces, disclosure documents and email communications. Competitor Summary Matrices – Breakdown of the key client and advisor website features offered by all Life Insurance Monitor firms. Analyst Support – Personalized research support from our experienced Life Insurance Monitor team
INTRODUCTION
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BACKGROUND
This presentation is based on research from our recent Life Insurance Monitor report – Client Login Access: Private Site Login Security Processes. The report focuses on client login security across the life insurance industry.
Inside, we will take a high-level look at the key findings from the report, highlight login security best practices from industry leading firms and offer recommendations for improving your firm’s login security.
FIRMS COVERED IN REPORT
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Our full Life Insurance Monitor coverage group features 14 firms
Twelve of the fourteen firms were covered in this report
o AXA Equitable
o Genworth Financial
o The Hartford
o John Hancock
o Liberty Mutual
o Lincoln Financial
o MassMutual
o MetLife
o Nationwide
o New York Life
o Northwestern Mutual
o Pacific Life
o Prudential
o USAA
KEY REVIEW CRITERIA
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Accessibility
o Public homepage login field
o Standalone pages for logging on
Username and Password Requirements
o Maximum/minimum characters
o Special characters, numbers, letters, combinations, etc.
Login Security Features and Account Services
o Additional login criteria (PIN, etc.)
o Page/site authentication
o Security updates behind the login
KEY FINDINGS FROM THE REPORT
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INSURERS OFFER BASIC SECURITY OPTIONS
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Username and password requirements are stringent
Combinations of case-sensitive letters and numbers are effectively utilized
Majority of firms provide password and username retrieval
SEAMLESS LOGIN PROCESS
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Eight firms display login fields on the public homepage
Three firms utilize a standalone login page
LACK OF ADVANCED SECURITY FEATURES
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USAA is the only firm utilizing multi-factor authentication
Security questions, image recognition and computer verification are absent
LOGIN MANAGEMENT BEHIND THE LOGIN
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Password and security question updates are most commonly offered services
Username updates require the user to re-register or contact the firm by phone
LOGIN SECURITY BEST PRACTICES
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USAA
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Access provided from a universal top menu on the public homepage.
PIN required for login verification.
Three advanced options available to clients; clearly outlined on a help page online.
NATIONWIDE
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Login field presented on the public homepage with dropdown menu for account selection.
Private site allows client to update and change information online.
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Expandable customer login bottom offers direct access to the public homepage.
First time registrants are offered a link to the three-step eService registration page.
Special characters are allowed in passwords.
LIBERTY MUTUAL
RECOMMENDATIONS
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FOUR RECOMMENDATIONS FOR IMPROVEMENT
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1. Allow clients and advisors to log in from a universal login field directly on the homepage.
2. Utilize multi-factor authentication to bolster login security.
3. Implement stringent character requirements for usernames and passwords.
4. Make it easy to reset and change login information online.
ABOUT CORPORATE INSIGHT
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Corporate Insight provides competitive intelligence and user experience research to the nation's
leading financial institutions. For over 20 years, Corporate Insight has tracked new developments
in the financial services industry through our syndicated Monitor research and consulting
services. We are known for our detailed, objective research, unmatched expertise, and emphasis
on the actual user experience. There are no assumptions in Corporate Insight’s work – we use
live accounts at the firms we track to benchmark their effectiveness across all major channels
and give our clients unparalleled competitive intelligence.
Corporate Insight is continuously tracking and identifying best practices in online banking and
investing, retirement, asset management, insurance, mobile finance, active trading platforms,
social media and other emerging areas. In the process, we have helped our clients -- which cover
the entire spectrum of the financial services industry -- to stay on top of industry trends and
improve their competitive position.
Our intelligence services are utilized by over 70% of the financial services firms on the Fortune
500. Our research and analysts are frequently cited in financial media outlets such as The Wall
Street Journal, Barron’s, Bloomberg, CNBC, Forbes and Financial Times and news publications
like the Associated Press, New York Times, Newsweek, TIME and USA Today.
CONTACT US
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Ian Lundahl
Senior Analyst – Life Insurance Monitor
212-832-2002 x-101
Chase Marshall
Director – Business Development
212-832-2002 x-140
