Biometrics, or the measurement and analysis of unique physical or behavioral characteristics as a means of verifying personal identity, is being explored across financial services. The insurance industry is no exception, as carriers work to familiarize themselves with the latest emerging technology that encompasses everything from fingerprints to voice to facial structure.
Donald Light, director of Celent America’s P&C insurance practice, says insurers have some catching up to do compared to banking, technology, and security firms. However, he expects insurance use of biometrics “will grow probably pretty quickly over the next two to three years.” That includes use cases around cybersecurity, ease of access and customer experience.
“With this technology, members can use something they are – like their face or voice – to provide an additional layer of security to verify their identity,” said Gary McAlum, chief security officer at USAA.
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