6 Things To Look For When Selecting the Most Secure Insurance Automation Software

In an era when data is the new gold, insurtech companies are at the forefront of harnessing this valuable resource and using it to automate and streamline workflow processes. However, as the saying goes, with great power comes great responsibility.

In today’s digital world, technology must meet trust. That’s why it’s critical for insurance wholesalers and carriers considering insurance automation software to select an insurtech company that takes cybersecurity seriously and has robust measures in place for safeguarding sensitive data.

A cybersecurity report shows that in 2022, the frequency of software supply chain attacks in the insurance industry increased 300% – a number that continues to grow every year. It just makes sense that, when considering insurance automation software, insurers and wholesalers should look for an insurtech company that (at the very least) has the following six cybersecurity controls in place.

Insurance Automation Software Criteria Checklist

  1. A robust data security program. At the very minimum, select a software-as-a-service (SaaS) provider with a SOC 2 Type II compliance certification
  1. Automated software updates and security patches. Staying on top of regular updates helps protect against known and emerging cybersecurity vulnerabilities.
  1. Consistent threat detection. Regular scanning can identify potential vulnerabilities in internal and external systems so companies can respond and remediate vulnerabilities before cybercriminals can exploit them.
  1. Encryption technology. The use of encryption or incorruptible blockchain technology helps keep data and information secure.
  1. Business continuity and incident response plan. The insurtech should have specific protocols in place for how its clients can continue to conduct business in the event of a breach, as well as next steps for mitigating the risk.
  1. Vetting process for third-party vendors. Secure insurtechs will always vet any third-party vendors its clients consider choosing as a service provider, to ensure they are safe business partners.

Takeaway: Insurance Automation Software

Insurance automation software platforms that insurtech companies offer are an incredible resource for taking full advantage of all that today’s technology has to offer. If you’re an insurer or wholesale company shifting key processes to digital channels, keep in mind that the rapidly changing nature of cybercrimes requires working with an insurtech with ongoing and comprehensive safeguards capable of addressing risks and associated losses.

About Surefyre 

Surefyre is a highly configurable insurance automation software platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost anything, from outdated legacy systems to top-of-the-line programs. Our codeless integration platform makes your life easier by automating the submission, rating, quoting and binding processes for all P&C insurance products.

To learn more, contact Shawn Gonzales, adviser and account executive, at sgonzales@surefyre.co or 415-480-9283. 

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Shawn Gonzales
Advisor & Account Executive