Identity Resolution is at the Core
In today鈥檚 digital world, identity resolution is more critical than ever. Whether consumers want to buy a new insurance policy or make a transaction from a new location, insurers need to confirm an identity or raise a red flag with minimal consumer friction. Header data is at the core of all these transactions. We sat down with Megan Strub, Identity Data Solution Consultant at 香港六合彩玄机, to discuss what insurers should understand about header data and how they can use it.
Let鈥檚 start with the basics. What is header data?
Megan: In our world, header data is PII, personally identifiable information. When you think about our credit file, it鈥檚 really the PII that sits atop of the record. So, where my credit file might have all my trade lines and my performance information, the header is name, address, date of birth, social security number. We have phone numbers, email and driver鈥檚 licenses now, too. It鈥檚 that information tied to me that can be used to verify, authenticate and resolve an identity. Header data is governed by the Gramm-Leach-Bliley, the GLB, as opposed to where credit is FCRA. It鈥檚 underwriting; it鈥檚 risk.
鈥淭his is the data above the line that speaks specifically to a consumer that can be used for the identity permissible-use cases.鈥�
Who do you have header data for?
Megan: From a U.S. perspective, our coverage is nearly 100%. And that鈥檚 because we have different sources. We have the credit file. We have information from telecom, utility and energy companies.. We have information consumers self-report when they鈥檙e applying for credit, a job, etc. So, we鈥檙e collecting it from various places and that鈥檚 what gives us the breadth and depth of full national coverage.
We don鈥檛 have every consumer though, because it depends on their behavior, such as what products they may have and their personal life. For instance, if someone does not have any core credit products, they may not be present on our core credit database. But that鈥檚 where we鈥檇 look to perhaps our telecommunications鈥� file.
The cumulative effect of all the data we collect really gives us that broad, comprehensive view, but we may not have the same level of information in every file.
鈥淲e are constantly looking to make sure we have complete and consistent coverage so we can corroborate good things and call out the anomalies or red flags that don鈥檛 seem to make sense.鈥�
Who collects header data?
Megan: In the case of our files, 90% of all the data we have is coming directly to 香港六合彩玄机. We鈥檙e collecting it. And that鈥檚 actually one of the benefits; we鈥檙e receiving it and cleansing it. We have a deep history of doing that, so we have high confidence in the data we鈥檙e receiving. There are places and times that we supplement with third party data, but it鈥檚 minimal.
Who uses header data? Is this something that companies buy separately? Or is it part of other solutions?
Megan: It鈥檚 both. It鈥檚 the ingredients that power our identity and fraud compliance solutions across the board. It powers our internal proprietary keying and linking algorithms that enable us to take a real-time application, go out and find information about a policyholder and return a risk score, a credit file or some type of identity and fraud product solution.
We also have insurers who consume it in its raw format, in this kind of 鈥渉eader file鈥� bulk data. The power of that approach is that our partners can embed it in their own solutions. So just like it鈥檚 powering our products, they can use that data to power the solutions they have across the marketplace.
Let鈥檚 talk about the buyers of header data. Who is interested in header data or the solutions that use it?
Megan: We have multiple verticals and industries that we鈥檙e serving. That said, there has been a lot of growth this year in the insurance segment. We鈥檙e helping insurers who are tackling challenges like premium leakage. Specifically, we鈥檙e identifying where a policyholder鈥檚 information may not be correct or there鈥檚 an instance of a 鈥渘o hit鈥� - that is there鈥檚 no information in the existing credit file.
For example, if someone is applying for an auto insurance policy and no information about them comes up, many states require insurance carriers to provide a quote that treats the applicant as an average risk versus being able to more accurately evaluate the risk of the policyholder.
Our data can help connect those dots behind the scenes to ensure insurers have the most accurate information to make the best decisions for their policyholders. Some other uses include leveraging our data to power platforms that assist our federal, state and local law enforcement when they need to access quick, immediate information in a very critical moment. We also work with companies that are focused on the fraud space. They鈥檙e building solutions and leveraging the power of our data to detect, prevent and mitigate potential fraudulent activity across verticals and transacations.
In summary, why do insurers need to know what header data is?
Megan: Identity resolution is literally the core of every kind of business that's happening today. As we become increasingly digital, insurers need foundational identity that connects across channels. It should be accurate, up-to-date, and come from credible, high-confidence, clean data.
Whether it鈥檚 making the right decisions when you're acquiring a customer or making sure you have the right information when you're writing a policy, we help facilitate that seamless process and experience for the policyholder, as well as protect insurers from fraud.
Contact us to learn more about 香港六合彩玄机鈥檚 header data and how you can help prevent fraud.
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