Could ID insurance become a real growth market in the 2020s? Maybe so, as more public sector departments and companies working with them, demand verified ID for housing, work, travel, healthcare access and more. Here’s the word;
UK consumers may soon obtain digital identity theft insurance to protect themselves from online threats and risks, thanks to new solutions from the insurance company Wallife. Wallife’s insurance policies, soon to be available in the UK, protect and compensate users if their digital identities are compromised, for example if their social media or financial savings are accessed illegally.
New risks deriving from technological innovation are becoming more prevalent as people go online, as technology develops, and as criminals become more sophisticated. Wallife’s digital identity solutions are the first services available to protect UK consumers from those new digital threats with an individual behavioural signature, which establishes whether a device user is the real owner or an imposter.
Wallife Chief Growth Officer Bruno Ferreira said: “In Western Europe, around 1 in 3 people have had their digital identities attacked in some way – whether that’s their social media profiles or emails being hacked, or their financial accounts being attacked. But to date, there have been no insurance products to protect affected consumers and help them get back on their feet. Considering how much of our lives are now lived online, it’s a huge gap in the market that isn’t being served by existing insurance providers.”
SMARTPHONE PAYMENTSWallife Biometrics ID is an insurance product, soon to be available in the UK, that protects an individual’s digital identity in the event of fraudulent use from their smartphone of online bank accounts, digital payments methods and social accounts. As smartphone payment gradually replaces cash or bank cards, protecting your ID becomes more important.
Users can choose the policy that best suits their needs from four different plans: Wallet Smart, Wallet Classic and Wallet Premium for the protection of their online payment accounts, and Social for the protection of their social accounts.
For each plan the user can choose the number of smartphones they wish to insure, up to a maximum of 20 smartphones in total. They can also insure smartphones not owned by them or used by others, such as partners, children, friends and colleagues. The Wallife App protects their digital identity, mitigating the risk of personal data being stolen from their smartphone.
Through the services included in their policy, users can safely surf online and check the reliability of links, documents and QR codes to reduce the risk of phishing. The App also detects fraudulent users through an individual behavioural signature, which establishes whether a device user is the real owner or an imposter by analysing typical use and highlighting anomalies, and screens device, application and connection security. The App also features a quiz on digital protection with rewards for the players, adding an element of gamification and making it more interactive and enjoyable for users.
If a customer is affected, their policy compensates them for damages suffered. Customers receive guaranteed reimbursement (in the case of claims for financial loss), technical assistance for software malfunctions and data recovery, social protection (in cyberbullying cases), legal protection, and protection for other devices they hold.
Mr Ferreira said: “The UK is one of the world’s leading digital economies, and its population develops and adopts new online technologies and products very quickly. As a result, British people are more at risk from the new, emerging threats that arise from innovation than many other groups, which is why we’re keen to offer them digital identity theft insurance and peace of mind.”