Customer identity and access management (CIAM) refers to the creation and central administration of online identities of customers within the framework of digital customer interfaces (portals). Insurance companies have been faced with the challenge of creating and managing their customers’ online identities in order to improve the digital customer relationship. A central CIAM integrated into the application landscape can make a valuable contribution here. There are also regulatory aspects that speak in favour of dealing with CIAM as an insurer.
- Digital product contracts for personal insurance policies (term life insurance, for example) require identification due to the German Money Laundering Act.
- Since 2019, access to financial products must be secured with strong authentication (two-factor authentication). CIAM can support both of these aspects.
In general, the topic of CIAM is divided into two components:
1. In the end, the identity describes a customer account that is qualified by a unique identification.
2. Authentication, on the other hand, describes the registration of such an account in the insurer's system (for example, a two-factor authentication, a single sign-on or a social login).