The volunteer-led organization announced an information resource for the independent agent distribution channel to improve MFA in agent-facing technology portals. The executive brief provides information and considerations for MFA implementation.
In light of new regulatory standards and shifting market demands, some carrier security teams already are implementing their version or interpretation of MFA. Some are not fully understanding the impact on their agents, especially if every carrier mandates a different solution, the executive brief says. The coming requirement for cyber carriers to mandate MFA for policyholders adds yet another level of confusion.
“While creating value for customers and business partners, every insurance organization must also avoid damage to client relationships, agent relations, operations and brand value,” says Irv Kantar, business manager of ID Federation. “As the basics of security change, carriers and business partners need to remain up to speed.”
More specifically, MFA is an electronic authentication method where an agency user is granted access to a website or application only after accurately presenting two or more pieces of evidence to an authentication mechanism. Also called “two-step authentication,” MFA is an additional component beyond ID and password to create a more secure connection.
Regulatory bodies, such as the New York Department of Financial Services and the National Association of Insurance Commissioners, have released rules in recent months on when MFA must be used in conducting business.
The executive briefing, called “Multi-Factor Authentication for Independent Agencies: A Gathering Storm?” was prepared by ID Federation’s volunteer leaders with experience across the independent agency channel.
SignOn Once implementation can streamline the process to meet regulatory requirements for incorporating MFA. That’s because the agency user needs to provide MFA credentials only once per day when logging into the agency’s management system to access all carriers participating in SignOn Once.
Using the SignOn Once solution is free for agencies.
Insurance carriers and solutions providers can join ID Federation to begin SignOn Once implementation.
About ID Federation
ID Federation is a nonprofit group of volunteer leaders committed to working for the common good of the insurance industry. They include representatives from carriers, technology providers, industry associations and agencies. These volunteers collaborate on critical issues facing our industry that are related to customer experience, workflow efficiency and data security. These experts in technology and business — with legal input as needed — seek to eliminate the legacy processes that have hindered the industry for decades, replacing them with modern technology for ID and password management.