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One of the most discussed directions for the insurance industry is for carriers to expand on their traditional indemnity product to add services with a dimension of loss prevention. Generali Global Assistance’s (GGA) new Iris OnWatch identity protection is an example of such services that insurers can secure for their policyholders through a third party. Iris OnWatch represents an enhancement of existing identity protection capabilities that Generali—a Bethesda, Md.-based subsidiary of Generali Group (Trieste, Italy)—provides to insurers and other industries who in turn offer to policyholders, employers and their employees.
GGA describes Iris OnWatch as a comprehensive identity protection platform that minimizes the risk and consequences of identity theft through a single, easy-to-use online dashboard. The company emphasizes the solution’s design on what it calls the four pillars of identity protection: prevention, monitoring, alerts and resolution.
Among GGA’s clients are major Fortune 500 companies, two of the top five U.S. auto insurers, and other large general insurers, according to Paige Schaffer, President and COO of GGA’s Identity and Digital Protection Services Global Unit.
Iris OnWatch offering incorporates a bundle of features: Identity monitoring and alerts on the deep and dark webs; Credit monitoring, alerts, scores and reports – both single and 3 bureau; Online data protection (anti-keystroke logging and anti-phishing software; $1 million Identity Protection Insurance (if victimized covers lost wages, legal fees and other out of pocket costs); and GGA’s award-winning resolution support center if victimized.
Insurers Can Choose Any Combination
“Our insurance clients can choose any combination of the above features to offer to their customers or employees,” Schaffer comments. “They can elect to include insurance or not. Most include it, as it’s a specialized insurance and only a handful of insurers underwrite this type of policy.”
Insurers sometimes bundle Iris OnWatch services with homeowners’ policies, and some are sold as an added service to complement all other insurance offerings of a particular carrier to their customers, according to Schaffer. Some of the services are sold as employee benefits for the employees of a given insurance company.