At today's Camelot Executive Breakfast, we debated how to balance providing the best customer experience with optimising fraud controls.
The key takeaways:
➡️ Industrialised phishing, ransomware and “fraud-as-a-service” are democratising cyber threats, raising the stakes for businesses trying to deliver seamless customer journeys and straight through processing efficiencies. #CyberSecurity #FraudPrevention
➡️ During our executive roundtable, we explored the growing sophistication of attacks—like bots that can outpace human efforts and discussed how these threats are impacting industries like insurance, and where insurance can learn from other sectors. One key takeaway: frictionless doesn’t always equal better. Instead, “desirable friction” is the real goal. This might include adaptive, risk-based customer or third party authentication that responds dynamically to risk signals such as device security, location, and behavioural patterns. #InsuranceInnovation
➡️ We also touched on how intermediated carriers need to assess risks within their broker networks, and while digital channels often seem more secure, traditional ones—like phone-based claims reporting—remain vulnerable.
➡️ It was clear that invisible security needs to be designed in from the beginning of the customer journey to the end, not added as an afterthought. Our conversation only underscored that risk-based security strategies, while sometimes deprioritised due to development constraints, are essential to building trust at scale. #RiskManagement
➡️ The question remains: are insurers deploying risk based friction that is both functional and customer-friendly? #CustomerExperience
Matt Gilham, Camelot’s moderator said “This was a lively debate, with sometimes contrasting views across assembled leaders across insurer digital, customer, information security and fraud functions. But it’s clear that opportunities exist for insurers with the appetite and desire to win at both customer experience and cyber and fraud risk mitigation”.
Missed the Exec Breakfast? Join us at a future Camelot Round Table - contact David Clamp for details.
Huge thank you to Ping Identity for sponsoring this insightful event and thanks also to the Camelot Experts who skillfully facilitated the round table discussion.
Matt Gilham Stephen Walker MBA ACII Paul O'Carroll Rob Otto
#fraud #insurance #londonmarket #camelotevents
