- Information Security Key to Success and Customer Confidence for Insurtechs Like LifeQuotes
- April 24, 2017
SOC 2 is a certification established by the American Institute of Certified Public Accountants (AICPA) to evaluate companies regarding their Trust Services Principles and Criteria. The process involves testing companies for security, availability, processing integrity, confidentiality and the privacy of their data management systems. It’s become an industry standard for cloud-based technology companies and the certification is held by such tech heavy-hitters as Amazon Web Services and Google, and it validates the security of their infrastructure and practices.
Now Lifequotes.com has undergone an in-depth assessment – by a third-party auditor – which confirms the insurtech pioneer’s adherence and compliance with this lofty standard.
The process, which requires comprehensive, written documentation of information security policies and procedures – in addition to a technology examination that proves a company’s ability to maintain these standards over time – is among the most exhaustive in technology.
LifeQuotes.com, the premier online life insurance exchange which offers instant quotes from 50 leading life insurance companies, is now The SOC 2 Audit compliant, and that means consumers can rest assure their data is protected throughout the quote process via a set of bulletproof information security measures built for today’s demanding marketplace requirements.
“LifeQuotes.com is well-positioned in today’s rapidly-changing online insurance landscape. An exciting digital upheaval and modernization is underway in the life insurance marketplace. Achieving the coveted SOC 2 – Type II Audit is one way that we’re positioning our company to participate in additional strategic marketing partnerships in which trust, customer privacy and controls are paramount,” says Robert Bland, CEO of Lifequotes.com and ConsumerInsuranceGuide.com.
LifeQuotes.com has designed – and brought to market an online – a cutting edge paperless life insurance quotation and policy placement platform which affords consumers maximum savings with a minimum time commitment. The Company also operates co-branded, online life insurance exchanges on behalf of other organizations and institutions that have
According to Bland, Lifequotes.com also operates co-branded, online life insurance exchanges on behalf of other organizations and institutions which boast large customer or membership bases.
Rob Goss, executive vice president of Lifequotes.com, says this most recent data security achievement is a lynchpin of efforts to protect customers and streamline the online life insurance quote process.
“It’s gratifying to achieve the rigorous SOC 2 – Type II audit at the same time as we continue to enhance our digital offerings to accommodate an increasing number of customers who want to buy online,” Goss said. “An online life insurance purchase is at the fintech intersection of selection, speed and convenience. Our culture has always been to move thoroughly to address control issues, starting with the convenience of anonymous quoting.”
Privately-held, the online insurance pioneer LifeQuotes.com has delivered more than 335,000 policies to satisfied customers across the nation. The company developed and brought to market the ability to buy term life insurance online in 2001, and it also provides co-branded online life insurance and fulfillment platforms for banks, credit unions, affinity groups and trade associations.
The company’s proprietary technology provides instant quotes and illustrations from up to 50 leading life insurers to enable customers to take full advantage of a lightning-fast, paperless online life insurance purchase process.
The SOC 2 framework includes five key sections, forming a set of criteria called the Trust Services Principles:
1. The security of the service provider’s system.
2. The processing integrity of this system.
3. The availability of this system.
4. The privacy of personal information that the service provider collects, retains, uses, discloses and disposes of for user entities.
5. The confidentiality of the information that the service provider’s system processes or maintains for user entities.
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