Why your customers need online safety tools
Consumers don’t have time to comb through the vast sea of security apps and services all competing for their attention. They’re more likely to moor their ship to a brand they know and trust—like their insurance company.
People rely on their insurance companies when they’re at their most vulnerable. And who is more knowledgeable about the everyday threats to consumers than the insurance companies that shield us when we’re involved in an accident or victimized by crime? Insurance companies are therefore in an advantageous position to arm customers with tools that keep them safe online.
Pango offers a range of white-labeled security solutions that insurance companies can tailor to their customers. Our portfolio of tools seamlessly integrates with existing digital offerings, unlocking new revenue streams and improving customer retention.
Improve customer retention
Expanding your company’s customer experience with “sticky” tools designed to shore up their online defenses boosts long-term customer retention. Your users can get the protection they want from a source they trust, and are more likely to remain loyal afterward. Tools that customers use regularly, like password managers and VPNs, make your brand indispensable in their daily lives.
- Demonstrate customer focus: Providing cybersecurity tools proves that your company is dedicated to customer protection and makes them feel safer.
- Showcase innovation: Integrating cybersecurity positions insurance companies as forward-thinking and tech-savvy, and appeals to a security-conscious clientele.
- Build loyalty: Once someone chooses a VPN, password manager, or ID theft protection service, they tend to stick with it. Customers who find value in your tools associate that value with your company.
- Mitigate cybersecurity risks: By encouraging good digital hygiene, you can reduce endpoint risks to the business that are outside of your control.
- Brand recognition: Seeing your company’s logo on our white-labeled tools in their daily lives boosts your brand’s recognition and visibility outside of the traditional insurance company environment.
Unlock new revenue streams
Integrating cybersecurity tools into an insurance company’s offerings opens up new sources of revenue, such as:
- Premium services: The tools can be bundled into premium account packages, encouraging customers to upgrade for enhanced protection.
- Subscription models: Charge monthly or annual subscription fees for reliable cybersecurity tools.
- Broaden engagement: A one-stop shop that sells insurance as well as cybersecurity draws in a broader audience than insurance alone.
The tools
Our consumer cybersecurity tools can expand your brand beyond traditional insurance. They include:
- Identity theft protection: Monitor and alert customers about potential personal information threats, helping prevent identity theft. Help customers restore their identities when trouble arises. Insure losses and recovery costs incurred by identity theft.
- Password manager: Generate and securely store strong, unique passwords for all of a customer’s accounts, reducing the risk of credential theft and account takeovers.
- Virtual Private Network: A VPN ensures privacy and security even on unsecured networks by encrypting the device’s internet connection and routing it through an intermediary server. A VPN hides your IP address from third parties and prevents service providers from snooping on the device’s internet connection.
These tools are in high demand and the opportunities are ripe for the taking. Here’s what the statistics say:
- The market for ID theft protection services will nearly triple in the next 10 years. According to one poll, 82 percent of adults were either very or somewhat concerned about their personal information being hacked or stolen.
- The market for password managers will almost quadruple in 10 years. One-third of Americans already use a password manager.
- The market for VPNs is forecast to double in the next five years. One-third of Americans said they used a VPN in 2023, and 66.8 percent knew what a VPN was.
Build and maintain trust through new security offerings
Malware, phishing, tracking, and data breaches are all now commonplace threats that consumers around the world must defend themselves from. Customers have a growing desire to protect themselves from fraud and other threats.
Insurance companies absorb the costs of accidents and crime. It therefore makes sense that they would have a vested interest in preventative measures that reduce fraud and other online mishaps.
Customers will place more trust in an insurance company that’s incentivized to protect them than a random third-party in a large crowd of unknown brands.
Why work with Pango?
Pango’s technology powers some of the largest and best-known consumer cybersecurity brands on the planet. Our seamless API integration simplifies the technical heavy lifting, allowing your team to deploy faster and engage customers sooner without compromising quality or security.
Insurance companies cna quickly incorporate our SDKs into their existing services, minimizing downtime and reducing the time and effort needed to implement them. This rapid deployment lets banks offer customers enhanced security features and quickly gain a competitive edge.
To find out more about how we can help you build and maintain trust with your customers, contact us today.
