National Western Life Insurance Company Data Breach

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National Western Life Insurance Company Data Breach

The Company relies on the accuracy of the information contained in the job application and other information provided during the recruitment and employment process. Any misrepresentation, falsification or gross negligence in relation to such information may result in the exclusion of the individual from further consideration for employment or, if the individual is already employed, in termination of employment. In order to be considered for employment at National Western, you must submit a completed application to Human Resources. Applicants who meet the minimum qualifications for the position will be considered for open positions. Applications will be submitted to Human Resources for a period of six (6) months. Internal rules prohibit National Western from entering into employment contracts unless they are in writing and approved by the board of directors. All job offers are made in writing and require a signature to formally accept the stated position.

Cyber Insights 2023

National Western Life is an equal opportunity employer. All job postings are subject to background checks/reference checks and drug checks. Improve portfolio performance and reduce loss ratios with expert advisory services on claims management solutions, strategies and analytics

Munich Re’s global claims advisory team offers unique expertise in primary claims through tailored advisory services provided by experienced multinational professionals. We help our clients improve their portfolio performance, reduce receivables ratios, increase customer satisfaction and improve receivables operational excellence.

Although claims handling organizations often have excellent technical expertise in claims management, they face day-to-day challenges such as outdated IT systems, disjointed claims processes, lack of clear roles and responsibilities, etc.

Startups and InsurTechs offer great digital platforms, but may lack the overall insurance expertise needed to build a proper claims function.

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Constant internal and external pressure is the daily routine of the claims department. From internal stakeholders who demand cost and operational efficiency to external players such as regulators and insurers who expect digitization and increased transparency.

Complaints departments are preoccupied with solving immediate problems, which often delays the development of medium- or long-term measures to achieve greater organizational maturity.

Our team of claims specialists, actuaries and strategic advisors offer extensive experience in entry-level insurance across a range of LoBs, markets and organizational structures such as traditional lead insurers, MGAs or Insurtech.

We help you identify and map your individual pain points and set and achieve short, medium and long term goals for your claims organization.

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We will identify your areas of opportunity and advise how to exploit them, this could be a new LoB, a new market, as part of an expansion or growth path.

We understand how claims processes and operations are set up and designed. Together we will implement a customized process, guideline or organizational structure within your claims team.

Globally, an estimated 10% of claims are false. During a recession and in certain regions, this rate can increase further.

We help our clients build or improve their anti-fraud strategies by applying the right guidelines, operational measures and digital tools.

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Speed ​​to market, flexibility and a lean internal structure lead insurers, insurtechs and MGAs to increasingly work with outsourced TPAs. Clearly, selecting the right TPA and putting the right structures and processes in place is critical to achieving outstanding claims portfolio performance. It requires the expertise to select the best TPA, conduct due diligence, establish the right processes and digital connections, and then provide oversight and control once the job is up and running to prevent unwanted claim leakage.

Our teams of claims and consulting specialists provide comprehensive third-party administrative support from registration to closing.

Claims departments process vast amounts of claims data that can provide new insights not only into the performance of the claims organization, but across the insurance company to improve the bottom line.

We help our clients not only structure their data, but also enable data-driven decision making across the insurance value chain through various use cases of descriptive and predictive analytics.

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The application process is linked to many other group functions that present individual challenges. As a team of experts with a wide range of skills, we can advise on many of these issues, such as retention, large loss case management, customer satisfaction, claims digitization, claims management or legacy claims management systems.

We strongly believe in our results and therefore look for long-term strategic partnerships. We can also offer reinsurance options as part of our claims advisory program.

Download Establish new claims department for Insurtech Download Develops fraud measures from scratch Download MGA-founded European spread firm says roughly 14 million Latitude Financial customer details were stolen in recent data breach. Photo: solarseven/Getty Images/iStockphoto

Latitude Financial has revealed that 14 million customer records, including driver’s license numbers, passport numbers and financial statements, were stolen from its systems in a cyberattack far worse than the company initially reported.

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The consumer lender, which provides personal loans and credit to customers who shop at stores including JB Hi-Fi, The Good Guys and Harvey Norman, said in a statement on Monday that some of the documents date back to at least 2005.

The stolen details include 7.9 million Australian and New Zealand driver’s license numbers and 53,000 passport numbers, Latitude reported.

Another 6.1 million customer records were also stolen, 5.7 million of which were submitted before 2013, the company said. The records contained information such as names, addresses, telephone numbers and dates of birth.

“It is very disappointing that this incident has affected so many other customers and applicants. We apologize unreservedly,” said Ahmed Fahour, CEO of Latitude.

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“We are committed to working closely with affected customers and applicants to minimize risk and disruption to them, including compensation if they choose to replace their identity documents.”

Latitude first disclosed it had been hacked in mid-March and said the intrusion was believed to have involved only about 100,000 identification documents and 225,000 customer records.

The company responded to the unusual activity on its systems, but only after the attackers obtained Latitude employees’ credentials to access the documents.

Consumer loan providers often use extensive identification documents as part of the credit check process for new customers. Latitude offers a range of credit options including personal loans, car loans, credit cards and insurance.

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Documents used in credit checks often contain unique identifiers that can enable identity theft.

The Latitude breach raises questions about how companies store data and why many companies keep old customer data.

Pitcher Partners Melbourne director of accounting and auditing Erdem Uzuner said companies should consider whether they should keep old records.

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“Cybersecurity is critical to protecting the data that organizations own and use for business, but they also need to make informed decisions about whether they need all the information they have,” Uzuner said.

“If you’re worried about someone breaking into your house, don’t keep high-value items you don’t need.”

The breach is the latest in a series of major attacks on Australian businesses, following the hacking of companies including Optus and Medibank.

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Shares of Latitude fell more than 3% on Monday as traders weighed the potential financial and reputational costs to the company.

Latitude says: “We are writing to all customers, former customers and applicants whose data was compromised, detailing the data breach and our plan to fix it.” Tight deadlines and contract budgets require you to do more with less. But with our customer analytics solutions, your sales and marketing teams can harness the power of your own customer data to allocate your resources more efficiently.

We help you win fast by better understanding your customers, down to the specific segment. We take a comprehensive, 360-degree approach—evaluating each customer’s loyalty, upsell potential, and risk—to determine a customer’s future profit potential based on our own assessment of customer value.

We helped one of our clients implement models in their business that immediately increased retention rates for their most attractive customer segments by 3-5%. Our clients continue to build on this foundation and work with us to find ways to further improve customer retention.

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When choosing the best analysis method, we predict the probability that the client will leave your company’s services in the next few months. This information can be combined with total customer value to define the next best course of action with one goal in mind: to retain your most valuable customers, which will drive your future earnings.

We provide your CRM team and systems with all the relevant information needed for effective customer targeting

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