Fortune 500 Life Insurance Company Adopts Trust Stamp’s AI-Powered Low-Code Orchestration Platform

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) provides an update on the adoption of its low-code Orchestration Platform, announcing deployment for a Fortune 500 Insurance company. With the rise of online insurance processes, the threat of third-party fraud, including account takeover, has increased by 25 percent. Trust Stamp's privacy-first identity technology aims to better protect and serve customers opening new accounts, reinforcing its partner's commitment to over 5M clients and their families.

Trust Stamp’s first insurance client will use its privacy-first technology for new account opening

ATLANTA, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM, today provides an update regarding the adoption of its low-code Orchestration Platform, which streamlines delivery and implementation of the Company’s proven technologies.

After recently announcing that 35 financial institutions were implementing its Orchestration Layer, Trust Stamp will now deploy its low-code orchestration platform for a Fortune 500 Insurance company.

Most insurance professionals are familiar with fraud, such as false or exaggerated claims, application fraud, and employee fraud. But as more insurance applications and service processes move online, the threat of third-party fraud has continued to rise, particularly account takeover (ATO), which is up 25 percent over last year.

Andrew Gowasack, President of Trust Stamp, commented, “Our partner is an industry leader who has built their reputation on doing the right thing for over 5M clients and their families. Their approach has helped them build an asset portfolio of over  $250 billion. We believe our privacy-first identity technology reinforces that commitment as we help them better protect and serve customers opening new accounts.”

Gowasack went on to state, “ Since participating in the OnRamp Insurance Accelerator we have diligently engaged with the insurance sector to understand its unique needs. We are encouraged by our first partner’s clear understanding of our privacy-first approach and we are already working with a second insurance company that is actively exploring implementation.

Inquiries

Trust Stamp                                                   Email: Shareholders@truststamp.ai

Gareth Genner, CEO

Andrew Gowasack, President                       

About Trust Stamp

Trust Stamp the Privacy-First Identity Company^TM, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

Located in six countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.

Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

FAQ

What technology is Trust Stamp deploying for a Fortune 500 Insurance company?

Trust Stamp is deploying its low-code Orchestration Platform.

What is the threat that has increased by 25 percent in the insurance sector?

The threat of third-party fraud, particularly account takeover (ATO), has increased by 25 percent.

How does Trust Stamp aim to better protect and serve customers?

Trust Stamp's privacy-first identity technology aims to better protect and serve customers opening new accounts.

What is the email address for inquiries to Trust Stamp?

Inquiries can be sent to Shareholders@truststamp.ai.