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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 25, 2015 01:47 PM (EDT)
This A.M.BestTV episode examines how insurers are fighting the increasingly complex threats to privacy and security by deploying new risk protection offerings, as identity theft has been the number one complaint filed with the Federal Trade Commission for the last 15 years.
"For our industry going forward, I believe we need to double down on our efforts to assure consumers that their information is safe,' said Jeff Smedsrud, chief executive officer at Healthcare.com.
Approximately 15 million U.S. residents each year have their identities fraudulently used, resulting in an estimated annual loss of $50 billion, according to IdentityTheft.info, a website that follows the latest identity theft trends. That estimated loss averages to an individual loss of $3,500. To help consumers counteract this growing problem, insurance companies have been developing new products, including State Farm Mutual Automobile Insurance Company (State Farm), which is offering a new protection called "Restoration Coverage."
"Restoration coverage provides professional case managers that will assist clients in restoring their identities by working with credit bureaus and companies, banks and any legal representatives for an entire year," said Debbie Weiss, agent at State Farm.
Also appearing in this episode is Robert Hartwig, president at Insurance Information Institute.
Click here to view the entire video program: http://www.ambest.com/v.asp?v=idtheft315.
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