The Insurance Regulatory and Development Authority of India (IRDAI) guidelines were recently published for insurance companies and brokerage houses. Noncompliance can result in heavy fines or worse.
Many of the points presented in the IRDAI guidelines document can be complied by using Compact Identity. It is the world’s foremost Converged IAM (Identity and Access Management) product and is an Indian product. As the only Indian IAM company with over 20 years of experience in Identity and Access Management products and services, we are ideally placed to help you comply with IRDAI mandates.
Compact Identity is the world’s first and only pay-per-use IAM platform. Pay-per-use guarantees the lowest entry cost and highest ROI. You pay only for the services you use and not just for having the right to use them as with traditional licensing models. The result is that the total cost of ownership is less than 1/5th compared to any other product.
Some IAM-related mandates from IRDAI that Compact Identity allows you to comply with are:
- An insurance organization or brokerage house must supplement passwords (e.g. by using strong authentication such as smartcards, biometrics or tokens), if and when necessary. To supplement passwords, our product offers multifactor authentication. It even offers adaptive and passwordless authentication.
- Access must be reviewed periodically. Compact Identity includes an Access Certification module which is perfect for periodic access reviews.
- Organizations must maintain a repository of all users including third parties. Compact Identity even comes with a Universal Directory. You need not purchase any other repository, it is included in our base product.
Compact Identity is built on the unique “Converged IAM philosophy” that ensures one product does all the work as compared to multiple tools. For example, Okta’s product has mainly Access Management features while Sailpoint caters solely to Identity Governance and Administration. In contrast, Compact Identity features Access Management (Single Sign-on, Password Management, Multifactor Authentication), Identity Governance (Access Request and Approval, Birthright Provisioning, and User Lifecycle Management), and even sought-after Identity Governance features like Access Review and Orphan Account Management. All these features are built on a common codebase for improved efficiency. The product presents a unified dashboard view for users and administrators to manage all their IAM activities most effectively.
You can go live with Compact Identity within weeks, not months! Other IAM products take a long time to get running. Integrating apps takes months. They are complex and the learning curve is steep. Compact Identity, on the other hand, was built for ease of use and quick implementation.
Stay tuned for more blogs from Ilantus which will inform you further on how Compact Identity enables you to comply with the latest IRDAI mandates.