Experian Marketing Services, a leading provider of data, analytics and marketing technologies, today announced an expanded relationship with Adrea Rubin Marketing, Inc., the life and health insurance marketing leader. This relationship makes Adrea Rubin Marketing a preferred provider of Experian Marketing Services’ ChoiceScore to the life and health insurance vertical. ChoiceScore helps marketers identify and more effectively market to underbanked consumers. Using the most comprehensive array of noncredit data available from Experian, including consumer demographic, behavioral and geo-demographic information, ChoiceScore’s custom models offer users the ability to select specific consumers based on potential risk. “Experian Marketing Services is a long-time, trusted partner. Their richness of data is excellent, and they have valuable predictive tools that help marketers in the insurance vertical be successful,” said Adrea Rubin, chief executive officer, Adrea Rubin Marketing. “Expanding our relationship with Experian will help us better serve the life and health insurance industry to reach underserved consumers with new products and services.” Adrea Rubin Marketing has worked with more than 30 different insurance carriers selling life, health, and property and casualty products. These carriers market via direct mail, outbound telemarketing, and digital and alternate media channels. Adrea Rubin Marketing’s experience enables insurance carriers to reach the most profitable segments of the Choicescore database as well as their own policyholder file. The firm’s ability to optimize the data as it applies to each individual carrier engagement is unparalleled. “Adrea Rubin’s presence in the insurance industry makes this expanded relationship a natural fit,” said Rick Erwin, president of Data and Analytics, Experian Marketing Services. “This next step will increase the availability of a leading marketing product designed to help marketers reach consumers who may not otherwise be reachable.” Learn more about Experian Marketing Services. Photo: Shutterstock
Did you know that there are 64 million people in the United States that have little or no traditional credit history? These people are typically referred to as underbanked or underserved consumers, and Experian just announced a new Extended View Score that can help these consumers gain access to credit products and services, which can lead them down the path of building a fuller credit history. Extended View is also beneficial for lenders as it can help them expand their lending universe. Steve Wagner, president of Experian Consumer Information Services, who also spoke today at CFSI’s 7th Annual Underbanked Financial Services Forum, said: Many of the estimated 64 million consumers with limited to no credit history that are unscoreable by traditional credit scores are creditworthy. Extended View can redefine how businesses evaluate this underserved population and empower more consumers with cost-effective credit and financial opportunities. See our news release for more information on Extended View Score. Photo: Shutterstock
Earlier this spring, the Federal Deposit Insurance Corporation (FDIC) announced a proposed amendment to the Assessments, Dividends, Assessment Base and Large Bank Pricing (LBP) rule that it put forward in February 2011. The revised rule attempts to address lender concerns that they would be unable to comply with the new rule’s provisions, particularly the added requirement of reporting subprime and leveraged consumer loans. Under the new proposal, subprime consumer loans would be renamed "higher-risk consumer loans and securities,” and would be defined as: All consumer loans where, as of origination, or, if the loan has been refinanced, as of refinance, the probability of default within two years was greater than 20 percent, excluding those consumer loans that meet the definition of a nontraditional mortgage loan; and Securitizations that are more than 50 percent collateralized by consumer loans meeting the criteria in (a), except those classified as trading book. The FDIC is reviewing comments on the changes and has extended the compliance date for the new reporting requirements until October 1, 2012.
Today, we stand at the forefront of a digital revolution that is reshaping the financial services industry. And, against this backdrop, financial institutions are at vastly different levels of maturity; the world’s biggest banks are managing large-scale infrastructure migrations and making significant investments in AI while regional banks and credit unions are putting plans in place for modernization strategies, and fintechs are purpose-built and cloud native. To explore this more, I recently had the privilege of attending the annual Reuters NEXT live event in New York City. The event gathers globally recognized leaders across business, finance, technology, and government to tackle some of today’s most pressing issues. On the World Stage, I joined Del Irani, a talented anchor and broadcast journalist, to discuss the future of lending and the pivotal role of data and AI in building a more inclusive financial system. Improving financial access Our discussion highlighted the lack of access to traditional financial systems, and the impact it has on nearly 100 million people in North America alone. Globally, the problem affects over one billion people. These people, who are credit invisible, unscoreable, or have subprime credit scores, are unable to secure everyday financial products that many of us take for granted. What many don’t realize is, this is not a fringe subset of the population. Most of us, myself included, know someone who has faced the challenges of financial exclusion. Everyday Americans, including young people who are just starting out, new immigrants and people from diverse communities, often lack access to mainstream financial products. We discussed how traditional lending has a limited view of a consumer. Like looking through a keyhole, the lender’s understanding of the person in view is often incomplete and obstructed. However, with expanded data, technology, and advanced analytics, there is an opportunity to better understand the whole person, and as a result have a more inclusive financial system. At Experian, we have a unique ability to connect the power of traditional credit with alternative data, bringing a more holistic understanding of consumers and their behaviors. We are dedicated to leveraging our rich history in data and our expertise in technology to create the future of credit and ultimately bring financial power to everyone. The future of lending After spending two days with over 700 industry leaders from around the world, one thing is abundantly clear: much like the early days of the internet, today, we are at the cutting-edge of a technical revolution. Reflecting on my time at Reuters NEXT, I am particularly excited by the collective commitment to drive innovative, and smarter ways of working. We are only beginning to scratch the surface of how data and technology can transform financial services, and Experian is positioned to play a significant role. As we look to the future, I am excited about the ways we will create new opportunities for businesses and consumers alike.
The advertising ecosystem has seen significant transformation over the past few years, with increased privacy regulation, changes in available signals, and the rise of channels like connected TV and retail media. These changes are impacting the way that consumers interact with brands and how brands understand and continue to deliver relevant messages to consumers with precision. Experian has been helping marketers navigate these changes, and as a result, our marketing data and identity solutions underpin much of today’s advertising industry. We’re committed to empowering marketers and agencies to understand and reach their target audiences, across all channels. Today, we are excited to announce our acquisition of Audigent—a leading data and activation platform in the advertising industry. With Audigent’s combination of first-party publisher data, inventory and deep supply-side distribution relationships, publishers, big and small, can empower marketers to better understand their customers, expand the reach of their target audiences and activate those audiences across the most impactful inventory. I am excited to bring together Audigent’s supply-side network as a natural extension to our existing demand-side capabilities. Audigent’s ability to combine inventory with targeted audiences using first-party, third-party and contextual signals provides the best of all worlds, allowing marketers to deliver campaigns centered on consumer choices, preferences, and behaviors. The addition of Audigent further strengthens our strategy to be the premier independent provider of marketing data and identity, ultimately creating more relevant experiences for consumers. To learn more about Experian and Audigent, visit https://www.experian.com/marketing/ and https://audigent.com/.
When it comes to cybercriminals and threat vectors, we need to expect the unexpected. Experian’s 12th annual Data Breach Industry Forecast highlights several potential trends for 2025, with AI playing a central role. This year has already seen more data breaches and impacted consumers than 2023, indicating that global data breaches are not slowing down. Some things to watch out for next year includes the potential for more internal fraud. As companies train employees on AI, there is a growing risk that some will misuse their knowledge for internal theft and sourcing sensitive information. Another trend may be cyberattackers targeting large data centers, with the growth of generative AI introducing power as a new attack vector. It’s reported that a single ChatGPT query uses significantly more electricity than a standard Google search, making data centers and cloud infrastructure vulnerable, especially in countries with varying security standards. We expect AI-related attacks to dominate the headlines next year and investments in cybersecurity will increase to tackle this emerging threat, as hackers leverage AI for phishing, password cracking, malware, and deepfakes. Jim Steven, Head of Crisis and Data Response Services at Experian Global Data Breach Resolution in the UK, anticipates that global data breaches will persist at their current rate next year. He notes that ransomware attacks are likely to become even more sophisticated with the integration of AI. Additionally, Steven predicts that threat actors will escalate their tactics to achieve greater rewards, and the misuse of consumer data to damage reputations will increase in 2025. To access the complimentary report, click here.