ACE Tackles Identity Fraud With New HNW Insurance Services

Eliane Chavagnon

16 May 2012

ACE Private Risk Services, the high net worth personal insurance business, has added complimentary identity protection and fraud resolution services to its HNW personal insurance program.

Identity theft is a growing concern in today’s “technology-driven” world, especially for the wealthy, whose financial activities are often heavily discussed in the public domain and etched online. As Jonathan Crystal of Frank Crystal & Company told Bloomberg earlier this week: “There is a recognition that there is no such thing as ‘quiet wealth’ anymore.”

ACE’s new services – executed via an alliance with ID Resolution - supplement the firm's existing identity fraud expense coverage, ACE Platinum Portfolio(R), and include:

- Social media monitoring;

- Online reputation management;

- Triple-bureau credit reporting;

- Document recovery in the event of catastrophe or loss during travel, and;

- Unlimited "around-the-clock" access to identity fraud specialists.

“Privacy is critical to our clients because their substantial assets, prominence in their community, and rapid adoption of new high-tech devices make them prime targets for identity attacks,” Gary Raphael, senior vice president of risk consulting said in a statement.

“All it takes is one misplaced smart phone, and a whole life can be opened up to prying eyes. Other conveniences such as mobile banking, online shopping, and social networking can also expose our clients to financial and reputational damage,” Raphael warned.

Additional services will help clients protect their identity during other times of heightened risk, such as home burglary, auto theft, the death of a spouse, during relocation or marriage or divorce, or birth of a child.