LexisNexis Risk Solutions Launches Data-Evidence Ordering Solution to Improve U.S. Life Insurance Applicant Experience
LexisNexis Risk Solutions has launched LexisNexis® Life Smart Path, a scalable evidence-ordering solution for U.S. life insurers. This new tool aims to improve the life insurance application process by:
- Providing data and analytics insights earlier in the application and underwriting processes
- Simplifying data acquisition and solving workflow inefficiencies
- Combating application misrepresentation and fraud
- Enabling more timely decisions and complete risk assessments
The solution integrates critical datasets into insurers' workflows, allowing for quicker identity confirmation, verification of application answers, and screening for misrepresentation. It also offers advanced triage and reflexive questioning capabilities to segment mortality risk more accurately.
LexisNexis Risk Solutions ha lanciato LexisNexis® Life Smart Path, una soluzione scalabile per l'ordinazione di prove per le compagnie di assicurazione sulla vita negli Stati Uniti. Questo nuovo strumento mira a migliorare il processo di applicazione per l'assicurazione sulla vita attraverso:
- La fornitura di dati e intuizioni analitiche in anticipo nei processi di applicazione e sottoscrizione
- La semplificazione dell'acquisizione dei dati e la risoluzione delle inefficienze nel flusso di lavoro
- La lotta contro la falsa rappresentazione nelle domande e le frodi
- La possibilità di prendere decisioni più tempestive e di effettuare valutazioni del rischio più complete
La soluzione integra dataset critici nei flussi di lavoro delle assicurazioni, permettendo una conferma dell'identità più rapida, la verifica delle risposte alle domande di applicazione e il controllo per la falsa rappresentazione. Offre inoltre capacità avanzate di triage e domande riflessive per segmentare il rischio di mortalità in modo più preciso.
LexisNexis Risk Solutions ha lanzado LexisNexis® Life Smart Path, una solución escalable para la solicitud de pruebas para aseguradoras de vida en EE. UU. Esta nueva herramienta tiene como objetivo mejorar el proceso de solicitud de seguros de vida mediante:
- Proporcionar datos e información analítica en etapas tempranas del proceso de solicitud y suscripción
- Simplificar la adquisición de datos y resolver ineficiencias en el flujo de trabajo
- Combater la tergiversación de la solicitud y el fraude
- Permitir decisiones más oportunas y evaluaciones de riesgo completas
La solución integra conjuntos de datos críticos en los flujos de trabajo de las aseguradoras, lo que permite una confirmación de identidad más rápida, la verificación de las respuestas a las solicitudes y la detección de tergiversaciones. También ofrece capacidades avanzadas de triaje y preguntas reflexivas para segmentar el riesgo de mortalidad con mayor precisión.
LexisNexis Risk Solutions는 미국 생명 보험사를 위한 확장 가능한 증거 주문 솔루션 LexisNexis® Life Smart Path를 출시했습니다. 이 신규 도구는 생명 보험 신청 과정을 개선하는 것을 목표로 합니다:
- 신청 및 언더라이팅 과정에서 데이터 및 분석 통찰력을 조기에 제공
- 데이터 수집을 간소화하고 업무 흐름 비효율성을 해결
- 신청서의 허위 진술 및 사기 방지
- 더 적시적 결정 및 완전한 위험 평가 가능
이 솔루션은 보험사의 워크플로우에 중요한 데이터 세트를 통합하여 신원 확인, 신청 답변 검증 및 허위 진술 선별을 더 빠르게 할 수 있게 합니다. 또한 사망 위험을 더욱 정확하게 분리하는 고급 분류 및 반응형 질문 기능을 제공합니다.
LexisNexis Risk Solutions a lancé LexisNexis® Life Smart Path, une solution d'ordonnancement des preuves scalable pour les assureurs vie aux États-Unis. Cet nouvel outil vise à améliorer le processus de demande d'assurance vie en :
- Fournissant des données et des analyses plus tôt dans les processus de demande et de souscription
- Simplifiant l'acquisition des données et résolvant les inefficacités du flux de travail
- Luttant contre la fausse représentation des demandes et la fraude
- Permettant des décisions plus rapides et des évaluations de risque complètes
La solution intègre des ensembles de données critiques dans les flux de travail des assureurs, permettant une confirmation d'identité plus rapide, la vérification des réponses aux demandes et le dépistage des fausses déclarations. Elle offre également des capacités avancées de triage et de questionnement réflexif pour segmenter le risque de mortalité plus précisément.
LexisNexis Risk Solutions hat LexisNexis® Life Smart Path eingeführt, eine skalierbare Lösung zur Beantragung von Beweisen für Lebensversicherer in den USA. Dieses neue Tool zielt darauf ab, den Antragsprozess für Lebensversicherungen zu verbessern, indem es:
- Daten und Analysedaten frühzeitig im Antrags- und Underwriting-Prozess bereitstellt
- Die Datenbeschaffung vereinfacht und Ineffizienzen im Workflow behebt
- Falschaussagen im Antrag und Betrug bekämpft
- Zügigere Entscheidungen und umfassende Risikobewertungen ermöglicht
Die Lösung integriert kritische Datensätze in die Arbeitsabläufe der Versicherer, sodass die Identitätsbestätigung, die Überprüfung der Antworten auf Anträge und das Screening auf falsche Angaben schneller erfolgen kann. Sie bietet auch fortgeschrittene Triage- und Reflexionsfragen, um das Sterberisiko genauer zu segmentieren.
- Launch of a new product (LexisNexis® Life Smart Path) to improve life insurance application processes
- Potential for increased efficiency and reduced cycle time in life insurance underwriting
- Enhanced ability to combat fraud and misrepresentation in applications
- Improved risk assessment capabilities for life insurers
- None.
Insights
LexisNexis Risk Solutions' new Life Smart Path solution represents a significant advancement in life insurance underwriting technology. By integrating critical datasets earlier in the application process, it addresses key industry challenges:
- Streamlining data acquisition and workflow efficiency
- Enhancing fraud detection capabilities
- Improving risk assessment accuracy
- Accelerating underwriting decisions
This solution could potentially reduce operational costs and improve conversion rates for insurers. The ability to combat bot attacks and verify applicant information more efficiently may lead to reduced cycle times and improved customer experience. For RELX, LexisNexis' parent company, this product launch could strengthen its position in the insurance technology market and drive revenue growth in its Risk & Business Analytics segment.
However, the impact will depend on adoption rates among life insurers and the solution's performance in real-world applications. Investors should monitor uptake and customer feedback in the coming quarters to gauge its success and potential impact on RELX's financial performance.
The launch of LexisNexis Life Smart Path aligns with several key trends in the life insurance industry:
- Increasing digitalization of underwriting processes
- Growing focus on improving customer experience
- Rising concerns about fraud and misrepresentation
- Expanding efforts to serve underinsured middle-market consumers
This solution addresses these trends by offering a more flexible, data-driven approach to underwriting. Its potential to simplify the application process for middle-market consumers could help insurers tap into a significant growth opportunity. The U.S. life insurance market has an estimated
For RELX investors, this product launch demonstrates the company's continued innovation in its Risk & Business Analytics segment, which accounted for
New LexisNexis® Life Smart Path solution enables carriers to simplify data acquisition, solve workflow inefficiencies and combat application errors, omissions, misrepresentation and fraud
Key benefits
- Maximize ROI: Life insurance carriers can get insights earlier by selectively ordering the data needed at various points throughout the life insurance application workflows.
- Complement existing workflows: This solution can help life insurers access easy-to-configure datasets that map to application questions and make it easier to validate accurate data, helping expedite the process for consumers who are applying in good faith.
- Bridge the gap for underserved populations: Life carriers can help more consumers in the middle marketi obtain the life insurance they need by avoiding invasive and time-consuming application processes.
- Combat identity fraud earlier: Life insurers can better identify bad actors by quickly resolving correct identities and flagging identity discrepancies, synthetic identities and deceased identity data.
- Help mitigate bot attacks and reduce cycle time: Life insurers can remove barriers impeding the life insurance application process with state-of-the-art bot detection solutions.
"Life insurers must be discerning in balancing their technology needs against limited resources, being vigilant against fraud and misrepresentation, and avoiding mortality slippage while at the same time pricing competitively," said Scott Rhinehart, director of life insurance, LexisNexis Risk Solutions. "LexisNexis Life Smart Path offers extreme configurability designed around existing technology to intelligently streamline application and underwriting workflows, and offer a simpler application process no matter the channel."
LexisNexis Life Smart Path integrates datasets critical to the life insurance application process – like behavioral or personal data – into insurers' workflows for more actionable insights before the policy is underwritten. This approach enables life insurance carriers to more quickly and securely confirm consumer identities, verify answers to critical application questions and screen for misrepresentation and non-disclosure. LexisNexis Life Smart Path then provides smarter workflow capacity to enable advanced triage and reflexive questioning to verify an applicant's data and segment mortality risk more accurately.
"The ongoing shift to digital channels exposes life insurers to new vulnerabilities, including bot attacks or malicious actors. Our new LexisNexis Life Smart Path solution leverages our award-winning identity and fraud solutions and pairs them with the data and analytics insights life insurers need to automate processes and improve their decision-making," said Debra Gangelhoff, general manager and vice president, life insurance, LexisNexis Risk Solutions.
"The result is an automated and flexible process that enables more real-time applications to support growing consumer expectations and helps insurers better serve the life insurance needs of traditionally underserved populations by offering insurance products to even more individuals and through a more efficient application process. By providing a more practical, flexible approach through LexisNexis Life Smart Path, life insurers can better address consumer friction that may cause them to drop out of the process, as well as technology challenges impacting organizational efficiency," said Gangelhoff.
For more information, visit LexisNexis Risk Solutions life insurance solutions. Join us for a complimentary LexisNexis Life Smart Path webinar, "An Innovative Path Forward for the Life Insurance Application Process."
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta,
Media Contacts:
Regina Haas
LexisNexis Risk Solutions
Phone: +1.678.896.1463
regina.haas@lexisnexisrisk.com
i https://www.limra.com/en/newsroom/news-releases/2024/u.s.-life-insurance-need-gap-grows-in-2024/. The 2024 Insurance Barometer Study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, reveals middle-income Americans (those with a household income of
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SOURCE LexisNexis Risk Solutions
FAQ
What is LexisNexis® Life Smart Path and when was it launched?
How does LexisNexis® Life Smart Path benefit life insurance carriers?
Can LexisNexis® Life Smart Path help address underserved populations in life insurance?
How does LexisNexis® Life Smart Path address fraud and bot attacks in the life insurance application process?
