LexisNexis Risk Solutions Launches Data-Evidence Ordering Solution to Improve U.S. Life Insurance Applicant Experience

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

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. 

ATLANTA, Oct. 3, 2024 /PRNewswire/ -- LexisNexis^® Risk Solutions announced the release of LexisNexis^® Life Smart Path, a scalable, flexible evidence-ordering solution that offers U.S. life insurers data and advanced analytics insights earlier in the life application and underwriting processes, enabling more timely decisions and more complete risk assessment. By delivering the right data at the right time, LexisNexis Smart Path also helps life insurance carriers simplify data acquisition, solve workflow inefficiencies and combat application misrepresentation for an improved customer experience. 

LexisNexis Risk Solutions Launches Data-Evidence Ordering Solution to Improve U.S. Life Insurance Applicant Experience

"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, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com, and www.relx.com.

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 $50,000 - $149,999) represent the largest market opportunity for the industry. Four in 10 middle-income Americans, or 50 million adults, acknowledge they live with a life insurance coverage gap. This group also expressed a greater intent to buy life insurance (54%) than the general population.

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SOURCE LexisNexis Risk Solutions

FAQ

What is LexisNexis® Life Smart Path and when was it launched?

LexisNexis® Life Smart Path is a scalable, flexible evidence-ordering solution for U.S. life insurers, launched by LexisNexis Risk Solutions on October 3, 2024. It aims to improve the life insurance application process by providing data and analytics insights earlier in the application and underwriting stages.

How does LexisNexis® Life Smart Path benefit life insurance carriers?

LexisNexis® Life Smart Path benefits life insurance carriers by simplifying data acquisition, solving workflow inefficiencies, combating application misrepresentation, enabling more timely decisions, and providing more complete risk assessments. It also helps insurers confirm consumer identities quickly and securely, verify application answers, and screen for non-disclosure.

Can LexisNexis® Life Smart Path help address underserved populations in life insurance?

Yes, LexisNexis® Life Smart Path can help life insurers better serve traditionally underserved populations by offering a more efficient application process. This enables insurers to provide insurance products to more individuals through a streamlined and automated approach.

How does LexisNexis® Life Smart Path address fraud and bot attacks in the life insurance application process?

LexisNexis® Life Smart Path leverages award-winning identity and fraud solutions, pairing them with data and analytics insights. This helps life insurers combat identity fraud earlier in the process, identify bad actors, and mitigate bot attacks, thereby reducing vulnerabilities in digital channels.