LexisNexis, a provider of legal and risk management solutions, announced it will expand its presence in the life insurance market. The company is debuting two new products to streamline the underwriting process and give life insurance companies the agility to manage existing market share and capture new market share.
The company’s growth in the life insurance market—consistent with its position in the personal auto and personal property spaces—enables LexisNexis to leverage data throughout the policy life cycle and offer a comprehensive solution set that maximizes decisioning information and improves overall efficiency.
As part of the launch, LexisNexis has unveiled two new products: Current Carrier Life, a contributory database designed to help life insurers better manage risk and detect fraud. And, LexisNexis Life Electronic Inspection Report (EIR), a tool that provides insurance underwriters with instant access to public records data.
“Life insurance policy underwriting can take as long as four to six weeks, resulting in significant dropout rates among applicants who are not willing to go through such a lengthy procedure,” says Bill Madison, senior vice president and general manager, of insurance solutions for LexisNexis. “To deal with this issue, we’re introducing a solution set to streamline application and inspection procedures for the life insurance market. By optimizing this process, underwriters will now be able to quickly obtain accurate, verified information to make smart, well-informed decisions.”
Current Carrier Life and Life EIR capabilities can help insurers leverage large amounts of existing applicant data to improve business processes and decisions.
“These products create a new benchmark for speed and agility in this industry by providing the ability to independently confirm information about the proposed insured and reduce the time and costs associated with life insurance underwriting,” Madison says.
- LexisNexis Current Carrier Life is a contributory database that gives participating life insurance companies a whole new set of tools to quickly and accurately define risk profiles of proposed insureds. It provides information on both in force policies and applications, along with information on lapsed, declined, or surrendered policies. Current Carrier Life also provides customers with alerts that allow users to automatically and continuously monitor their book of business to detect fraud and potential material misrepresentation.
- LexisNexis Electronic Inspection Report seamlessly accesses public records databases, giving companies almost instant availability to report information. The result is higher productivity, fewer delays and lower costs. It also streamlines the underwriting process by offering users access to robust bundled reports. Where traditional reporting required users to pay for each report individually, Life EIR delivers significant savings and higher margins.
“Recent studies suggest that almost two-thirds of the applications received are inaccurate or incomplete, and are not in good order. Poor data quality is one of the greatest inhibitors to effective underwriting, which these new products directly address,” Madison says. “By providing our customers with the content rich data they need, in a fast and efficient manner, it will substantially advance their business model.”