LexisNexis Expands Presence in Life Market with Underwriting Solution

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.”

 

Comments

Resource Center

View All »

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

D&O Policy Definitions: Don't Overlook These Critical Terms

Unlike other forms of insurance where standard policy language prevails, with D&O policies, even seemingly...

Environmental Risk: Lessons Learned from Willy Wonka and the Chocolate...

Whether it’s a chocolate factory or an industrial wastewater treatment facility, cleanup and impacts to...

More Data, Earlier: The Value of Incorporating Data and Analytics...

Incorporating more data earlier in claims lifecycles can help you reduce severity payments by 25%*...

How Many Of Your Clients Are At Risk Of Flood?

Every home is vulnerable to flooding. Learn four compelling reasons why discussing flood insurance with...

Gauging your Business Intelligence Analytics Capabilities and the Impact of...

Big Data, Data Lakes and Data Swamps, How to gauge your company's Big Data readiness....

Extending Contact Center Capabilities Across the Insurance Enterprise

Today advancements in technology are making a big impact on business and society. To yield...

Drug and Alcohol Testing Requirements

In this two-part series, NBIS Risk Management team will break down the requirements to assist...

Why Cyber Liability is Essential for Human Service Organizations

For traditional low-tech operations, information is often compromised in ways that don't involve technology. Access...

A Solution for Large Commercial Habitational Accounts

6 Reasons to place your LARGE Habitational Accounts with Dauntless.

Tech Digest eNewsletter

Technology related insights for insurance professionals including key developments, solution providers and news briefs from the carrier front – FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.