LexisNexis (New York) announced it will expand its presence in the life insurance market with two new products designed to streamline the underwriting process and give life insurance companies the ability to better manage existing market share and capture new market share.
LexisNexis 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. Current Carrier Life and Life EIR capabilities can significantly help insurers strategically leverage large amounts of existing applicant data to improve business processes and decisions, according to the vendor.
The company's growth in the life insurance market, along with its established 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, according to a company statement.
"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," said Bill Madison, SVP and General Manager of Insurance Solutions for LexisNexis, in the press release. "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."
LexisNexis Current Carrier Life is a contributory database that gives participating life insurance companies a new set of tools to define risk profiles of proposed insureds. It provides information about both in-force policies and applications, along with information about lapsed, declined, or surrendered policies. Current Carrier Life also provides customers with alerts that allow users to automatically and continuously monitor their books of business to detect fraud and potential material misrepresentation.
LexisNexis Electronic Inspection Report accesses public records databases, giving companies almost instant availability to report information, according to the vendor. It also streamlines the underwriting process by offering users access to robust bundled reports.
"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 said in the press release.