LexisNexis says its growth in the life insurance market enables the company 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 created 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 underwriters with instant access to public records data, says the company.
Current Carrier Life and Life EIR capabilities, LexisNexis adds, can significantly help insurers strategically leverage large amounts of existing applicant data to improve business processes and decisions.
LexisNexis says Current Carrier Life gives participating life insurance companies tools to define risk profiles of proposed insureds; provides information on in force policies and applications, along with information on lapsed, declined or surrendered policies; and enables users to monitor their books of business to detect fraud and potential material misrepresentation.
EIR accesses public records databases, giving companies almost instant availability to report information; streamlines the underwriting process by offering users access to robust bundled reports; and delivers significant savings and higher margins, says LexisNexis.
