LexisNexis launches LexisNexis Life Smart Path
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.
“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. 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.” – Scott Rhinehart, director of life insurance, LexisNexis Risk Solutions.
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. 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.” – Debra Gangelhoff, general manager and vice president, life insurance, LexisNexis Risk Solutions.
