Email Intelligence Solution Aims to Help Insurers Prevent Online Fraud

LexisNexis Emailage uses patented analytics to verify identities; 42 percent of transactions flagged turned out to be fraudulent.

(Image source: LexisNexis Risk Solutions.)

LexisNexis Risk Solutions (Atlanta), a provider of data and analytics, has announced the U.S. availability of LexisNexis Emailage for the insurance industry. The vendor describes Emailage as a powerful risk assessment solution driven by Email intelligence to help verify and assess risk on Email addresses with the objective of helping to preventing insurance fraud. LexisNexis Emailage helps insurance companies to elevate the consumer experience, minimize risk, approve transactions, and identify fraud tactics more effectively across lines of business, a vendor statement says.

Kim Brown, Director, Product Management, LexisNexis Risk Solutions.

LexisNexis Emailage addresses a point of vulnerability resulting from the fact that 51 percent of consumers use Email as their preferred method of communications. The solution delivers an instant Email risk score to insurance carriers to help verify an individual’s identity through email address information, according to the vendor. The email risk score indicates whether the identity used for the insurance application could be fraudulent and helps insurers approve transactions faster. The insight also helps confirm the consumer’s online identity within pricing and underwriting workflows and can apply to general outreach with the consumer throughout the insurance process.

LexisNexis Risk Solutons describes Emailage as powered by global digital insights and shared transaction history of the company’s global network of more than 5.9 billion digital identifiers, bringing together physical data, digital data and dynamic fraud signals to create a holistic view of the consumer behind the transaction. Using this intelligence, insurers can reduce friction for their consumers and better identify potential fraud the vendor says. LexisNexis Risk Solutions reports that some of the initial benchmarks for Emailage include:

  • Average fraud capture rate: 42% of transactions identified as high risk proved to be fraudulent.
  • Manual review reduction: Emailage users had a 27% reduction in manual review volume on average.
  • Improved accept rate: Emailage users experienced a 16% reduction in automatically rejected transactions.

“The global pandemic has dramatically expedited the insurance industry’s adoption of digital business,” comment Kim Brown, director of product management at LexisNexis Risk Solutions. “With so many transactions happening online, it is critical that insurers provide a seamless online experience while protecting themselves and their consumers from cybercriminals and fraudsters. Emailage can provide another layer of security to the insurance workflow, anywhere from quote to claim and beyond, giving carriers peace of mind and consumers a frictionless transaction experience.”

LexisNexis Risk Solutions asserts that Email addresses are ideally suited to identify consumers as part of an insurance carrier’s identity and fraud management strategy. Email is also a primary contact channel used by carriers to reach their consumers, as it is used in nearly 100 percent of online financial transactions and is replete with transaction history and behavior. In addition, many consumers find that Email addresses are difficult to change because they are often linked to all of a their online accounts.

LexisNexis Emailage is part of the vendor’s ID Compass suite of solutions, that deliver identity verification and authentication, which are designed help carriers avoid unnecessary risk and elevate the consumer experience by identifying and fast tracking genuine consumers while creating more friction for “bad actors.”

LexisNexis Debuts Identity Access Management Solution to Address Cyber Risk

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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