New LexisNexis^? Life Smart Path solution enables carriers to simplify data acquisition, solve workflow inefficiencies and combat application errors, omissions, misrepresentation and fraud  

Key benefits

• Maximize ROI: Life insurance carriers can get insights earlier by selectively ordering the data needed at various points throughout the life insurance application workflows.

• Complement existing workflows: This solution can help life insurers access easy-to-configure datasets that map to application questions and make it easier to validate accurate data, helping expedite the process for consumers who are applying in good faith.

• Bridge the gap for underserved populations: Life carriers can help more consumers in the middle marketⁱ obtain the life insurance they need by avoiding invasive and time-consuming application processes.

• Combat identity fraud earlier: Life insurers can better identify bad actors by quickly resolving correct identities and flagging identity discrepancies, synthetic identities and deceased identity data.

• Help mitigate bot attacks and reduce cycle time: Life insurers can remove barriers impeding the life insurance application process with state-of-the-art bot detection solutions.

ATLANTA, Oct. 3, 2024 /PRNewswire/ -- 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," said Scott Rhinehart, director of life insurance, LexisNexis Risk Solutions. "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."

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.