Improve underwriting performance, increase profitability and reduce exposure to fraud
Tackling policy inception and claims fraud in life insurance is a significant industry challenge. Using unverified self-declared customer data at the point of underwriting and at the point of claim adds to operating loses damaging business profitability. Research conducted by Indiaforensic in 2012 discovered Fraud alone sets the insurance industry back by $6.25bn per year, about 9% of premiums.
LexisNexis® Intelligence Exchange is contributory database which is designed to help Life insurers achieve the right balance between risk and reward. Powerful, real-time data insights enable you to make critical business decisions faster. Underwriting new risks or settling claims is made easier using historical policy and claims records, including information related to previously declined applications.