With the rise of digital transformation, the life insurance environment has changed more in the last decade than in the years prior. Now, insurers must keep up with advances in technology, meet evolving consumer expectations, and navigate new distribution channels, all while defending themselves and their customers from cybercriminals and fraudsters. Today’s “post-breach” world means life carriers can no longer take comfort in legacy approaches to data security.
At LexisNexis® Risk Solutions, we use the power of data and advanced analytics to help life insurers make better, timelier decisions in a world filled with hidden risks. Effective risk management begins the moment a proposed insured appears on your radar. Are there discrepancies on the application? Do all the components fit together? Is the proposed insured even a real person?
Insurers need more complex, layered approaches to dealing with these types of challenges. An effective Identity Access Management (IAM) program is key to managing digital identity risk, combatting cyber fraud, and balancing both customer expectations and experiences. LexisNexis® ID Compass includes a comprehensive suite of solutions that provide identity verification, identity authentication, and device assessment.
- LexisNexis® ThreatMetrix® – analyzes millions of transactions in near real-time across billions of devices for thousands of global digital businesses, growing more powerful with every new piece of information.
- LexisNexis® InstantID® offers complete identity verification, spot fraud and uncover identity discrepancies in real time. Instant ID delivers instant identity verification to drive smarter decisions and keep customer acquisition in focus.
- LexisNexis® Phone Finder combines authoritative phone content with the industry’s largest repository of identity information to deliver relevant, rank ordered-connections between phones and identities.
- LexisNexis® One Time Password provides a cost effective, easy-to-use alternative, sending a simple alphanumeric authentication code via email, text or voice to a device in the consumer’s possession.
- LexisNexis® InstantID® Q&A is a near real-time, interactive knowledge-based authentication technology that provides further verification that a customer is who he/she claims to be – making authorization or access privileges simple, swift and secure. Using more robust data sources (not just wallet-based or financial history information), InstantID Q&A generates an interactive, multiple-choice knowledge-based questionnaire, using more than thirty (30) years of unique identifiers, such as property, telephone and address history.
Wherever your company finds itself on the IAM journey, you need to be aware of the challenges in the market, and you need to have multiple solutions in place across many access points to provide layers of protection for your business workflows.
At LexisNexis® Risk Solutions, we are innovators, passionate about challenging the status quo and improving outcomes. For more information on our Life Insurance solutions, visit our webpage.