Knowing your customers helps you understand their unique insurance needs and allows you to provide them with a personalized experience. Your customers are likely accustomed to interacting online with many retail and service experiences and want the same from their insurance provider. As an insurer, however, you must balance consumer demand for a seamless experience with your need to identify and deter fraud. By leveraging email intelligence, you can get a complete picture of who is behind the digital transaction, minimize risk and improve the overall customer experience.
Why is email intelligence such a powerful risk assessment and fraud prevention tool? A consumer typically keeps his or her personal email address consistent for at least 10 years and uses it for multiple online transactions such as banking, social media, online shopping, travel and more. This creates a profile of a consumer’s digital behavior to help you as an insurer determine fraud risk.
A new way to confirm identity
LexisNexis® Risk Solutions recently announced the U.S. availability of LexisNexis® Emailage® for the insurance market. Emailage is a powerful risk assessment solution driven by email intelligence to help verify and assess risk on email addresses and helps in preventing insurance fraud. Using a patented, proprietary analytic approach to fraud deterrence, it delivers an instant email risk score to help you verify a prospect’s or customer’s identity through email address intelligence.
Email is the universal key to digital transactions across industries because it helps to build a profile of the email address owner. As such, it is ideal as a unique global identifier. We pull together insights gleaned from our global Digital Identity Network of more than 5.9 billion digital identifiers, including physical data, digital data and fraud signals, to create a complete picture of the customer behind a digital transaction. Emailage leverages real fraud outcome data, contributed by customers from across industries and around the world, to leverage the power of the network to identify and stop fraud.
Here are a few initial benchmarks as reported in our recent press release:
- 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.
LexisNexis Emailage – part of the ID Compass suite of solutions – helps you say “yes” to confidently assessing risk, deterring fraud and automating decision-making. When you can verify identities and approve transactions faster, you improve the customer experience, leading to happy and loyal policyholders.
For more on how LexisNexis Emailage can help you add email intelligence to your fraud prevention tactics, visit our website.