The amount of customer data collected by companies in every industry, including insurance, is growing at an ever-faster rate. But are you as an insurer getting the most out of your data? Are you using it to create personalized experiences for your customers? Is your data reliable? If you are a customer of LexisNexis® Risk Solutions, you’ve probably heard about LexID®, our unique consumer identifier, and how it acts as the machine behind many LexisNexis products. In the coming months you will be hearing a lot more about how we’re developing LexID to enhance our product strategy, and how it can help you serve your customers throughout the entire insurance lifecycle. More on that later. For now, I’d like to share with you four things you may not know about LexID.
- LexID helps insurers get a more complete picture of an individual by resolving and matching more than 283 million U.S. consumer identities.
LexID® is a unique, persistent identifier that works in conjunction with our proprietary linking technology to resolve, match and manage identity information with over 99% confidence. LexID and our linking technology has been refined for nearly two decades and continues to improve over time. Our LexID profiles are built from more than 83 billion public records and 10,000+ data sources. Our databases not only contain historical identity information for U.S. adult consumers, but they also are refreshed regularly with more than 80 million new records per month. The combination of advanced linking technology, paired with our collection of public records, gives us the ability, through LexID, to provide customers with the most accurate and complete picture of an individual possible.
- LexID is a safer, more effective identifier than Social Security Numbers.
Over the years, most states have taken aggressive legislative steps to prohibit the use of social security numbers for individual, businesses and public entities. The use of LexID within an organization can decrease the dependency and exposure to the misuses of SSNs. The LexID number is a non-SSN, non-FEIN-dependent identifier, making it a safer, more effective alternative as the primary identifier for consumer information.
- LexID has U.S. consumer coverage that is more extensive than the U.S. Census population.
Our core population of LexIDs is greater than the U.S. census population for individuals ages 18 or older. Because LexID profiles are largely built upon public records information, we may have LexID coverage for someone who is not officially listed on the U.S. census if he or she has any type of public records data footprint. This is extremely valuable from an insurance perspective as there are many U.S. consumers beyond those listed on the census that have a need for insurance.
- LexID® helps you protect the private information of individuals and businesses.
Identity theft is just one of many consequences of unauthorized access to personal information. Insurers are challenged with maintaining and protecting large, growing databases of customer information. By not relying solely on SSNs, phone numbers or FEINs for customer identification, LexID reduces identity theft risks associated with traditional personally identifying information, providing another layer of protection to guard customers’ information.
Richer insights with LexID
Insurers continue to aggregate and gather increasingly greater amounts of consumer data from various channels. Watch our video below and learn how you can harness this information and gain the insights you need to see a complete picture of a consumer and create a unique and personalized experience.
LexID can help you gain richer, more accurate insights while protecting your customers and your business. Want to know more? Visit our website or contact your account representative today.