New Email Intelligence Solution Helps Insurers Strengthen Online Fraud Protection

ATLANTA, June 9, 2021 /PRNewswire/ -- LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, today 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. LexisNexis Emailage helps insurance companies to elevate the consumer experience, minimize risk, approve transactions, and identify fraud tactics more effectively across lines of business.

With 51% of consumers using email as their preferred method of communications¹, LexisNexis Emailage delivers an instant email risk score to insurance carriers to help verify an individual's identity through email address information. The email risk score indicates whether the identity used for the insurance application could be fraudulent and helps insurers approve transactions faster. The insight also helps confirm the consumer's online identity within pricing and underwriting workflows and can apply to general outreach with the consumer throughout the insurance process.

LexisNexis Emailage is powered by global digital insights and shared transaction history of the company's global network of more than 5.9 billion digital identifiers, bringing together physical data, digital data and dynamic fraud signals to create a holistic view of the consumer behind the transaction. Using this intelligence, insurers can reduce friction for their consumers and better identify potential fraud. Some of the initial benchmarks for Emailage include:

• 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.

"The global pandemic has dramatically expedited the insurance industry's adoption of digital business," said Kim Brown, director of product management at LexisNexis Risk Solutions. "With so many transactions happening online, it is critical that insurers provide a seamless online experience while protecting themselves and their consumers from cybercriminals and fraudsters. Emailage can provide another layer of security to the insurance workflow – anywhere from quote to claim and beyond, giving carriers peace of mind and consumers a frictionless transaction experience."

Email addresses are ideally suited to identify consumers as part of an insurance carrier's identity and fraud management strategy. Email is also a primary contact channel used by carriers to reach their consumers, as it is used in nearly 100 percent of online financial transactions and is rich with transaction history and behavior. In addition, many consumers find that email addresses are difficult to change because they are often linked to all of a consumer's online accounts.

LexisNexis Emailage is part of the ID Compass suite of solutions, that deliver identity verification and authentication, which can help carriers avoid unnecessary risk and elevate the consumer experience by identifying and fast tracking genuine consumers while creating more friction for "bad actors."

About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Media Contacts: 
Rocio Rivera 
LexisNexis Risk Solutions 
Phone: +1.678.694.2338 
[email protected]

Mollie Holman 
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611 
[email protected]

¹ https://www.statista.com/statistics/750858/us-consumers-preferences-brand-contact/

SOURCE LexisNexis Risk Solutions

Related Links

https://www.risk.lexisnexis.com

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