Insuranceciooutlook

LexisNexis Announces LexisNexis ID Compass Platform for Insurance

By Insurance CIO Outlook | Wednesday, October 07, 2020

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.

FREMONT, CA: LexisNexis Risk Solutions, a leading provider of data, analytics, and technology for the insurance industry, announced the availability of the LexisNexis ID Compass Platform for Insurance. A multi-layered identity access management (IAM) solution, the platform combines physical and digital intelligence to help insurance carriers respond to identity risk and reduce friction for consumers seeking insurance quotes and other transactions.

LexisNexis ID Compass Platform is a suite of integrated IAM products 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." This allows carriers to make better decisions in their workflow and defend themselves and their customers from cybercriminals and potential fraud.

ID Compass uses LexisNexis proprietary linking technology and the LexID unique identifier to help resolve, match, and manage information for a more accurate view of more than 282 million U.S. consumer identities. It also considers 1,500 data-specific and aggregated phone identity sources, and intelligence harnessed from billions of monthly transactions to provide various scores and attributes. These combined technology assets are delivered through multiple solutions to protect online data for more than a billion consumers worldwide.

The ID Compass Platform can identify and prevent attacks by analyzing millions of transactions in near real-time across billions of devices. When individuals are verified and identified as trustworthy, their online experience can become more frictionless and seamless.

"As consumers gravitate toward digital interactions, it is critical for insurers to defend their online businesses while keeping data secure and their customers' information safe. Our ID Compass Platform gives customers a solution to help detect and prevent unscrupulous online behavior without compromising consumer experience," said Kim Brown, Director, IAM product management, LexisNexis Risk Solutions. "Our IAM solutions are a more effective way for insurers to manage digital identity risk, reduce cyber fraud and enhance customer experience."

LexisNexis ID Compass integrated suite of solutions includes:

• LexisNexis Threat Metrix analyzes millions of transactions in near real-time across billions of devices for thousands of global digital businesses.

• LexisNexis InstantID returns an index summarizing the verification level, potential risk indicators, and additional information to enhance our customers' due diligence efforts.

• LexisNexis Phone Finder, which combines authoritative phone content with an extensive repository of identity information to deliver relevant, rank ordered-connections between phones and identities.

• LexisNexis One Time Password sends 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 verifies a customer is who s/he claims to be. 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.

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