LONDON — LexisNexis® Risk Solutions, a leading provider of data, analytics and technology to the insurance market, has today announced that LV= General Insurance (LV= GI) , the UK’s third largest personal lines insurer, is strengthening its resilience to the growing problem of application fraud and ghost broking i through the use of LexisNexis® Emailage® Rapid. A powerful fraud risk scoring solution based on the email address and other personal information provided during the personal lines insurance application process, LexisNexis® Emailage® Rapid will provide LV= GI with an immediate verification of the applicant’s identity and that they are not linked to known fraud, prior to policy inception.
This identity check will form part of a swift risk assessment process via the LexisNexis® Informed Quotes platform, which offers a single point of entry to the widest range of data to help inform insurance providers in their quoting decisions.
LexisNexis® Emailage® Rapid is built from billions of transactions from global payment processors and other online industries, including 82,200 fraud events shared on average dailyii , to provide an instant risk scoreiii at the point of quote. The score indicates a genuine identity, whether the identity has previously been linked to fraud or whether it could be a fraudulent ID created to either procure insurance with the sole intent of making a fraudulent claim, or to sell insurance on. It provides additional metadata points, such as whether the email address and domain even exist, when the email address was first seen, or whether the email address bears a close resemblance to the proposer’s name for the policy.
Dan Cicchetti director, client engagement, Insurance U.K. and Ireland at LexisNexis Risk Solutions, said: “While the pandemic has seen a rise in ghost broking investigationsiv , application fraud was on the rise even before the pandemicv . The challenge for the market has been in strengthening identity checks without causing a detriment to the customer’s quote experience. LexisNexis Emailage Rapid answers that challenge by providing a real-time score as part of a streamlined risk assessment process through the Informed Quotes platform. We are delighted LV= GI is now using Emailage Rapid as an integral and essential part of their identity validation checks.”
Mark Veasey, data enrichment and pricing services manager of LV= GI, said: “We have a responsibility to protect our customers from the rising cost of fraud and the many negative consequences of ghost broking. LexisNexis Emailage Rapid will help us ramp up our ‘front end’ fraud identity validation checks without slowing down the quote process or creating friction for the vast majority of our customers who are genuine.”
Editor’s Note: In February 2020, LexisNexis Risk Solutions acquired Emailage, a fraud prevention and risk management solutions provider. LexisNexis®Emailage® is a proven risk assessment tool that is fuelled by continuously updating global digital insights and uses a patented, proprietary analytic approach to reimagine fraud detection.
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 LexisNexis Risk Solutions and RELX.