LexisNexis, a provider of legal and risk management solutions, said that it will expand its presence in the life insurance market with the introduction of two new products for underwriting process.
As part of the expansion, LexisNexis has introduced Current Carrier Life, a contributory database designed to help life insurers better manage risk and detect fraud and LexisNexis Life Electronic Inspection Report (EIR), a tool that provides insurance underwriters with instant access to public records data.
LexisNexis said that Current Carrier Life and Life EIR capabilities can significantly help insurers strategically leverage large amounts of existing applicant data to improve business processes and decisions.
LexisNexis senior vice president and general manager of insurance solutions Bill Madison said life insurance policy underwriting can take as long as four to six weeks, resulting in significant dropout rates among applicants who are not willing to go through such a lengthy procedure.
"To deal with this issue, we’re introducing a solution set to streamline application and inspection procedures for the life insurance market.
"By optimizing this process, underwriters will now be able to quickly obtain accurate, verified information to make smart, well-informed decisions," Madison said.