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LexisNexis Risk Solutions today announced the launch of its new data platform, LexisNexis Intelligence Exchange, that helps life insurance companies predict, better assess and manage risk.
The platform is now fully built and ready to accept data from insurance companies and will go live in January 2016 , said Shivakumar Shankar, MD, LexisNexis Risk Solutions.
A report by Indiaforensic estimates that fraud alone costs the insurance industry $6.25bn per year or around 9 per cent of premiums.
The insurer can use the database to check an insurance proposal against records in the database to confirm underwriting facts, misrepresentations, non-disclosures, policy stacking, declinations, surrenders, lapses and claims histories.
Shankar said that insurers can also review an incoming claim against claims made with other insurers for inconsistencies to ensure faster settlement of genuine claims and coordinated investigations of suspicious claims. The cost for insurers will be around 0.5 per cent of the insurance premium, he added.
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