CLAIMS

LexisNexis Risk Solutions Launches Innovative Insurance Customer Data Management Solution

LexisNexis Risk Solutions | February 03, 2022

LexisNexis® Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, now offers U.S. insurance carriers superior assistance in linking and connecting disparate customer records through LexID® for Insurance. LexID is the unique identifier built from proprietary linking technology, more than 35 years of referential data and thousands of data sources to match disparate identity information and help insurers create the sought-after single customer view across their enterprise. For auto, home and life insurance carriers that aggregate tremendous amounts of data to optimize risk-decision making and meet rising consumer expectations, legacy systems, fragmented data and organizational silos have made customer data management (CDM) one of the insurance market's biggest impediments.

"Insurance carriers are moving from a policy-centric approach to an enterprise customer-centric approach to be able to better understand the household's insurance needs, offer more personalized options to consumers, and ultimately retain these consumers as long-time customers," Robert McConn, senior director of product management, insurance, LexisNexis Risk Solutions, said. "Insurers understand that the quantity of data they're managing is growing exponentially, and to deliver a great marketing, underwriting or claims experience where the consumer feels appreciated, they have to implement an effective customer data management strategy. As a result, LexID can be integral to helping carriers remain competitive in a rapidly changing digital insurance environment."

A CDM program using LexID for Insurance allows insurers to collect, manage and analyze consumer data from various sources to form a single, comprehensive view of each customer. Disparate consumer records can be linked into a common LexID consumer identifier using LexisNexis® Scalable Automated Linking Technology, a patented method of linking and clustering data. By pulling together data from multiple touchpoints – marketing, quote, renewal and claims – insurance providers can build a comprehensive and accurate representation of their customer.  Not only can LexID for Insurance improve data accuracy across the enterprise, but it can also assist carriers with delivering products and services better suited to the needs of their customers.

"While customer data within an insurer is the lifeblood of its business – one of its greatest assets and competitive advantages, insurers of all sizes face the hurdle of harnessing their data and using it to its full potential, The financial costs are obvious, however, other consequences of inaccurate or unused data can run deeper such as customer service inefficiencies, missed opportunities, fraud and even harmed brand reputation. Centralizing the management of customer information is critical for a business's continued success."

- Mark Breading, partner, Strategy Meets Action. 


Data continues to fuel the future of consumer engagement for insurers. A proven matching solution, LexID has been the foundation of LexisNexis Risk Solutions products and services for over a decade and can help bring sense and order or organization to insurance provider-held customer databases. Visit our LexID for Insurance page or LexID video for more information.

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 and analytics for professional and business customers.

Spotlight

COVID-19 brought sweeping implications for all industries, but nowhere more so than in the health insurance industry. And now, firms continue to face challenges on multiple fronts as they work to meet the expectations of both members and employees. At the peak of disruption, the focus was on ensuring business continuity. These days efficiency initiatives are cropping up as insurers adapt to the new normal.

Spotlight

COVID-19 brought sweeping implications for all industries, but nowhere more so than in the health insurance industry. And now, firms continue to face challenges on multiple fronts as they work to meet the expectations of both members and employees. At the peak of disruption, the focus was on ensuring business continuity. These days efficiency initiatives are cropping up as insurers adapt to the new normal.

Related News

INSURANCE TECHNOLOGY

INNOVU Group Holding Company Limited Acquired by Arthur J. Gallagher & Co.

Gallagher | June 28, 2022

Arthur J. Gallagher & Co. announced today the acquisition of INNOVU Group Holding Company Limited, based in Wexford, Ireland ("INNOVU Insurance"). The transaction's terms were not disclosed. INNOVU Insurance, founded in 2018 by Ronan Foley, is a retail insurance broker that provides a wide range of commercial and personal insurance products and services, as well as financial services, to clients in various industry sectors from seven offices across Ireland. Ronan Foley and his colleagues will remain in their current locations and report to Michael Rea, who oversees Gallagher's retail property and casualty brokerage operations in the UK and Ireland. INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region, We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings." J. Patrick Gallagher, Jr., Chairman, President, and CEO. The headquarters of Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management, and consulting services firm, are in Rolling Meadows, Illinois. Gallagher offers these services in 130 countries via its operations and a network of correspondent brokers and consultants.

Read More

RISK MANAGEMENT

Sun Life partners with Teledentistry.com to bring 24/7 dental provider access to members

Sun Life | January 06, 2022

Sun Life U.S. has partnered with Teledentistry.com to bring members 24/7 virtual access to dental providers, whenever, and wherever they are. The service is automatically incorporated into members' dental coverage, and provides a safety net for those who need dental care in emergencies, while traveling, or at night or on weekends. "Oral health is part of overall health, and we are committed to helping our members get the right care when they need it, whether for regular preventive care visits or emergencies, We are thrilled to partner with Teledentistry.com to make dental benefits and urgent dental care more accessible, and meet our members where they are." -Joi Tillman, vice president of Voluntary, Dental and Vision at Sun Life U.S. With easy-to-navigate virtual access, members who need a dental consultation can get one quickly from a Teledentistry.com dentist, and get referred for definitive care if necessary. Consultation results are communicated to the member's dental provider for follow-up care. By accessing a Teledentistry.com dental professional any time virtually, members can get the care they need at the right time and may reduce their costs, especially in cases of emergency when the only alternative may be an ER visit. "Teledentistry.com is dedicated to improving access to dental care, Our team of dentists is ready to help with a virtual consultation, prescribe medications as appropriate and refer patients to a local in-network dentist for regular care. We are proud to partner with Sun Life to help support their members with a virtual dentist anytime they need one." -Dr. Vilas Sastry, CEO of Teledentistry.com. About Sun Life Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of C$1.39 trillion.

Read More

INSURANCE TECHNOLOGY

First Light Recovery Announces New In-network Agreements with Seven Major Insurance Companies

First Light Recovery | April 12, 2022

First Light Recovery reported new in-network agreements with seven esteem insurance companies, namely Kaiser Permanente, Anthem BlueCross, HMC Healthworks, Magellan, Multiplan, First Health, and United Healthcare. The mental health provider, First Light, hopes that this update will make other mental health services more available to people in the area. When a provider is in-network with an insurance company, individuals with those policies may benefit from several services, such as: Reduced out-of-pocket costs, as insurance companies try to cover more significant percentages of the expenses for in-network providers Potentially more accessible admission, as in-network providers may not necessitate the similar referral and pre-auth processes as out-of-network providers Improved service agreement standards, as most in-network providers are essential to meet specific service levels to remain in-network We are proud to announce that we are now in-network with seven carriers, with our latest one being United Healthcare. It gives us a better opportunity to help more people, and that's exactly what we are here for." Neal H Patel, CEO of First Light Recovery. First Light Recovery provides various treatment options for mental health disorders and strugglers. Its residential treatment programs are accessible to people aged 18 to 59 diagnosed with FLR's treatment parameters. The programs comprise 24-hour support and a robust structure of needs for individuals’ care, round-the-clock nursing or clinical supervision. At First Light, mental health disorders include schizoaffective disorder, schizophrenia, anxiety, depression, panic attacks, social anxiety, bipolar disorder, impulse-control disorder, posttraumatic stress disorder, obsessive-compulsive disorder, ADD/ADHD, and personality disorders are treated the best. Two-to-one staff-to-client ratios and a low-stimulation environment provide clients with utmost comfort, the ability to heal faster and ways to cope and manage their disorders. Treatment programs also include education to help patients learn or relearn daily living skills regarding a mental health disorder. Skills mostly made to understand for them include budgeting, planning each day, nutrition, and personal hygiene. First Light Recovery is credited by the Commission on Accreditation of Rehabilitation Facilities. CARF Accreditation demonstrates a provider's commitment to providing quality care and a proactive focus on satisfactory outcomes for every patient.

Read More