LV = GI partners with LexisNexis for anti-fraud technology
LV = General Insurance (LV = GI) has partnered with LexisNexis Risk Solutions to integrate the LexisNexis Emailage Rapid fraud risk rating system into the insurer’s application process.
Emailage Rapid uses the email address and other personal information provided during the insurance application process to verify the identity of the applicant and to verify if it is related to fraudulent activity. It is built from billions of transactions from global payment processors and other online industries, including an average of 82,200 fraud events shared daily. An instant risk score is generated at the scoring point, indicating whether the identity is genuine and whether it has ever been linked to fraud.
This identity verification is part of a rapid risk assessment process via the LexisNexis Informed Quotes platform, which provides a single point of entry to a wide range of data to help inform insurers in their quote decisions, LexisNexis said.
“While the pandemic saw an increase in shadow brokerage investigations, app fraud was on the rise even before the pandemic,” said Dan Cicchetti, director of customer engagement, insurance, UK and of Ireland at LexisNexis Risk Solutions. “The challenge for the market has been to strengthen identity checks without harming the customer’s quote experience. LexisNexis Emailage Rapid responds to this challenge by providing a real-time score as part of a streamlined risk assessment process via the Informed Quotes platform. We are delighted that LV = GI is now using Emailage Rapid as an integral and essential part of its identity validation checks.
Shadow brokerage refers to fraudsters who sell false or invalid insurance policies, which are often not discovered to be fraudulent until the policyholder makes a claim.
“We have a responsibility to protect our clients from the growing cost of fraud and the many negative consequences of shadow brokerage,” said Mark Veasey, head of data enrichment and pricing services at LV = GI. “LexisNexis Emailage Rapid will help us speed up our upstream fraud identity validation checks without slowing down the quotation process or creating friction for the vast majority of our genuine customers. “