No-code, configurable platform provides intelligence at point of application to help speed the life insurance process while helping carriers mitigate fraud and identity risk
ATLANTA, Nov. 16, 2023 /PRNewswire/ -- LexisNexis® Risk Solutions, a leading provider of data, analytics and technology solutions for insurance carriers, today announced a new alliance with Agenium, a leader in disruptive platform technology, to integrate data and analytics into the life insurance application process, delivered through an innovative, no-code configurable platform.
This is critical during a time when life insurers are grappling with how best to improve the application process. At the point of application, life insurers must detect fraud and misrepresentation, collect and correct missing or inaccurate consumer data, and at the same time, create a process that is not onerous to consumers. And many must also deal with legacy systems, dated user interfaces, and limited ways to resolve not in good order (NIGO) applications in real time.
"LexisNexis Risk Solutions is known for helping insurers mitigate fraud and identity risk, along with our ability to independently, electronically verify key consumer data points, which helps speed the application process and improves the consumer experience," said Debra Gangelhoff, vice president and general manager at LexisNexis Risk Solutions. "Life insurers today are seeking to bridge the legacy technology gap and deploy more sophisticated approaches to data integration. Through our alliance with Agenium, we will help deliver more data earlier in the application process to allow carriers to triage cases quickly and provide an improved experience for consumers and producers, while still mitigating risk."
Agenium has harnessed the accuracy of LexisNexis® Instant ID® and LexisNexis® Life Data Prefill solutions to empower life insurers with a single-source solution to expedite a more accurate electronic application experience. This proactive collaboration can be deployed as a stand-alone e-App solution or can be used to enhance existing technology workflow, as Agenium offers short-turn delivery configurability in a dynamic and unique customer experience. Speed to market is paramount, and the Agenium Platform enables clients to enter production in weeks or months, positioning them to capitalize on new revenue growth opportunities. Aligning with Agenium, LexisNexis Risk Solutions continues to meet its objectives of leveraging data and mortality modeling to help life insurers meet the needs of their customers and business by more quickly and accurately assessing underwriting risk, reducing acquisition costs, helping prevent fraud and improving stratification and retention.
"Agenium's no-code platform combined with the data from LexisNexis Risk Solutions will allow life carriers to make next-gen, highly secure, sophisticated e-Apps a reality," said Mike Risley, chief executive officer at Agenium. "Whether our clients choose to use their existing platforms, or the state-of-the-art Agenium platform and decision engine, our technology is there to support powerful, reflexive logic to speed the application journey and deliver more intelligence via data earlier in the process."
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-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
About Agenium
Agenium, a leader in disruptive platform technology, accelerates digital innovation of the complete underwriting and new business process for Life, Health, and Annuity carriers and distributors. The Agenium Platform is a modern, no-code SaaS platform that provides a secure, scalable, and flexible architecture with complete integration to a carrier's legacy environment and all 3rd party data sources. Using the latest rules, predictive AI, and data analytics, our 30+ carriers are rapidly increasing auto decisioning, reducing manual intervention, and improving time to issue and profitability. Speed to market is paramount, and the Agenium Platform enables clients to enter production in weeks or months, positioning them to capitalize on new revenue growth opportunities - a more complete solution at a fraction of the cost of other vendors. See more at: agenium.ai
Media Contacts:
Chas Strong
LexisNexis Risk Solutions
Phone: +1.706.714.7083
Charles.Strong@lexisnexisrisk.com
Dean Carney
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5607
darmstrong@brodeur.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/lexisnexis-risk-solutions-announces-alliance-with-agenium-to-deliver-speed-ease-of-implementation-enabling-next-gen-life-insurance-application-process-301991201.html
SOURCE LexisNexis Risk Solutions
