ATLANTA, July 21, 2021 /PRNewswire/ -- LexisNexis®
Risk Solutions, a leading provider of data, analytics and
technology for the insurance industry, today introduced LexisNexis®
Risk Classifier with Medical Data, the first solution to combine up
to six sources of behavioral and medical data and provide life
insurers with a predictive mortality model that allows them to more
accurately rate risk and help competitively price policies. This
innovative solution was developed to improve the life insurance
experience for insurers and consumers, giving life insurers more
predictive, valuable data for an in-depth picture of risk so that
more consumers can get access to the life insurance they need to
protect their loved ones.
LexisNexis Risk Classifier with Medical Data aggregates
long-standing and actuarially proven data sources including public
records, credit attributes and driving behavior data as well as
prescription history, medical diagnosis and clinical lab
attributes. It is available through a strategic relationship with
ExamOne®, a Quest Diagnostics company, which obtains medical data
for this purpose with an insured applicant's authorization, to form
a next-generation mortality model that life insurers can integrate
into their existing workflow for accelerated underwriting.
"Life insurance carriers are continually looking for ways to
drive better risk differentiation and improve the consumer
experience to build a competitive advantage," said Debra Gangelhoff, vice president and general
manager of Life Insurance at LexisNexis Risk Solutions. "The
combination of behavioral and medical data integrated in one model
through LexisNexis Risk Classifier with Medical Data helps life
insurers reveal additional unknown risks and improve their
mortality scoring for confidence in their underwriting program. It
also helps lower underwriting costs and can help put a higher
percentage of consumers through an accelerated underwriting
path."
According to the data scientists at LexisNexis Risk Solutions,
the next-generation combined model provides more mortality
separation across risk classifications to determine a more accurate
mortality score. This will help enable carriers to deliver
consumers a faster and easier life insurance underwriting process.
Ultimately, this can assist in getting more life insurance policies
in the hands of more consumers.
"We found that when it comes to modeling mortality risk,
combining behavior and medical data into a single model provides a
13x separation between the top and bottom deciles, which is 2.5x
greater than prescription data alone, and it provides a 27x
separation between the top and bottom percentiles," said
Patrick Sugent, vice president of
Analytics at LexisNexis Risk Solutions.
Unlike traditional life insurance underwriting, which typically
requires a paramedical exam, and often has lengthy application and
underwriting processes, LexisNexis Risk Classifier with Medical
Data helps life insurers get more information upfront, which may
allow them to avoid the paramedical process altogether and
accelerate their underwriting. As a result, consumers applying for
life insurance appreciate the faster, more streamlined and less
invasive life insurance underwriting process.
"The current economic climate and accelerated underwriting
options provide life insurers with opportunities to reach new,
untapped markets that have not traditionally bought life insurance
before," said Gangelhoff. "We are excited about the opportunity to
help them continue maximizing data and advanced analytics to grow
business and get life insurance in the hands of more families."
For more information, please visit LexisNexis Risk Classifier
with Medical Data.
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 across industries. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
Media Contacts:
Rocio Rivera
LexisNexis Risk Solutions
Phone: +1.678.694.2338
rocio.rivera@lexisnexisrisk.com
Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com
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SOURCE LexisNexis Risk Solutions