The aim of the partnership is to transform the life insurance application process by seamlessly integrating data and analytics through an innovative, no-code configurable platform.
In the current landscape, life insurers face challenges in enhancing the application process, making this partnership timely and significant. At the application stage, insurers must navigate the complexities of fraud detection, address misrepresentation issues, rectify missing or inaccurate consumer data, all while ensuring a user-friendly experience for applicants. Compounding these challenges are legacy systems, outdated user interfaces, and limited real-time solutions for handling applications not in good order (NIGO).
Agenium has harnessed the precision of LexisNexis® Instant ID® and LexisNexis® Life Data Prefill solutions to empower life insurers with a unified solution for expediting a more accurate electronic application experience. This proactive collaboration offers a stand-alone e-App solution or the option to enhance existing technology workflows, showcasing Agenium’s short-turn delivery configurability for a dynamic customer experience. Recognising the paramount importance of speed to market, the Agenium Platform enables clients to enter production in a matter of weeks or months, positioning them to capitalise on emerging revenue growth opportunities.
The collaborative efforts also aim to reduce acquisition costs, prevent fraud, and enhance stratification and retention, further meeting the evolving needs of both customers and businesses in the life insurance sector.
Speaking about the new collaboration, Debra Gangelhoff, vice president and general manager at LexisNexis Risk Solutions, said: “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.”
She continued: “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.”
Mike Risley, CEO at Agenium also commented, saying: “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.”
He added: “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.”
Author: Joanna England