A look at statistics showing how the insurance industry fared in consumer class action settlements.
January 14, 2014 — BOCA RATON, FL - Apptical Corp., a leading provider of sales and underwriting solutions to the life insurance industry, today announced it is collaborating with LexisNexis Risk Solutions Inc., a leading provider of data and analytics to insurance carriers, the government and customers in other industries. Through this relationship, life insurers may gain access to the strengths of both the LexisNexis® identity verification tools and Apptical Corp’s teleunderwriting services. By the use of both companies’ respective offerings, life insurers can proactively help prevent identity related life insurance application fraud and quickly identify relevant risk within their teleunderwriting process.
“We are always looking for new solutions for our life insurance carrier clients. Detecting identity fraud early in the process with LexisNexis® InstantID® alongside our teleunderwriting services is a game-changer for our clients,” said Peggy Bartraw, Director of Operations at Apptical Corp. “As a result, we’re able to help our clients obtain more reliable answers to their critical insurance risk calculations and questions.”
By using Apptical Corp’s SoundDecisions and LexisNexis® InstantID® to validate the proposed insured’s identity during the telephone interview process, carriers can better verify that a person applying for life insurance is providing the correct information and get instantly alerted to indicators of potential fraud. This saves time, boosts efficiency and increases confidence in the outcome of their issued policies. In today’s world, it is more important than ever to verify that personal identifying data is accurate when ordering underwriting requirements.
“LexisNexis and Apptical make it easier for life insurers to proactively prevent fraud from the beginning of the relationship, while maintaining a good customer experience,” said Elliott Wallace, Vice President and General Manager, Life Insurance, LexisNexis.
“Underwriting professionals and insurance carriers are more strapped for time, and in need of trustworthy efficiency solutions more than ever before,” said Bartraw, “and LexisNexis® InstantID®, can help give busy underwriting departments peace of mind by embedding the information and validation tools they need directly within the context of their workflow.”
Apptical Corp. helps insurers provide eligibility guidance at the point of sale. Producers enjoy the advantage of knowing if the client is eligible before leaving the point of sale as it leads to greater proficiency and more sales. Apptical is a leading provider of on-demand, inbound, point of sale life insurance telephone interviews, life insurance electronic applications, teleunderwriting, and life insurance rules engine solutions. LiveApp, SoundDecisions and PURE are provided to clients across the United States and Canada. For more information visit Apptical.com.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors. LexisNexis Risk Solutions’ insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
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LexisNexis is a registered trademark of Reed Elsevier Properties Inc., and InstantID is a registered trademark of LexisNexis Risk Solutions FL Inc. Other products or services may be trademarks or registered trademarks of their respective companies.