What is LexisNexis And The Service They Provide?
As most industries in different niches are moving into the digital platform, access to information nowadays is very easy to attain. The digital world also changes how insurance companies review an applicant’s information and how they approve insurance policies. Today, insurers can now access millions of digital data records from data providers like LexisNexis. This company provides an accurate and useful platform for all insurers to verify applicants’ data to make an informed decision and minimize risks. By getting the right information needed, they can offer affordable and better insurance coverage according to their client’s needs.
What is LexisNexis?
This data providing company has been in the business for many years as a law research company, and they have a massive storehouse of digital data. The data that one can access varies for every niche from both public and private sources. As technology evolves, LexisNexis is now the leading data analytics company for all industries worldwide.
What is LexisNexis Risk Solution?
All insurance providers and financial services rely on a technology called LexisNexis Risk Solutions. It is the most critical part of the company because it is the leading digital data source to aid underwriters in checking and verifying information from applicants from the consumer reporting stage of the application.
Who can benefit from LexisNexis?
The truth is that all insurance companies with consumer reports and underwriting rely on LexisNexis report for information and data verification. All companies and insurers are taking advantage of this digital platform, such as government agencies, HR departments, collection companies, healthcare, finance, and law enforcement agencies are all benefiting from it. If you are active in the digital mainstream, then it means that you are active with your digital life, and LexisNexis advance can check your public online information. The platform provides access to an “electronic inspection report” that is beneficial for insurers to know your potential risk as an applicant.
What Information does the LexisNexis database provide, and how can they get information?
All insurers get information from the electronic inspection report during the underwriting process and get the following information.
- Criminal offenses
- Weapon licenses
- Professional licenses
LexisNexis Acquires Information From Different Sources
They collate all information in one central database, allowing insurers, especially underwriters, to know more about a person’s credit report and financial condition. Within the inspection report are digital data from federal, state, and counties that are all housed inside a platform.
Why insurance providers give importance to credit reports?
Most insurance providers believe there’s a significant relationship between a person’s credit history and are a greater risk for life insurance and other forms of insurance coverage like home and auto insurance plans. All information gathered from the LexisNexis database will help them develop a decision according to the applicant’s risk level. It will dictate how much premium one needs to pay every month and the type of coverage. However, companies are still not using LexisNexis reports, but they are switching to this digital platform to stay updated and competitive in the market.
How LexisNexis benefit insurers?
Through this digital platform, they can cut down the time they need to spend in the underwriting process. The underwriting process is also costly for many insurance providers, especially if they need to pull out as much information they need to know about the applicant’s risk. Also, the long waiting time makes some applicants wary about getting insurance and not getting one. It can help insurers promote their insurance packages and services as people look for the easiest way to apply for insurance. The current situation requires everything to switch in a digital platform to limit a person to person transaction.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.