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LV= GI partners with LexisNexis for anti-fraud technology

LV= GI partners with LexisNexis for anti-fraud technology | Insurance Business UK

LV= GI partners with LexisNexis for anti-fraud technology

LV= General Insurance (LV= GI) has partnered with LexisNexis Risk Solutions to incorporate LexisNexis’ Emailage Rapid fraud risk scoring system into the insurer’s application process.

Emailage Rapid uses the email address and other personal information provided during the insurance application process to verify the applicant’s identity and check if they are linked to any fraudulent activity. It is built from billions of transactions from global payment processors and other online industries, including an average of 82,200 fraud events shared daily. An instant risk score is generated at the point of quote, indicating whether the identity is genuine and whether it has previously been linked to fraud.

This identity check is part of a swift risk assessment process via the LexisNexis Informed Quotes platform, which offers a single point of entry to a wide range of data to help inform insurance providers in their quoting decisions, LexisNexis said.

“While the pandemic has seen a rise in ghost broking investigations, application fraud was on the rise even before the pandemic,” said Dan Cicchetti, director of client engagement, insurance, UK and Ireland at LexisNexis Risk Solutions. “The challenge for the market has been in strengthening identity checks without causing a detriment to the customer’s quote experience. LexisNexis Emailage Rapid answers that challenge by providing a real-time score as part of a streamlined risk assessment process through the Informed Quotes platform. We are delighted LV= GI is now using Emailage Rapid as an integral and essential part of their identity validation checks.”

Ghost broking refers to fraudsters selling fake or invalid insurance policies, which are often only discovered as fraudulent when the policyholder makes a claim.

“We have a responsibility to protect our customers from the rising cost of fraud and the many negative consequences of ghost broking,” said Mark Veasey, data enrichment and pricing services manager of LV= GI. “LexisNexis Emailage Rapid will help us ramp up our front-end fraud identity validation checks without slowing down the quote process or creating friction for the vast majority of our customers who are genuine.”