ATLANTA, Oct. 5, 2020 /PRNewswire/ -- LexisNexis®
Risk Solutions, a leading provider of data, analytics and
technology for the insurance industry, and ExamOne®, a Quest
Diagnostics company and leading laboratory and prescription history
data provider for life insurance, announced a strategic
relationship to offer insurance carriers a next-generation life
mortality model to underwrite new policies. The collaboration
allows life insurers to more confidently expand age and policy
ranges, utilize data in a more consistent, cost-effective manner,
and deliver better experiences to consumers within minutes versus
weeks using LexisNexis® Risk Classifier.
Combining the current Risk Classifier model from LexisNexis Risk
Solutions – which includes public records, credit attributes and
driving behavior data – with ExamOne's accelerated medical solution
historical laboratory testing and prescription information creates
an underwriting solution that contains data sources to form a
single, predictive mortality score that is unique to the market.
This combination of the data will help life insurers evaluate
relevant data into one streamlined and integrated model, assisting
in the carrier's overall underwriting decision process.
"Collaborating with LexisNexis Risk Solutions demonstrates our
commitment to help life insurers transform their workflows as well
as simplify, streamline and accelerate the completion window of
application to policy issuance for a better customer experience,"
said Joey Grant, president of
ExamOne. "We are pleased with the preliminary results
illustrating how our extensive data assets, including clinical
laboratory history databases and prescription history, can be used
in combination with LexisNexis Risk Classifier data to help life
insurers offer consumers the protection they need for their
families."
"Life insurers can benefit from unprecedented lift when
combining these data sets into one streamlined model," said
Debra Gangelhoff, vice president and
general manager, Life Insurance, LexisNexis Risk Solutions. "The
industry is seeing heightened pressure to speed up the traditional
application process to meet the needs of consumers who increasingly
have less tolerance for long underwriting cycle times, all while
maintaining a touchless process to comply with social distancing
guidelines. Incorporating historical laboratory, prescription
history and medical claims data into Risk Classifier provides
insurers an alternative to obtaining medical information from
traditional paramedical exams and laboratory testing. We are
proud to help life insurers innovate and are excited about the
analysis we've been delivering with ExamOne to continue challenging
the status quo by creating a better process."
Working together, LexisNexis Risk Solutions and ExamOne can help
life insurers gain a unique competitive advantage, reduce risk and
expenses, and improve carrier workflows. This collaboration can arm
life insurers with relevant data, using one streamlined and
integrated mortality model. It is important to note that the
combined product will meet the applicable legal and regulatory
requirements around consumer authorization for the disclosure and
use of consumer information.
For more information on LexisNexis Risk Classifier, please click
here.
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.
About ExamOne
ExamOne, A Quest Diagnostics Company, is
a leading provider in the risk assessment industry who is committed
to empowering decisions with health-based insights. Through
in-depth personal history and national specimen collection
capabilities, as well as access to instant health-based data, we
provide quick and reliable health insights for life insurers. For
more information, please visit ExamOne.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
Kim Gorode
Quest Diagnostics
mediacontact@questdiagnostics.com
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SOURCE LexisNexis Risk Solutions