Case Study: Leading Life Insurance Company boosts application accuracy and customer experience with LexisNexis Risk Solutions' InstantID & Life Data Prefill

Life Insurance Carriers Optimize the Customer Experience

LexisNexis Risk Solutions worked with several life insurers that were struggling with missing, incorrect or mis-keyed data on new applications—common issues included wrong or omitted SSNs and driver’s license numbers, and mis-keyed names or DOBs. These data problems forced agents to chase prospects, delayed underwriting, increased fraud and error risk, and harmed the customer experience and the carrier’s bottom line.

The company deployed InstantID to verify identities and correct minor mis-keys, and Life Data Prefill to automatically populate critical fields. This two-fold approach reduced the most severe “Red” risk group by 40% (when verifying name, address and DOB), corrected ~5% of names and ~3% of DOBs, delivered SSNs accurately 97% of the time on the verified population, returned DLNs for 91% of verified applicants and secure DLNs for 48% of omitted cases—resulting in fewer customer touches, faster applications, better underwriting hit rates and reduced fraud exposure.