ATLANTA and SAN FRANCISCO – As life insurers look for ways to engage consumers and improve an often lengthy and invasive life insurance underwriting process, LexisNexis Risk Solutions, a leading provider of data, analytics and technology for the insurance industry, and Human API, the world’s first real time health data network, announced an alliance to provide life insurers with a better suite of risk related data products on their consumers.
LexisNexis Risk Solutions data and analytics platform enables life insurers to turn data into actionable insights across the life insurance continuum with a comprehensive view of an individual's background, household and lifestyle. Human API’s comprehensive clinical health data network enables life insurers to retrieve and analyze real time clinical data as a new piece of underwriting evidence. Together the two platforms empower life insurers with advanced data analytics to make more complex underwriting decisions faster and improve the overall consumer experience. Human API’s electronic health data provides life insurers with information such as medical history, encounter information, medications, and lab results and LexisNexis risk-related solutions aggregate, analyze and provide insights derived from public records, driving history and credit. By using both products, life insurers can help lower their underwriting costs, reduce cycle times and drop-out rates and place applicants into appropriate risk classes.
“Aligning with Human API furthers our mission at LexisNexis to provide comprehensive life insurance- specific data and analytic solutions that advance the marketplace,”said Elliott Wallace, GM and VP, Life Insurance, LexisNexis Risk Solutions. “Through our continuous pursuit of innovation, our customers can take their underwriting processes from approximately 30 days down to hours. With Human API’s real-time health data network platform and consumer risk decisioning information from LexisNexis Risk Solutions, our customers can easily access health data regardless of source when they need it to transform their businesses and fulfil their objectives to help more consumers attain life insurance.
“Human API’s core value lies in our ability to retrieve, normalize, and understand clinical data for over 200 million U.S. consumers across our data network,” said Andrei Pop, Chief Executive, Human API, “Through this partnership we recognized an opportunity to bring our customers a holistic solution for consumer data. Our two platforms, utilized together, represent an immense opportunity for carriers to transform their businesses and achieve their underwriting goals using real-time data.”
The alliance offers life insurers with data sources that make processes easier and provide more information to help carriers make better decisions. Human API helps carriers collect comprehensive clinical health data on all of their proposed insureds and quickly identify which downstream medical tests carriers will need to order. With data and analytics from LexisNexis Risk Solutions, carriers can get a comprehensive risk profile of the proposed insured with the ability to customize thresholds to underwriting standards, fast-track simpler cases and ensure underwriters see the complex cases that require deeper attention.
With LexisNexis and Human API, life insurers can access powerful aggregated and standardized data, including health data regardless of source. LexisNexis uses patented linking technology, LexID®, which identifies, links and organizes petabytes of data from billions of public records, more than 20,000 data sources and more than 1,000 FCRA-governed data attributes. Solutions from LexisNexis create intelligent connections between disparate data sources to get a more comprehensive picture of the proposed insured. Human API enables carriers to retrieve, analyze, and understand comprehensive clinical data in real time from a nationwide network of 200M+ covered lives spanning 35,000+ integrations.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. 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-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.