ATLANTA and CHICAGO – Today, the National Insurance Crime Bureau (NICB) announced the addition of LexisNexis Risk Solutions to the NICB Strategic Partner network of companies that work together to combat fraud. As a leader in the fight to identify and prosecute insurance fraud, the NICB’s analytics will now leverage the vast power of LexisNexis Risk Solutions insurance and provider data, advanced analytics and linking technology to cast a wider net and return higher results in the identification of potential fraudsters and their alternate identities.
Fraud is the second most costly white-collar crime in America behind tax evasion. Some insurance industry studies claim that approximately 10 percent or more of property and casualty insurance claims are actually fraudulent. This type of activity can result in higher premiums to the honest policyholder and can also impact tax rates and inflate the prices for consumer goods.
“We are pleased to introduce our alliance with LexisNexis Risk Solutions and anticipate growing a positive impact for our clients as collaboration continues,” said Brian Smidt, VP of Data Analytics, NICB. “The inclusion of LexisNexis Risk Solutions into the NICB’s analytical process strengthens our fight against criminal fraud by supplying a lift in suspect information on both providers and medical activity not historically available to us.”
Through this alliance, NICB will now leverage additional risk information and insights from LexisNexis Risk Solutions as part of its on-going mission to prevent and combat insurance fraud and crime through data analytics, investigations, training, legislative advocacy and public awareness. These insights are powered by provider data from LexisNexis Risk Solutions, which leverages one of the nation’s largest medical provider databases and proprietary linking technology, in combination with its unique identifier, LexID®, to resolve, match and manage information needed by insurers. LexisNexis Claims Medical Discovery will soon offer NICB members, at their request, the ability to get MedAWARESM alerts through the product.
“Insurers need innovative solutions and tireless support from organizations like the NICB and LexisNexis Risk Solutions to mitigate the growing threats of fraudulent providers and to fast-track good providers through the claims process,” said Bill Brower, Vice President of Claims, Insurance, LexisNexis Risk Solutions. “By teaming together, insurers can leverage the fraud-fighting knowledge and best practices across multiple organizations to help protect their bottom lines and better ensure honest policyholders a more seamless insurance experience.”
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.