ATLANTA — LexisNexis® Risk Solutions, a leading provider of data and advanced analytics in insurance, today expands its LexisNexis® Active Insights platform with the addition of Death in Network intelligence, a new event that will help insurers engage with their policyholders when life insurance is top of mind. Active Insights helps insurers identify the right opportunities at the right time, in order to engage with individuals looking to either purchase, upgrade or retain their insurance, based on life events, which include Home Listing, Driver Discovery, Insurance Shopping and now, Death in Network.
LexisNexis has identified that certain life events, including having a baby, buying a house or experiencing the death of a loved one, prompt Americans to consider and purchase life insurance coverage. With 13.5 percent of policyholders experiencing a life event every year, there is a $14.3 billion market opportunity for insurers.
Experiencing the death of someone close can be devastating. However, the death of someone close also often results in individuals purchasing or upgrading their life insurance, which can bring peace of mind. One-in-four Americans who have purchased life insurance did so after they experienced the death of a loved one. Often individuals are more open to engaging in a conversation about life insurance after witnessing the impact it has had on the deceased’s family. Having the right data when these opportunities arise also means that the insurers can proceed as trusted advisors.
“One of the beautiful things about life insurance is that it is purchased for the protection of your loved ones,” said Sandeep Kharidhi, Vice President, Product Management, LexisNexis Risk Solutions. “By using the Death in Network events, life insurers can reach out to customers at the right time and when they are most likely to act. Having the right data and knowing what’s happening in their clients’ lives will help lead to a focused conversation, helping life carriers close the gap in customers’ life insurance coverage while maximizing their ability to sell policies.”
Insurers can leverage Death in Network events by using advanced analytics linked to multiple data sources, with technology that automatically notifies insurers when someone within a policyholder’s network of friends and family passes. The technology generates scores, attributes and insights proactively as the data is analyzed, matching Death in Network events to the insurers’ monitored book of business. The notifications in turn enable insurers to act by reaching out with appropriate and fine-tuned messaging.
For more information, please visit the Active Risk Management page.
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. For more information, please visit www.risk.lexisnexis.com and www.relx.com.