In my previous blog, I shared with you 4 Things You Should Know About LexID®, and how LexisNexis® Risk Solutions uses it in combination with our proprietary linking technology to resolve, match and manage consumer information. You’ve probably heard about LexID, but you may be asking, “how does LexID benefit my business and how can I take advantage”? In this blog, I share how some of our insurance customers are using LexID in their business processes.
Thanks to the digital transformation that has taken place over the last decade or so, insurers typically acquire new customers through several channels, including online and over the phone. With so many transactions submitted digitally, doors are open to errors and potential fraud. Incomplete records can be caused by customers mis-keying or misstating information in their application.
As an insurer you need to make sure individual entities or individuals can be resolved to a single data point. That sounds like a simple thing. But can you confidently identify individuals across your different databases? Can you identify addresses correctly? Can you identify households? It’s crucial to link your data sources together, and that’s where LexID comes in.
Initial batch append – getting started
Whether you are a multiline P&C carrier, non-standard auto carrier, monoline life carrier, etc., our relationship begins with an initial batch to append a LexID to all records within your database. This allows you to begin the process of achieving the sought after “single customer view” and fully understand the holistic relationship you have with your customers across various products and lines of business.
New consumer appends (Batch/XML) – new business
LexID, however, isn’t just a one-and-done process. As your business gains new applicants and customers over time, you can obtain a LexID for these individuals and incorporate it into your existing database. Below are two ways carriers are integrating LexID into their workflows.
Beyond appending new applicants, how do you capture changes in consumer information and update your database accordingly? Many of our customers that have embedded LexID within their database also utilize our LexID maintenance process. This method solves for any changes in data that may have occurred over time, as well as capture any consumer LexIDs that may not have been found in the past. Quarterly maintenance is considered an industry best practice to keep your database in sync with ours.
In summary, there are various steps involved to fully utilize the LexID unique identifier within an organization. However, those that do so can reap the benefits. Not only does LexID help tie together individuals across multiple lines of business and assist you with creating a single customer view, but it also helps you gain a better understanding of customer lifetime value across the customer lifecycle.
LexID truly is the machine behind many LexisNexis products that leverage authentication, verification and other identity management capabilities. If you would like to know more about how LexID can help you gain richer, more accurate insights while protecting your customers and your business, contact your account representative today or call/email us at 800.458.9197 or email@example.com.