LexisNexis Risk Solutions aim to help its customers assess, predict, and manage risk by combining its software with unique data and advanced scoring analytics. LexisNexis states that 99 percent of all U.S. automobile insurance claims and more than 90 percent of all homeowners’ insurance claims use the firm’s technology to assess risk.
In the financial sector, LexisNexis works with many of the top 50 U.S. banks to prevent crime, achieve regulatory compliance, and mitigate business risk. Retail organizations use the company’s tools to predict and prevent fraud, while healthcare professionals use them to help combat fraud, waste, and abuse.
The Florida Department of Children and Families (DCF), for instance, uses LexisNexis products to help prevent fraud in its public assistance programs. “By verifying and authenticating the identity of the customer before processing his or her application, Florida DCF is ahead of the curve in fighting fraud, saving taxpayer dollars, and making certain that only those who need benefits receive them,” stated Clint Fuhrman, senior director of healthcare, LexisNexis.
Recent Announcements
To serve its vertical clientele, LexisNexis consistently revamps and adds to its product portfolio.
The company recently announced Population Health Monitor, a product that provides an analysis of patient populations in order to manage risk, optimize care management, and improve health outcomes. Dr. Peter Edelstein, chief medical officer, LexisNexis, states, “as a result of the Affordable Care Act, healthcare organizations in the public and private sectors are committed to improving access to quality healthcare, and reducing overall healthcare costs.”
LexisNexis also recently announced Social Media Monitor, a new product in its Law Enforcement platform—powered by the technology of DigitalStakeout—that allows agencies to discover threats by probing social media sites. “Social media is a critical tool for crime prevention and detection, especially since it crosses all demographics,” states Haywood Talcover, CEO, government unit, LexisNexis. “LexisNexis is dedicated to providing law enforcement professionals the solutions to meet their public safety missions.”
Actual Implementations
A recent LexisNexis survey of over 1,200 law enforcement officers found that four out of five use social media sites to help with investigations. Social Media Monitor is designed to alert officers to potential areas of concerns, and help identify posts and/or tweets within specific geographic locations.
DigitalStakeout provides cloud-based software and services to help customers examine social media and big data to assess risk and respond to threats.
Anderson Seafoods, a wholesale seafood provider to West Coast restaurants, grocers, and hotels, recently opened an online store offering next-day delivery. Initially, the company had to spend time reviewing orders and making phone calls in order to prevent fraudulent orders. In an attempt to engage in a more proactive effort, Anderson acquired LexisNexis Retail Fraud Manager.
The product offers a way to identify Card Not Present transactions. “Having the product interface with our retail site and integrate into our front- and back-end processes makes Retail Fraud Manager easy to use, ” says Alberto Andrade, CFO, Anderson Seafoods. “The initial implementation went very smoothly, and our experience with Retail Fraud Manager is very positive.”
Customer Erie Insurance, which offers automobile, home, business, and life insurance through a network of 2,100 agencies in 11 states, uses LexisNexis FraudFocus Enhanced product to improve fraud awareness. Some 10 percent or more of property/casualty insurance claims are fraudulent, according to the National Insurance Crime Bureau (NICB), and fraud is the second most costly white-collar crime in America behind tax evasion. Added up, the NICB notes, insurance fraud costs Americans billions of dollars each year.
The latest version of the product incorporates criminal and financial distress reports, tapping into a LexisNexis store of more than 34 billion current public records for use in detecting fraud, verifying identities, and conducting investigations. The benefits for Erie Insurance include better time management from a more efficient workflow based on sound priorities for which claims should get a closer look.
Florida Department of Law Enforcement, used LexisNexis Focus Enhanced based on the company’s Advanced Investigative Solution platform to help solve a child abduction case, the abduction of a baby from a hospital maternity ward. An investigator used the three known license plate characters to run a Wild Card search that produces license plate and vehicle matches based on incomplete information. The results showed five vehicles, one registered to a female in the city where the abduction took place.
An additional source provided a description of the woman, which was helpful in matching a driver’s license photo of the suspect with surveillance camera footage from the hospital. Police in a neighboring town who were on the lookout spotted the car, conducted a traffic stop, and found the infant boy unharmed in the back seat.
The entire incident took place in over an hour and 15 minutes, with the LexisNexis system underlying the ability to quickly identify relevant license plate characters.
Reducing Risk
As evident by the aforementioned use cases, LexisNexis Risk Solutions enable organizations across many industries to assess, predict, and manage risk. SW
Mar2014, Software Magazine
