LexisNexis® Risk Solutions has launched LexisNexis® IDVerse® for Insurance, a new AI-powered tool to help U.S. insurance companies fight fraud caused by AI and protect their customers.
This tool uses biometrics, AI models, and a deep neural network to quickly check and verify ID documents and digital identities at different stages of the insurance process, like quoting, claims, and customer service. It helps insurers reduce fraud, improve efficiency, and automate identity checks in real time, making the process faster and easier for customers.
With fraud detection from AI-generated fake identities expected to cost USD 40 billion by 2027, traditional methods of verification are becoming less effective. IDVerse is planned to tackle these new AI-driven threats with advanced technology, making it harder for fraudsters to succeed.
LexisNexis® Risk Solutions uses data and analytics to help businesses and governments make better decisions and reduce risks, benefiting people worldwide.
Executive Statement
According to Jennifer Kostyrna, senior director of product management, insurance identity solutions, LexisNexis Risk Solutions, U.S. insurers are under increasing pressure to deliver seamless digital experiences without compromising on security, while bad actors and criminal networks are using advanced technology to adapt and continue their attacks on the industry. The only way to keep up with these fraudsters is to match their sophistication with smarter, more adaptive technology. IDVerse does this by utilizing the same powerful technology to stop fraud in its tracks, giving insurers the confidence to embrace security as well as bolster their customer experience.
