LexisNexis Announces New Identity Access Management Solution Suite to Help U.S. Insurers Minimize Cybersecurity Risk and Elevate the Customer Experience

LexisNexis Announces New Identity Access Management Solution

LexisNexis ID Compass Platform offers a multi-layered approach to identity authentication and verification

LexisNexis® Risk Solutions, a leading provider of data, analytics, and technology for the insurance industry, today announced the availability of the LexisNexis® ID Compass Platform for Insurance.  A multi-layered identity access management (IAM) solution, the platform combines physical and digital intelligence to help insurance carriers respond to identity risk and reduce friction for consumers seeking insurance quotes and other transactions.

LexisNexis® ID Compass Platform is a suite of integrated IAM products that deliver identity verification and authentication, which can help carriers avoid unnecessary risk and elevate the consumer experience by identifying and fast-tracking genuine consumers while creating more friction for “bad actors”. This helps carriers to make better decisions in their workflow and defend themselves and their customers from cybercriminals and potential fraud.

ID Compass uses LexisNexis proprietary linking technology and the LexID® unique identifier to help resolve, match and manage information for a more accurate view of more than 282 million U.S. consumer identities. It also considers 1,500 data-specific and aggregated phone identity sources, and intelligence harnessed from billions of monthly transactions to provide various scores and attributes. These combined technology assets are delivered through multiple solutions to protect online data for more than a billion consumers across the globe.

Read More: Enterprises Fail to Contain Attacks despite Security Response Planning

Insurance carriers face the constant threat of security attacks from online consumer interactions, including identity theft, phishing, smishing, malware and bot attacks. The ID Compass Platform can identify and thwart attacks by analyzing millions of transactions in near real-time across billions of devices. When individuals are verified and identified as trustworthy, their online experience can become more frictionless and seamless.

“As consumers gravitate toward digital interactions, it is critical for insurers to defend their online businesses while keeping data secure and their customers’ information safe. Our ID Compass Platform gives customers a solution to help detect and prevent unscrupulous online behavior without compromising consumer experience,” said Kim Brown, Director, IAM product management, LexisNexis Risk Solutions. “Our IAM solutions are a more effective way for insurers to manage digital identity risk, reduce cyber fraud and enhance customer experience.”

LexisNexis® ID Compass integrated suite of solutions includes:

  • LexisNexis® Threat Metrix®, which analyzes millions of transactions in near real-time across billions of devices for thousands of global digital businesses.
  • LexisNexis® InstantID®, which returns an index summarizing the level of verification, potential risk indicators and additional information to enhance our customers’ due diligence efforts.

Read More: Enterprises with Understaffed Cyber Security Teams More Prone to Attacks

  • LexisNexis® Phone Finder, which combines authoritative phone content with a large repository of identity information to deliver relevant, rank ordered-connections between phones and identities.
  • LexisNexis® One Time Password, which sends a simple alphanumeric authentication code via email, text or voice to a device in the consumer’s possession.
  • LexisNexis® InstantID® Q&A — a near real-time, interactive knowledge-based authentication technology that verifies a customer is who s/he claims to be. InstantID Q&A generates an interactive, multiple-choice knowledge-based questionnaire using more than thirty (30) years of unique identifiers, such as property, telephone and address history.