LexisNexis Debuts Identity Access Management Solution to Address Cyber Risk

LexisNexis Debuts Identity Access Management Solution to Address Cyber Risk

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LexisNexis Risk Solutions (New York), a provider of data, analytics and technology for the insurance industry, has announced the availability of the LexisNexis ID Compass Platform for Insurance. The vendor describes the new platform as a multi-layered identity access management (IAM) solution that combines physical and digital intelligence to help insurance carriers respond to identity risk and reduce friction for consumers seeking insurance quotes and other transactions.

The vendor further describes LexisNexis ID Compass Platform as 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, LexisNexis asserts.

Kim Brown, Director, IAM product management, LexisNexis Risk Solutions.

ID Compass uses LexisNexis proprietary linking technology and the LexID unique identifier to help resolve, match and manage information for what the vendor calls 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 globally.

Identifying and Thwarting Attacks in Near Real Time

The new platform helps insurance carriers face the constant threat of security attacks from online consumer interactions, including identity theft, phishing, smishing, malware and bot attacks, according to LexisNexis. The vendor says 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,” comments Kim Brown, Director, IAM product management, LexisNexis Risk Solutions. “Our ID Compass Platform gives customers a solution to help detect and prevent unscrupulous online behavior without compromising consumer experience. Our IAM solutions are a more effective way for insurers to manage digital identity risk, reduce cyber fraud and enhance customer experience.”

The LexisNexis ID Compass integrated suite of solutions includes the following, by the vendor’s description:

• 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.
• 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 30 years of unique identifiers, such as property, telephone and address history.

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