LexisNexis Risk Solutions Launches LexisNexis IDVerse for Insurance to Help U.S. Insurance Companies Combat AI-Driven Threats and Better Protect Their Customers

LexisNexis® Risk Solutions announced the availability of LexisNexis® IDVerse® for Insurance, an AI-powered, cutting-edge document authentication and identity verification solution that helps defend against AI-driven fraud for U.S. personal lines insurers and their customers throughout the insurance lifecycle.

IDVerse for Insurance leverages biometric verification, proprietary AI models, and a deep neural network to securely authenticate and verify ID documents and digital identities within seconds at multiple points in the insurance workflow, including quoting, claims, high-risk transactions, customer service, and account management. The solution helps insurance companies reduce fraud risk, improve efficiency and safeguard profitability by enabling real-time identity verification automation, seamlessly integrated into the insurance workflow. For consumers, it can help provide a faster, low friction and streamlined interaction with insurers.

According to the U.S. Department of Homeland Security¹, losses from generative AI-enabled fraud are expected to reach $40 billion by 2027. Generative AI and deepfake technologies have made it easier for fraudsters to create convincing fake identities, making traditional verification methods less effective. As fraud tools become more sophisticated, insurance companies need equally advanced countermeasures.

“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,” said Jennifer Kostyrna, senior director of product management, insurance identity solutions, LexisNexis Risk Solutions. “The only way to keep up with these fraudsters is to match their sophistication with smarter, more adaptive technology. IDVerse does this by using the same powerful technology to stop fraud in its tracks, giving insurers the confidence to embrace security and bolster their customer experience.”

IDVerse for Insurance is one of the newest solutions available via the LexisNexis® ID Compass Platform, a comprehensive fraud and identity management solutions suite. The newly enhanced solution helps enable insurers to confirm the legitimacy of someone’s identity with biometric face matching and liveness checks within seconds, helping to verify genuine customers quickly while ensuring a smooth experience.

IDVerse also offers:

• a clean smartphone UI and mobile experience customized to an insurer’s brand;
• fully automated decisions with yes/no verification results;
• global document coverage;
• contextual AI learning that adapts to evolving threats; and flexible options for integration and data storage.

Visit LexisNexis IDVerse for more information.