The tool is designed to streamline the quote process, free up insurer resources and assist with identifying fraudulent policies

Data, analytics and technology provider LexisNexis Risk Solutions has launched a new instant email address validation tool – used at point of quote – to help insurers tackle application fraud.

The tool, LexisNexis Emailage Rapid, is a fraud risk scoring solution that uses email addresses and other personal information that is provided during the application process to create an instant risk score and help verify an individual’s identity.

LexisNexis Emailage Rapid specifically looks at an applicant’s email address and the digital footprint that goes with it, analysing how it has been used online, including its history.

LexisNexis Risk Solutions believes its Emailage tool can assist with pricing and underwriting decisions, as well as validating quotes, if used alongside a wide range of data enrichment data sets, including publicly available data, policy history data, property, environmental and prior claims data.

Its customers can access this information through the LexisNexis Informed Quotes platform.

James Burton, senior director of insurance product management for UK and Ireland at LexisNexis Risk Solutions, said: “Insurance providers have to strike a balance between offering a streamlined application experience to the customer with robust fraud detection and prevention capabilities.

“Manual checks post-quote can lead to customer friction and are limited by both time and the data resources available.

“LexisNexis Emailage Rapid will help prevent insurance providers writing business that is potentially fraudulent and protect individuals from having their identity compromised while helping to ensure a swift and smooth on-boarding process.”