ATLANTA and CHICAGO, May 22, 2017 /PRNewswire/ -- Today, the National Insurance Crime Bureau (NICB) announced the addition of LexisNexis Risk Solutions to the NICB Strategic Partner network of companies that work together to combat fraud. As a leader in the fight to identify and prosecute insurance fraud, the NICB's analytics will now leverage the vast power of LexisNexis Risk Solutions insurance and provider data, advanced analytics and linking technology to cast a wider net and return higher results in the identification of potential fraudsters and their alternate identities.
Fraud is the second most costly white-collar crime in America behind tax evasion. Some insurance industry studies claim that approximately 10 percent or more of property and casualty insurance claims are actually fraudulent.[i] This type of activity can result in higher premiums to the honest policyholder and can also impact tax rates and inflate the prices for consumer goods.
"We are pleased to introduce our alliance with LexisNexis Risk Solutions and anticipate growing a positive impact for our clients as collaboration continues," said Brian Smidt, VP of Data Analytics, NICB. "The inclusion of LexisNexis Risk Solutions into the NICB's analytical process strengthens our fight against criminal fraud by supplying a lift in suspect information on both providers and medical activity not historically available to us."
Through this alliance, NICB will now leverage additional risk information and insights from LexisNexis Risk Solutions as part of its on-going mission to prevent and combat insurance fraud and crime through data analytics, investigations, training, legislative advocacy and public awareness. These insights are powered by provider data from LexisNexis Risk Solutions, which leverages one of the nation's largest medical provider databases and proprietary linking technology, in combination with its unique identifier, LexID®, to resolve, match and manage information needed by insurers. LexisNexis Claims Medical Discovery will soon offer NICB members, at their request, the ability to get MedAWARESM alerts through the product.
"Insurers need innovative solutions and tireless support from organizations like the NICB and LexisNexis Risk Solutions to mitigate the growing threats of fraudulent providers and to fast-track good providers through the claims process," said Bill Brower, Vice President of Claims, Insurance, LexisNexis Risk Solutions. "By teaming together, insurers can leverage the fraud-fighting knowledge and best practices across multiple organizations to help protect their bottom lines and better ensure honest policyholders a more seamless insurance experience."
About The National Insurance Crime Bureau
Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to preventing, detecting and defeating insurance fraud and vehicle theft through data analytics, investigations, training, legislative advocacy and public awareness. The NICB is supported by more than 1,100 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $436 billion in insurance premiums in 2016, or more than 79 percent of the nation's property/casualty insurance. That includes more than 94 percent ($202 billion) of the nation's personal auto insurance. To learn more visit www.nicb.org.
About LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With more than 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta, USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group plc, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexis.com/risk.
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SOURCE LexisNexis Risk Solutions; National Insurance Crime Bureau (NICB)