LexisNexis Risk Solutions, a global data analytics company, has announced the availability of LexisNexis IDVerse for Insurance, a new AI-powered document authentication and identity verification solution.
The launch comes as insurers face mounting pressure from increasingly sophisticated fraud driven by generative AI and deepfake technologies, according to FF News.
With losses from AI-enabled fraud expected to reach $40bn by 2027, according to the U.S. Department of Homeland Security, traditional verification methods are proving inadequate against rapidly evolving threats, prompting insurers to seek more advanced, automated countermeasures.
IDVerse for Insurance is designed to authenticate and verify identity documents and digital identities within seconds.
It leverages biometric verification, proprietary AI models and a deep neural network to support real-time identity checks at multiple stages of the insurance workflow, including quoting, claims processing, high-risk transactions, customer service interactions and account management.
The solution enables insurers to automate identity verification seamlessly within existing workflows, helping to reduce fraud risk, improve operational efficiency and protect profitability. For customers, IDVerse aims to deliver a faster, low-friction and more streamlined digital experience when interacting with insurers.
IDVerse for Insurance is available via the LexisNexis ID Compass Platform, a broader fraud and identity management solutions suite. The enhanced capabilities allow insurers to confirm the legitimacy of an individual’s identity using biometric face matching and liveness checks, helping genuine customers to be verified quickly while maintaining strong security controls.
Additional features of IDVerse include a clean smartphone user interface customised to an insurer’s brand, fully automated yes or no verification decisions, global document coverage, contextual AI learning that adapts to emerging fraud patterns, and flexible options for system integration and data storage.
LexisNexis Risk Solutions senior director of product management, insurance identity solutions, Jennifer Kostyrna said, “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. 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.”
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