LexisNexis Risk Solutions is a comprehensive suite of data and analytics services designed to help businesses, government agencies, and other organizations manage risk, enhance operational efficiency, and make informed decisions. Here is an overview of what the product does and its key features and functionality:
What It Does
LexisNexis Risk Solutions provides innovative technologies, information-based analytics, decisioning tools, and data management services. These solutions are tailored to assist customers in various industries, including insurance, financial services, healthcare, and government, as well as law enforcement and public safety. The primary goals are to help customers remain compliant, reduce risk, and improve their operations.
Key Features and Functionality
Data and Analytics
- LexisNexis Risk Solutions leverages vast data resources and advanced analytics to deliver actionable insights. It combines public records, proprietary data, and information from third-party sources to create a robust data ecosystem.
Identity Verification and Authentication
- The platform includes the LexisNexis Digital Identity Network, which collects and processes global shared intelligence from millions of daily consumer interactions. This helps in verifying and authenticating physical and digital identities in near real time, detecting synthetic and stolen identities, and identifying unusual behavior.
Fraud Prevention
- LexisNexis Risk Solutions offers a multi-layered risk-assessment fraud defense strategy, integrating risk-based authentication (RBA) and strong customer authentication (SCA) to protect businesses and consumers from fraud. This includes tools to prevent online fraud and money laundering.
Industry-Specific Solutions
- The company operates in four main market segments:
- Insurance Services: Provides data and analytics to help insurance companies assess risk and set accurate rates.
- Business Services: Offers solutions to help businesses manage risk, prevent fraud, and optimize operations.
- Health Care Services: Assists healthcare providers in managing patient data, reducing medical costs, and connecting patients with the right providers.
- Government Services: Supports government agencies, law enforcement, and public safety organizations in solving crimes, identifying threats, and anticipating future threats.
Law Enforcement and Public Safety
- LexisNexis Risk Solutions provides critical tools for law enforcement, including the Public Safety Data Exchange (PSDEX) and the LexisNexis Accurint Virtual Crime Center. These platforms help in solving crimes, identifying threats, and predicting crime trends using advanced AI technologies like Accurint AI Insights.
Technology Infrastructure
- The company utilizes the HPCC Systems platform (Data Analytics Supercomputer), which includes a data refinery (Thor) and a rapid data delivery engine (ROXIE). This infrastructure supports high-performance, data-parallel processing for big data applications.
Artificial Intelligence
- LexisNexis Risk Solutions has integrated artificial intelligence (AI) into its solutions, including generative and extractive AI techniques. This enhances the effectiveness and reliability of its offerings, particularly in identifying and responding to emerging crime trends through Accurint AI Insights.
Compliance and Security
- The platform is designed to uphold the highest standards for security and privacy, ensuring adherence to federal, state, and local standards for data protection, such as those set by the Criminal Justice Information Services (CJIS).
In summary, LexisNexis Risk Solutions is a powerful tool that combines advanced data analytics, identity verification, fraud prevention, and AI-driven insights to help organizations across various sectors manage risk, improve operations, and make well-informed decisions.