We all need a hero. LexisNexis Risk Solutions could be just that hero for your business.
How LexisNexis Risk Solutions Is a Superhero in the Business World
What’s that on the horizon? Is it a bird? Is it a plane? No, it’s LexisNexis Risk Solutions! They can single-handedly catch bad guys, find debtors, and point out sales leads deserving the most attention. And they can do this without even breaking a nail.
In their spare time, they make sure creditors make the best credit decisions. And even insurers make the best insurance decisions with their report in hand. Because when LexisNexis is on the job, hospitals have the information they need to best serve their patients.
Now that’s a superhero if I ever saw one.
LexisNexis Risk Solutions – All the Tools You Need
LexisNexis Risk Solutions offers a ton of tools to help businesses reduce fraud risk and pump up efficiency.
Efficiency is key to running a successful business. Finding ways to be more efficient is an ongoing process for almost any manager in any industry. Because less time wasted is more money made. There is no mistaking money is a goal, if not the goal, of any business.
So finding ways to save time and use time more wisely aids in this goal.
What is LexisNexis Risk Solutions?
LexisNexis uses innovative, proprietary technology. It is to help their customers prevent and get rid of fraud. They help increase efficiency by presenting information in a way that is easier for the average business owner to understand.
Over the span of their 40 years they have grown substantially. So today they have customers in over 100 countries and across multiple industries.
Lots of Industries Use LexisNexis Risk Solutions
These industries include:
- Insurance
- Government
- Financial Services
- Debt Collection
- Law Enforcement and Public Safety
- Healthcare and more
Every Superhero Needs a Sidekick
They recently announced a partnership with the Small Business Finance Exchange. So they will be one of three certified vendors. This means SBFE members can now benefit from the tools and technology used by LexisNexis. And they can do so in ways non-members cannot.
The SBFE also has partnerships with Equifax and Dun & Bradstreet.
Where Do Their Powers Come From?
There is no secret here. No kryptonite to put a damper on things when it comes to the powers of LexisNexis Risk Solutions. They use cutting edge technology, deep analytics, and advanced methods to provide companies with usable information.
Companies can apply this information. So it can help them to increase profits, predict future behaviors, streamline processes, remain compliant, and help detect and prevent fraud. And it’s a lot less painful than a radioactive spider bite.
Specifics
At its core, you could describe with they do as Identity Management. But it is so much more than this.
So the broad overview is they use proprietary linking technology and their unique identifier, LexID. And this is to match and manage data from more than 283 million customer identities across the U.S. So if there is a secret to their super powers, LexID is it.
Who Do They Rescue?
So who is the damsel in distress in this story? Who does the hero save? Industries across the U.S. use LexisNexis reports in a number of ways.
Insurance
Insurance companies use certain information to determine how much to charge customers based on the perceived risk. Want to buy insurance of any type? You can bet they are calling on LexisNexis to protect them.
They will know about all wrecks and tickets. And they know your health history so well you will swear they have x-ray vision. They don’t have the super power. Instead,, it’s the power of the LexisNexis report.
Details
Armed with this information, they can make better decisions about customers and how to insure them And they waste less time tracking down the information they need.
LexisNexis can identify customers and provide data analysis on that specific customer quickly, so the agent can see what they need to see to make these decisions.
According to Adam Hudson, senior director of product management for US connect car, “Today, 85% of US auto insurers use a LexisNexis prefill solution, which is focused on ease of use for the consumer, improved accuracy, and a better experience throughout the customer journey.”
Government
Government entities always have a mission. LexisNexis can help them achieve that mission by taking the information already there and applying their linking technology and LexID. The secret formula for LexID is kept under lock and key.
What we do know is doesn’t come from personally identifiable information such as a social security number.
Using this combination, they can pull more in-depth information and provide clearer insight. Such insight can help the entity adjust its mission strategy as needed for success.
Financial Services
LexisNexis is a favorite hero to all types of financial services providers. They help lenders make credit decision, aid in compliance, and provide proof of due diligence.
The LexisNexis report can show lenders which customers are likely to pay, which ones may not pay, and help them make the best decision possible.
Collections
When it comes to debt collection, it can be difficult to compile reliable contact information and even to be sure you have the right person at all.
LexisNexis can use their LexID identifier superpower to help link and verify data. This is so collectors spend less time tracking down and calling the wrong people.
Having the right information to begin with allows for a more streamlined and effective process. It also allows for the collection of more money in a shorter period of time.
Law Enforcement and Public Safety- Catching Those Bad Guys
It’s not all finance and business with these guys. The technology and analytics used by LexisNexis can help policemen respond to crimes faster. It can also help analysts use trends to predict, and therefore prevent, potential crime.
Law enforcement officials have used LexisNexis products to locate witnesses and even to help find kidnapped children.
Healthcare
Helping those less fortunate is a trademark of the traditional superhero, and these guys are no different. The information LexisNexis Risk Solutions can provide to healthcare agencies helps hospitals and nursing homes. So they can see what works and what doesn’t.
It can also help them stay compliant. And it also gives them the data needed to reduce risk to patients and employees.
Real Life Examples
The following is just one real-life example of how a company was able to benefit from LexisNexis Risk Solutions’ services.
Butler Health Systems
When Butler Health Systems bought multiple physicians’ practices over a short period of time, they inherited over 1,000,000 records. But those records represented only 740,000 unique patients. This meant there were a lot of duplicate and partial records out there.
With disorganized, incomplete records, Butler ran the risk of their providers missing information necessary for proper treatment of patients. Incomplete records could mean not knowing allergies, drug interactions, and other important medical history.
LexisNexis was able to use their proprietary technology to weed out multiples and link partials. This was so records were streamlined and complete for each individual patient.
Converting Leads
Sales leads often come with spotty contact information, to say the least. Incomplete addresses, incorrect telephone numbers, and aliases can muddy the waters. This makes converting leads slow and difficult.
LexisNexis can work with companies. So this is to ensure they have complete and correct contact information on sales leads. In addition, they can analyze data. Also, their format makes determining the leads most likely to convert to sales quick and easy.
In this way, companies spend less time chasing down leads and working leads that will not convert. As a result, companies spend more time making sales to those leads that are actually interested.
Can LexisNexis Save You?
It depends on what business you are in, but there are some general ways they can help all businesses. These include:
- Help determine which sales leads to focus on and which ones would be a waste of time.
- Streamline the credit risk analysis process so you can make better decisions about who to extend credit to.
- Provide information to help detect fraud within your business, recognize potential for fraud, and prevent fraud before it happens.
- Increase collections percentages so you have more cash coming in and fewer receivables written off.
The Flip Side
It works both ways. You have a LexisNexis report and it likely includes information about your business as well. What does this mean for you? It means you need to be diligent about protecting and building your business credit.
Pay your bills on time. Work with vendors and lenders that report to the credit agencies. Work hard to keep your personal credit in order. Your LexisNexis report could affect your ability to buy and insure company vehicles.
Or it could affect if you get a business line of credit. And it can affect many other activities which are essential to business success.
LexisNexis Risk Solutions Changes Things for Businesses
Since 1970 LexisNexis has worked to grow its suite of superpowers, or services, in an effort to help businesses flourish. Credit is a big part of this, but it isn’t everything. There is so much more information available to help in many areas. They are one of a handful of business data agencies that can carry a lot of information that will affect the overall fundability of a business.
And calling them a credit agency is just not enough.
LexisNexis Risk Solutions is So Much More
They can combine and analyze data across millions of U.S. consumers and industries. And they present it in such a way that next steps become clear. LexisNexis can help.
And that’s true whether your business need to increase collections efforts, step it up in the sales department, or work through temporary growing pains related to acquisition. So it may not be freeze breath, but it can be just as effective.
Want business credit that will help you leap tall buildings in a single bound? Okay, maybe not the buildings part, but it can sure help you with business funding.
