A market-wide view of customers’ motor policy history is now available for the first time, providing insurers with a completely new and more accurate predictor of risk that could transform how motor insurance risk is assessed at point of quote. Analysing policyholder data held on its Policy History Motor Database, LexisNexis Risk Solutions has found that:
The insurance sector is now able to harness the power of this knowledge based on their current customers and prospects’ motor insurance history, with the launch of Policy Insights from LexisNexis Risk Solutions. Policy Insights gives insurers a number of new policy attributes that offer a deeper picture of risk, going above and beyond traditional insurer risk predictions. It will show the number of mid-term cancellations, all active policies held and average policy length, plus it can highlight gaps in cover across all the vehicles they have owned, also helping to indicate potentially fraudulent policy applications at point of quote.
“Policy Insights really demonstrates the power of contributory databases when combined with analytical expertise to deliver real, actionable insights to insurance providers. The policy history information provided by Policy Insights will help motor insurers verify information provided by customers and prospects quickly, price more accurately and segment more effectively. They will also be able to deliver a fairer price to customers based on a much clearer understanding of their risk.
“The timing could not be better for the launch of this new service given the multiple and challenging market conditions currently facing the motor insurance sector.”
About LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organisations 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, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.co.uk.
Manager, Media and Analyst Relations