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
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.