LONDON — Risk Insights, an insurance-specific customer verification and enrichment solution has been launched by LexisNexis Risk Solutions. Offering over 200 public and proprietary data attributes combined with the ability to match and link disparate customer records, the new data solution will help the UK insurance industry strengthen its quoting and underwriting processes.
Representing the next generation in customer enrichment capabilities, Risk Insights operates throughout the insurance workflow to offer an immediate assessment of a customer’s risk, and up to five named drivers.
This clearer picture of risk will help support business growth through increased opportunities to quote, reduce claims loss ratios by identifying named driver fraud, lower operational costs and help improve the customer journey.
Risk Insights can also support insurance providers with their ‘Know Your Customer’ obligations and help improve customer lifetime value through the insights delivered.
Built using insurance outcome data, the 200+ attributes offered by Risk Insights include crime information, data from the Land Registry, unemployment data, the Edited Electoral Roll, CCJs and insolvencies. This combination of risk data has enabled LexisNexis Risk Solutions to identify that:
Insurance providers can access Risk Insights via the Informed Quotes platform available through all major software houses, for home and motor personal lines.
James Burton, Director of Product Management at LexisNexis Risk Solutions, UK and Ireland commented, “Risk Insights is the cornerstone of our offering to the insurance sector and is set to become the key component in an insurance provider’s verification process, helping them meet their business objectives and manage risk more effectively.
“All insurance providers use credit bureau data but our solution goes further, harnessing all the knowledge we have built around insurance outcomes and all the key factors that can contribute to a higher claims risk. It provides the foundation for our new scoring product Attract™ for Motor and for our forthcoming LexisNexis® Quote Intelligence ‘Named Driver’ solution, allowing insurance providers to better predict claims losses, make more informed pricing decisions and deliver an enhanced service to new and existing customers.”
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.