LONDON — In a first for the UK commercial e-trade and home insurance market, geospatial data including perils data such as flood, fire and subsidence are now instantly available alongside 42 further data enrichment datasets including publicly available data and identity verification data, property and business data from one access point - the LexisNexis® Informed Quotes platform.
Informed Quotes delivers high volume, real-time risk data for the clearest picture possible of risk, empowering right first-time quotes on new business, renewals and mid-term adjustments. It serves more than 200 million transactions per day to all of the major software houses and direct to insurance providers via a single, direct application programming interface (API).
Traditionally, insurance providers needed to request perils and environmental data from several sources, which can delay quote processing and lead to referrals. In many instances of perils data, the data is being used at a postcode level rather than at an individual property. However, when the data from Informed Quotes is used in tandem with mapping technology from LexisNexis Risk Solutions, insurance providers can determine risk down to the individual property, ensuring each property is assessed on the specific peril properties at that exact location – enabling finer risk assessment and pricing decisions.
Neill Slane, senior manager, Home Insurance, UK and Ireland, at LexisNexis Risk Solutions said: “One access point to the widest array of rating factors currently available brings greater efficiencies, assists in better decision making and helps improve the customer experience.
“This is all part of our drive to deliver data enrichment to the sector in a way that it is easy for the market to adopt and use. With the recent launch of our Home Prefill solution and now with the ability to access perils and environmental data at a property level through the same link, we are able to provide all the data insurance providers need to automate the quotation process for commercial e-trade and home insurance policies whilst improving the accuracy of the assessment.”
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 analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.