LONDON — Classic car and motorbike insurance specialist, Hagerty, has selected LexisNexis® Risk Solutions as its chosen data partner to support its growth ambitions in the U.K. under the direction of its new VP of International Insurance Products, Lee Mathewson.
Hagerty has seen solid growth in the U.K.; and plans to expand its customer base to include newer classic cars and younger drivers building on its strong reputation in collector vehicle insurance in the U.K. and in the U.S. The Hagerty Drivers Club is also set to expand to customers in the U.K. for the first time.
In the first phase of development, Hagerty will take advantage of streamlined access to prior claims and financial sanction data direct into their quoting systems via the LexisNexis® Informed Quotes platform. This will enable the insurer to provide quotes, calculate renewals and make mid-term adjustments at speed, based on a comprehensive view of the customer’s risk.
Informed Quotes delivers high volume, real-time risk data to help provide the clearest picture possible of risk. 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).
Later this year, Hagerty will also bring Attract™ for Motor and LexisNexis® Risk Insights into its quote process. Attract™ for Motor is the first market-wide, policy data-based risk score built to help insurance providers more accurately predict insurance claims losses. Risk Insights is an insurance-specific customer verification and enrichment solution based on over 200 public and proprietary data attributes combined with the ability to match and link disparate customer records.
Lee Mathewson, VP of international insurance products at Hagerty, said: “We serve a strong and growing community of classics enthusiasts in the U.K. who value our expertise and trust us to protect their pride and joys. While collectors’ insurance might be non-standard, our customers still expect a smooth, swift and accurate quote process when they buy insurance from us. LexisNexis® Informed Quotes will help us deliver on our promise to provide a digitised quote process and fits with our ambitions to increase our online presence and offer digital experiences to our customers.”
Martyn Mathews, senior director of personal lines, U.K. and Ireland, for LexisNexis Risk Solutions, said: “LexisNexis Risk Solutions works with insurance providers to help create a better customer experience and evaluate risk accurately. This new relationship with Hagerty is a clear example of that, and we are delighted to have been selected as the data partner to support Hagerty’s plans for expansion in the U.K.”
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.