LONDON — Insurance providers can now identify genuinely ‘new’ from ‘known’ customers at the point of quote and start to build a single customer view to help support communication, pricing and retention strategies. LexisNexis® Risk Solutions, the data, analytics and technology provider, is bringing its customer linking solution, LexID® for Insurance, into the quote process for U.K. insurers.
LexID for Insurance is already being used to build a single customer view of existing customers, pulling together data from multiple touchpoints – quote, renewal, claims and marketing. Disparate records are linked together with a common identifier, LexID, which can be used to better understand the customer and their potential lifetime value.
This latest development ensures customers applying for a new business quote are quickly distinguished as being new to the business and are assigned a unique LexID number. This can then form the basis for building a more comprehensive single customer view to help pricing decisions at point of quote, identify upsell and cross-sell opportunities and improve customer data accuracy and communication.
LexID for Insurance finds common threads across customer records by pulling on a wide range of data sets, comprising circa 2.3bn records processed by LexisNexis Risk Solutions, including public and insurance policy history data, to help build the picture of the individual to support all parts of the policy lifecycle, from marketing through to claim.
Atlanta Group, one of the fastest-growing brokers in the U.K. market, consisting of brands including Swinton, Autonet and Carole Nash, is among the first to adopt LexID for Insurance at the point of quote.
Atlanta Group said: “We have been using LexID for Insurance since the start of 2021 to create a single customer view across all our brands. Our business can now access a holistic view of each customer, based on our history, company-wide, with the individual. The next stage is to apply LexID for Insurance to new customers at the point of quote. In this way, we can continue to build our understanding of our customers to better serve their needs and immediately identify any past relationships with an individual.”
James Burton, senior director of product management, insurance, LexisNexis Risk Solutions, U.K. and Ireland, said: “Attaining the single customer view has been a goal for many insurance providers challenged by legacy systems and disparate customer databases as a result of merger and acquisition activity. LexID can help to solve this problem.
“Gone are the days when policies are sold purely on the basis of the information supplied at quote. LexID for Insurance provides the foundation for building a clearer, more informed picture of the customer. Bringing this customer linking solution into the quote process will help insurance providers like Atlanta Group to offer a smoother quote journey, more accurate pricing and deliver products and services better suited to the needs of their customers.”
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.