LONDON — In a significant move to help insurance providers in the U.K. understand the most appropriate premium payment option for a customer during the quote process, LexisNexis® Risk Solutions, a leading provider of insurance data and analytics, can now offer streamlined access to TrueVision® from global information and insights company TransUnion.
The LexisNexis® Informed Quotes platform, which delivers high volume, real-time data into hundreds of millions U.K. insurance transactions a day, has added TrueVision, one of the most powerful credit data sets available. This combination will help insurance providers offer a fast and smooth customer journey.
James Burton, senior director of product management, Insurance, U.K. and Ireland, at LexisNexis Risk Solutions, said: “Now more than ever, the insurance sector needs to be offering flexibility and convenience to customers, particularly where mandatory insurance protection is concerned. Expanding our relationship with TransUnion by distributing TrueVision will offer crucial insight over premium affordability based on credit data. This will help to ensure customers get the cover they need with the premium paid in a way they can afford.”
Andy Piggott, director of core credit at TransUnion in the U.K. said: “Using precise data and insights can aid insurance providers in targeting customers appropriately and confidently offering more instalment finance options. The economic uncertainty we’ve seen as a result of the pandemic makes judging credit risk more complex than ever for insurance providers, so this new offering comes at an important time for the industry as providers adapt and update their risk models. Access to our TrueVision solution via LexisNexis Informed Quotes will give the insurance market the power to make swift, informed and fair premium payment decisions that work in the best interests of their customers.”
Rather than looking at a single snapshot in time of the consumer financial standing, TrueVision incorporates up to 72 months of account history along with actual payment amounts to analyse historical trends and predict future consumer credit behaviour. This creates a more complete view of a customer’s financial position, enabling more accurate and informed lending decisions.
The addition of TrueVision to LexisNexis Informed Quotes will give insurance providers[i] access to powerful credit data attributes updated every 24 hours alongside a wide and rapidly growing range of other products and data services.
As Allen Seldon, insurance product director at TransUnion in the UK, explains: “This can help the market make an instant and holistic assessment of risk and offer their customers premium payment options based on up-to-date information, smoothing out the customer journey and insurance quotation process.”
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.