LONDON — BIBA Associate Member, LexisNexis® Risk Solutions, the data, advanced analytics and technology provider to the U.K insurance sector, will be using this year’s BIBA Conference to demonstrate the value of its innovative data enrichment solution, Broker Intelligence, to brokers such as Apricot Insurance Services. Broker Intelligence offers a comprehensive suite of data attributes designed to help small to medium sized U.K. brokers price more effectively, cut operational costs and improve the customer journey in personal lines as brokers ready themselves for the FCA’s Consumer Dutyi rules and guidelines.
As part of a strategic move into price comparison websites, the team at Apricot knew they would need to deploy data enrichment at the point of quote for a more comprehensive understanding of risk and to drive operational savings on their existing No Claims Discount validation process. In the five months since adopting Broker Intelligence, has seen reduced cancellation rates and associated financial losses; improved quality of business for itself and its insurer panel; and enabled Apricot to expand their personal lines book of business through the enhanced level of customer validation Broker Intelligence can offer their insurer partners. A key benefit of the solution is that it can help reduce online application fraud including ghost broking, fronted policies and other fraudulent behaviour.
Sandy Keith, MD of Apricot Insurance Services, said: “Broker Intelligence has put us in a far more informed position to advise customers on the products they may want to consider and has improved our quotability, based on a clearer view of their individual risk. This not only helps to enhance trust with our customers but has built greater trust with our insurer panel. Fundamentally, Broker Intelligence has helped give Apricot the confidence to grow our book of business while also allowing us to deliver on a commitment to continually improve our customers’ experience.”
Dan Cicchetti, sr. director of insurance client engagement, U.K. and Ireland, at LexisNexis Risk Solutions said: “Broker Intelligence helps brokers price more effectively, based on a better understanding of the lifetime value of the customer at the point of quote, thus improving retention rates while helping brokers deliver the right risks to their insurance partners in a market prone to fraud. At the same time, it makes the quote process far more efficient for the broker and more streamlined for the customer. Finally, by better understanding the needs of individual customers, brokers can help ensure they are delivering on the consumer outcomesii, as defined and required by the FCA.
“The BIBA Conference 2023 is a great opportunity for us to boost awareness of how Broker Intelligence can help brokers like Apricot ‘rise to the challenge’, in line with the theme of this year’s event. We look forward to meeting brokers at our stand D60 to discuss how Broker Intelligence can support their business.”
About Broker Intelligence:
At the point of quote or renewal, Broker Intelligence offers an instant view of risk based on policy history such as gaps in cover, cancellation insights, claims history, public records, third party credit history, and financial sanctions records plus other unique data through a single point of entry. It also automatically validates No Claims Discount (NCD) entitlement. This powerful set of data attributes can be fed into broker quoting systems either through direct integration with LexisNexis Risk Solutions or via a preferred broker platform or software house. This means consumers can experience a swift service with products and pricing appropriate to their needs, while avoiding friction from pricing adjustments based on post-sale checks.
Visit LexisNexis Risk Solutions during the 2023 BIBA event at stand D60 or contact us here.
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.