Insurance is a highly data-intensive industry, and most especially the UK motor insurance sector, making it extremely important for insurers and brokers to manage large volumes of data from both traditional and non-traditional sources.
The objective with LexisNexis® Policy Insights has been to identify areas of risk data that can really make a difference and create value for the insurance provider – in terms of more accurate pricing, reduced fraud, streamlined operational processes and reduced cancellations – as well as for the consumer, in terms of better pricing.
Being built with insurance-specific data from policy history information and other sources, Policy Insights is designed to deliver a more precise risk assessment – beyond the rating information from financial scores and non-insurance information that is currently in use. Identifying new fraud markers such as ghost brokers, for example, and new types of predictors of loss such as gaps in cover, NCD history, named drivers and vehicle history allows the LexisNexis data sets ultimately to help to quote and price more precisely.
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