Representing the next generation in customer enrichment capabilities, Risk Insights operates throughout the insurance workflow to offer an immediate assessment of a customer’s risk, and up to five named drivers.
This clearer picture of risk will help support business growth through increased opportunities to quote, reduce claims loss ratios by identifying named driver fraud, lower operational costs and help improve the customer journey.
Risk Insights can also support insurance providers with their ‘Know Your Customer’ obligations and help improve customer lifetime value through the insights delivered.
Built using insurance outcome data, the 200+ attributes offered by Risk Insights include crime information, data from the Land Registry, unemployment data, the Edited Electoral Roll, CCJs and insolvencies. This combination of risk data has enabled LexisNexis Risk Solutions to identify that:
• individuals with a CCJ in the last 5 years, have on average a 55% higher loss cost
• individuals with 15 or more entries for an address have a 38% lower loss cost relative to the overall book
• individuals on the Edited Electoral Roll have a 28% lower loss cost relative to the overall book
• the higher the crime rank is by postcode sector, the loss cost relativity increases by 40%
These attributes and others combined with unique data linking capabilities will help insurance providers achieve the most complete picture of risk. Each time LexisNexis Risk Solutions acquires a new record, it is assigned a unique identifier - a LexID®. Records are linked together using LexisNexis Scalable Automated Linking Technology, a proprietary and patented method of linking and clustering data to give a complete 360 degree view of a consumer with individual match rates of up to 92%.
Insurance providers can access Risk Insights via the Informed Quotes platform available through all major software houses, for home and motor personal lines.
James Burton, Director of Product Management at LexisNexis Risk Solutions, UK and Ireland commented, “Risk Insights is the cornerstone of our offering to the insurance sector and is set to become the key component in an insurance provider’s verification process, helping them meet their business objectives and manage risk more effectively.
“All insurance providers use credit bureau data but our solution goes further, harnessing all the knowledge we have built around insurance outcomes and all the key factors that can contribute to a higher claims risk. It provides the foundation for our new scoring product Attract™ for Motor and for our forthcoming LexisNexis® Quote Intelligence ‘Named Driver’ solution, allowing insurance providers to better predict claims losses, make more informed pricing decisions and deliver an enhanced service to new and existing customers.”
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