The NCD module currently contains 57% of the UK industry’s no claims histories from contributors including Direct Line Group, esure, Hastings Direct and bgl Group. Data is being loaded daily from new insurers and brokers and the active implementation of this data, taking place in the first quarter 2015, will increase the database coverage to more than 80% of the UK motor insurance market.
The NCD module is now available at point of quote to direct insurers, brokers and intermediated insurers (via software houses), as well as at point of sale and post-sale. Customer demand for additional insights is growing rapidly, and later this year LexisNexis will be strengthening its core offering further by launching an enhanced NCD service. New data fields will provide more granular data to tackle fraud and application misrepresentation.
“The LexisNexis No Claims database has helped Hastings Direct to provide a faster and more responsive service to our customers” said Ben Tomasetti, Head of Product Development, Hastings Direct. “We’ve seen significant time and cost savings, and ultimately the service has helped to improve our relationships with our customers, by taking away some of the hassle of applying for car insurance. The data itself has been extremely high quality and we’re taking advantage of the wider fraud screening offered by LexisNexis”.
“LexisNexis has helped us to cut costs, whilst increasing our fraud protection and levels of customer satisfaction – a winning combination” said Allen Seldon, Senior Commercial Development Manager, bgl Group. “We expect to see further improvements as market coverage increases, and will be considering how the data can be used alongside other sources such as the Claims Underwriting Exchange”.
“A significant milestone, automated No Claims history improves the customer journey by eliminating the manual process and making it easier for the consumer to prove they’ve earned the discount,” said Bill McCarthy, Managing Director, UK, Insurance, LexisNexis Risk Solutions. “It creates operational efficiencies for insurers by reducing administrative costs and provides anti-fraud and underwriting benefits by conducting the correct risk assessment on individuals applying for insurance. Market coverage and engagement demonstrates the importance of this solution to the continued profitability of the industry, and the trust placed in the
LexisNexis technical and analytics capabilities by insurers.”
The LexisNexis NCD module is hosted on the LexisNexis Big Data processing platform, known as HPCC Systems (High Performance Computing Cluster), that has evolved for more than a decade, supporting enterprise customers who need to process large volumes of data in critical 24/7 environments.
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