LexisNexis is a leading provider of data, analytics and software solutions for the US insurance industry
LexisNexis® Risk Solutions today announced its entry into the United Kingdom’s insurance market. LexisNexis will help UK insurers better assess risk, bringing new insight and valuable information about applicants to the point of quote. The company currently works with more than 300 general insurers in the US.
In the UK, insurers primarily rely on self-reported information from applicants, which is often flawed. Consumers and regulators are becoming less tolerant of insurers rejecting claims on the basis of inaccurate information gathered at the time of application. In addition, the shift to online aggregation and shopping has created new opportunities for insurance fraud. As a result, insurers are recognising the increasing need for high quality data that is available in real-time at point of quote or sale, to verify and enrich the understanding of applicants and their risks.
“For more than 25 years, LexisNexis has pioneered the use of data and analytics by the insurance industry, and we are excited to bring our unique capabilities to the United Kingdom,” said Peter Orlay, vice president, insurance international, LexisNexis Risk Solutions. “Our solutions will allow insurers to not only evaluate and price risk more accurately; they can also help reverse lost revenue opportunities.”
LexisNexis helps address the challenges faced by insurers with a unique combination of technology, innovation, and insurance industry expertise.
· Technology: Online aggregators generate over 300,000 consumer requests for quotes a day in the UK. LexisNexis uses a proprietary supercomputing architecture - High Performance Computing Cluster - that has a track record of reliably handling tens of millions of enquiries a day with high match rates. This technology, which will be adapted for UK requirements and legislation, is the foundation for insurance solutions that enable real time access in the U.S to hundreds of millions of policy and claim records, a vast array of public records, together with links to 50 state motor vehicle registries, and a gateway to all three credit bureaus.
· Innovation: LexisNexis has a 25-year history of developing innovative data products for the insurance industry. The company will be releasing the first wave of data products for the motor insurance market in the UK in late 2011 and early 2012. These solutions will enhance the ability of insurers to access and leverage CUE data, ID checks and public records, and will provide insurers with new insurance risk scores to facilitate more accurate and profitable decision-making. An array of additional data innovations are planned for release in 2012.
· Expertise: LexisNexis insurance industry expertise is unparalleled. The company is a pioneer in both consumer education and disclosure, and in the development of contributory databases. LexisNexis gives consumers to opportunity to inspect and if appropriate correct the records about them. LexisNexis developed and manages insurance industry contributory databases for more than 25 years, with carriers contributing more than 99 percent of all motor claims, 97 percent of all home claims, and 91 percent of all motor policies in the U.S. The company will leverage this experience to develop similar trusted solutions in the UK.
“Our long and successful track record of delivering powerful data and analytics solutions at time of quote and sale is a result of our focus on insurance, working closely with our customers, listening to their feedback and meeting their specific needs,” added Orlay. “We look forward to working with the UK’s best insurance companies, software houses and partners to improve pricing and underwriting decisions.”
Steve Treloar, UK General Insurance Retail Director, Aviva said "Aviva welcomes the arrival of LexisNexis Insurance Solutions into the UK insurance data market. Their vast experience in the US, advanced technology and transparent approach to consumer disclosure will allow greatly enhanced assessment of risk at point of quote."
|
