LexisNexis Risk Solutions Launches Perils Offering to
Provide Brokers the Ability to Better Assess Risk and Improve
Customer Satisfaction at Point of Quote.
LONDON, Sept. 25, 2024 /PRNewswire/ -- Analysis of
British Geological Survey data from LexisNexis® Risk Solutions, the
data, advanced analytics and technology provider to the insurance
market, reveals that with the current climate trajectory,
approximately 1.2 million more homes in England are at risk of
subsidence issues by 2050ii. This is a 27% increase to
the estimated 4.5 million households already at subsidence risk
today.
It has become imperative to empower brokers with swift and
cost-effective access to address-level insights at the point of
quote. As such, LexisNexis Risk Solutions has launched
LexisNexis® Geospatial Risks – a set package of perils and
property data to support brokers get a competitive advantage,
improve quotability, increase profitability and enhance customer
experience
At the point of quote, LexisNexis Geospatial Risks gives brokers
simplified perils risk scores for flood, subsidence and crime,
while LexisNexis® Property Insights can confirm the property
characteristics for the address (such as the roof type, number of
bedrooms, construction type). Brokers can access LexisNexis
Geospatial Risks alongside other risk data on the individual
through LexisNexis® Informed Quotes, which acts as a single gateway
to near real-time data enrichment via a broker's software house or
via a direct application programming interface (API), streamlining
the quote process for new business, renewals and mid-term
adjustments.
Caroline Elliott-Grey, senior
product manager, U.K. and Ireland
insurance, for LexisNexis Risk Solutions said: "Historically,
smaller brokers have struggled to access and leverage the range and
depth of perils data used by insurers, larger brokers and managing
general agents (MGAs). However, with severe weather events in
recent years, brokers are under pressure to assess property risks
more fully for their insurance partners and to be better prepared
to explain to their customers some of the property characteristics
and environmental factors that go into insurance decisions and
secure instant premiums."
In 2022, the U.K. endured a heatwave that pushed temperatures
past 40°C for the first timeiii. This resulted in the
equivalent of one new subsidence claim made every 15
minutesiv in the second half of the year. More
recently, data from the Association of British Insurers
(ABI)v shows that subsidence payouts for home
insurance claims hit £60 million in the second quarter of 2024 –
the highest quarterly figure on record.
Caroline Elliott-Grey continues:
"LexisNexis Geospatial Risks has been developed to give
smaller brokers the essential facts about the risk and
characteristics of the properties for which they are seeking quotes
in a very simplified and efficient way. This has multiple benefits
– consumers will enjoy faster, more accurate quotes; insurance
partners will have better visibility of the risks upfront; and
brokers will be enabled to work more efficiently, enhance customer
satisfaction and improve their insurer relationships."
About LexisNexis Risk Solutions
LexisNexis®
Risk Solutions harnesses the power of data, sophisticated analytics
platforms and technology solutions to provide insights that help
businesses across multiple industries and governmental entities
reduce risk and improve decisions to benefit people around the
globe. 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
www.risk.lexisnexis.com and www.relx.com
Media Contacts:
Alison
Reeson or Matthew Enderby at
HSL
0208 977 9132, 07876 597466
lnrs@harrisonsadler.com
Chas Strong
Director, Global Communications
Insurance and Connected Car
LexisNexis Risk Solutions
+1.706.714.8261
Chas.Strong@lexisnexisrisk.com
i This risk has been illustrated by British
Geological Survey data with cutting edge analysis and
expertise in data applied by LexisNexis Risk Solutions. The
analysis highlights risk areas while accounting for a wide range of
geological, weather and climate data.
ii This risk has been illustrated
by British Geological Survey data with cutting edge
analysis and expertise in data applied by LexisNexis Risk
Solutions. The analysis highlights risk areas while accounting for
a wide range of geological, weather and climate data.
iii https://www.metoffice.gov.uk/about-us/press-office/news/weather-and-climate/2023/record-breaking-202…
iv https://www.abi.org.uk/news/news-articles/2023/3/sinking-uk--last-summers-record-breaking-heatwave-l…
v https://www.abi.org.uk/news/news-articles/2024/8/property-insurance-payouts-hit-record-quarterly-high/
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