New solution to be announced at BIBA Conference 2021
LONDON, May 10, 2021
/PRNewswire/ -- In a development fitting for the theme of BIBA
Conference 2021 – Strengthening Resilience - LexisNexis®
Risk Solutions, the data, analytics and technology provider, is
launching Broker Intelligence, a comprehensive solution of
data attributes designed to help small to medium sized U.K. brokers
price more effectively, cut operational costs and improve the
customer journey in personal lines. These core benefits can all
help build broker resilience in the face of increasing regulation,
changing customer needs and growing pressure on rates and
margins.
Helping to level the data enrichment playing field, Broker
Intelligence gives brokers streamlined access to a specially
selected and powerful range of data attributes about an individual,
at the point of quote or renewal. This can be through direct
integration with LexisNexis Risk Solutions or via their preferred
broker platform or software house.
It means that for the first time, brokers can gain a fast and
deep assessment of risk built on policy history such as gaps in
cover, cancellation insights, claims history, public records, third
party credit history and financial sanctions records plus other
unique data through one gateway. This will support pricing accuracy
and help reduce the risk of fraud.
Through Broker Intelligence, an individual's No Claims Discount
(NCD) entitlement can also be automatically validated, reducing the
risk of cancellation by the insurance provider, due to non-receipt
of proof. This benefit, along with the speed of access to
high-volume, near real-time data at the point of quote, means
consumers experience a swift service with pricing appropriate to
their risk and avoid friction or risk of needing pricing
adjustments based on post-sale checks.
Lee Taylor, Managing Director, T
& R Direct Limited, said: "Many of the insurance specific
data enrichment solutions used by larger insurers and broker groups
have been out of our reach until now. Broker Intelligence means we
can now gain a much clearer view of the customer at quote and
renewal, to help us compete more effectively, work more efficiently
and enhance the service we offer."
James Burton, senior director of
product management at LexisNexis Risk
Solutions, U.K. & Ireland, said: "The pandemic has made many
brokers re-evaluate how they service their customers in a digitised
way – NCD proof, for example, became a major challenge for some
brokers. They are also under growing pressure from their
insurance partners to conduct basic verification checks and risk
assessment at the point of quote, and this is set to heighten as a
consequence of the FCA's pricing remedies. Added to this, brokers
need to find efficiency savings to help contain costs - from
customer onboarding to distribution - while ensuring they remain
competitive in pricing.
"Broker Intelligence has been developed in direct response to
the multiple challenges facing the insurance market today, helping
brokers to maximise the value of data enrichment through seamless
integration with their existing quote processes. BIBA Conference
2021 provides the perfect platform for us to showcase this
innovative data solution, and we are excited to share the benefits
with brokers during the virtual event."
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced
analytics to provide insights that help businesses and governmental
entities reduce risk and improve decisions to benefit people around
the globe. We provide data and technology solutions for a wide
range of industries including insurance, financial services,
healthcare and government. 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.co.uk and www.relx.com.
Media contacts:
Alison Reeson, Clare Watson, Jane
Lewis at HSL
M: 07876 597466
O: 0208 977 9132
lnrs@harrisonsadler.com
Regina Haas
Senior Director, Communications
Insurance, Coplogic Solutions and Connected Car
LexisNexis Risk Solutions
O: +1.678.694.3569
M: +1.678.896.1463
Regina.Haas@lexisnexisrisk.com
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