Perils Data Adds New Dimension to Informed Quotes
Platform
LONDON, June 30, 2020 /PRNewswire/ -- In a first for
the UK commercial e-trade and home insurance market, geospatial
data including perils data such as flood, fire and subsidence are
now instantly available alongside 42 further data enrichment
datasets including publicly available data and identity
verification data, property and business data from one access point
- the LexisNexis® Informed Quotes platform.
Informed Quotes delivers high volume, real-time risk data for
the clearest picture possible of risk, empowering right first-time
quotes on new business, renewals and mid-term adjustments. It
serves more than 200 million transactions per day to all of the
major software houses and direct to insurance providers via a
single, direct application programming interface (API).
Traditionally, insurance providers needed to request perils and
environmental data from several sources, which can delay quote
processing and lead to referrals. In many instances of perils data,
the data is being used at a postcode level rather than at an
individual property. However, when the data from Informed
Quotes is used in tandem with mapping technology from LexisNexis
Risk Solutions, insurance providers can determine risk down to the
individual property, ensuring each property is assessed on the
specific peril properties at that exact location – enabling finer
risk assessment and pricing decisions.
Neill Slane, Sr. Manager, Home
Insurance, UK and Ireland, at
LexisNexis Risk Solutions said: "One access point to the widest
array of rating factors currently available brings greater
efficiencies, assists in better decision making and helps improve
the customer experience.
"This is all part of our drive to deliver data enrichment to the
sector in a way that it is easy for the market to adopt and use.
With the recent launch of our Home Prefill solution and now with
the ability to access perils and environmental data at a property
level through the same link, we are able to provide all the data
insurance providers need to automate the quotation process for
commercial e-trade and home insurance policies whilst improving the
accuracy of the assessment."
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 and analytics and decision tools for
professional and business customers across industries. For more
information, please visit www.risk.lexisnexis.com and
www.relx.com.
Media Contacts:
Alison
Reeson, Parm Heer or
Jane Lewis at HSL
0208 977 9132
lnrs@harrisonsadler.com
Regina Haas
Senior Director, Global Media and Analyst Relations
Insurance
LexisNexis Risk Solutions
O: +1.678.694.3569
M: +1.678.896.1463
Regina.Haas@lexisnexisrisk.com
Logo -
https://mma.prnewswire.com/media/491370/LexisNexis_Risk_Solutions_Logo.jpg