Big data and analytics firm LexisNexis Risk Solutions has appointed former technical pricing motor manager Barbara Norman as a statistical modeller.
“As the understanding of telematics data within the rating process has grown, many of the proxies we have used in traditional motor insurance have become less and less relevant. As such, the transition from traditional underwriting to data analytics at LexisNexis Risk Solutions feels very natural and it means I bring a real appreciation of the role of telematics data in reducing claims losses and improving profitability for our insurer and broker clients,” said the latest addition to LexisNexis Risk Solutions’ team of data scientists.
Norman’s 11 years of experience as a technical pricing motor manager is expected to help in her task of delivering valuable insights to motor insurance providers and brokers involved in telematics. She said the strength of telematics data is undeniable when looking at the underlying causes of accidents and the differences in driving behaviour.
“Fundamentally, telematics data provides a powerful base point for understanding the real risk of a policyholder and from there you can build a picture of that driver using combined datasets to predict their claims loss in a much more accurate way than you could ever achieve with proxies alone,” explained Norman.
LexisNexis Risk Solutions – banking on Norman’s valuable experience in motor insurance pricing – believes in the role of data analytics in helping the insurance sector in better understanding risk and pricing more accurately.
“The value of telematics insurance relies 100% on having the skills to understand the data and then leveraging the predictive power, particularly when combined with other data sources to build a much more accurate picture of risk,” commented Selim Cavanagh, vice president, insurance at LexisNexis Risk Solutions.
