In the world of insurance, the more you know, the better. It’s no surprise then that LexisNexis Risk Solutions has given its property insurance perils visualisation tool a boost by adding relevant information.
Improvements to “Map View” include risk scores based on building outlines and a direct link to environmental agencies for real-time flood alerts. The tool now also comes with historical flood data.
“Risk scores based on building outlines are particularly valuable in instances where one address may cover a large area such as a factory or industrial site and will factor in the risk of fire spread between buildings,” explained the data and analytics firm.
“In addition to this significant enhancement, insurance providers can now overlay historical flood data sourced direct from the Environment Agency, dating back to 1946, showing the maximum extent of all individual Recorded Flood Outlines in England.”
According to the company’s research, 78% of commercial property insurers consider better understanding of their book’s risk profile a key focus. It also found that 86% believe data and analytics will be transformative.
“Map View has led the market in providing perils risk scores based on individual addresses,” said Jonathan Guard, director of commercial markets at LexisNexis Risk Solutions, UK and Ireland. “However, as risk can vary across a plot of land and can be based on the proximity of buildings to one another, we have taken Map View to the next stage of development with perils data based on the building outline.
“Not only is this fairer for the customer, ensuring they purchase the appropriate level of cover at the right price, but it also can improve quotability for the insurance provider.”
Guard added that incorporating historical flood data and flood alerts will allow insurers to support their customers and reduce claims costs.
