LexisNexis Risk Solutions has something new for insurers struggling to process disparate customer data when assessing risk for motor insurance policies.
Citing the challenge of tackling address changes that may not match what has been recorded on the No Claims Discount Database, the firm highlighted its enhanced data linking capability. It said the LexisNexis Risk Solutions motor policy history database, which comes with a No Claims Discount (NCD) module, now has not only data from more than 86% of providers but also a unique identifier.
The identifier, called LexID®, has been applied to five years’ worth of customer information and allows more individuals to be correctly matched to existing data within the database. The benefit is a “full view” on a consumer’s NCD history amid an exponentially growing volume of data.
According to LexisNexis Risk Solutions, it has achieved a match rate of more than 80% between the existing database and new customer data, since the introduction of LexID® to the module.
“LexID® achieves a better match rate and the NCD module has seen constant improvement in match rates as a result,” said product director for UK and Ireland insurance James Burton. “This enhances the purchase experience for consumers, because they can quickly be matched to their own No Claims Discount history at point-of-quote, ensuring they get an accurate quote.
“The module also saves costs by eliminating manual validation of NCD within the insurance provider’s workflows and making it an automated and more streamlined process.”
Burton added that the identifier can also help support insurers in stamping out fraud by matching and linking together more customer records than they were previously able.
“As we know, most insurance providers offer large discounts to new customers with a long NCD history, therefore it is really important that they can verify honest customers’ declarations at point-of-quote, and help insurers and brokers weed out those who could be fraudulent,” he said.
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