Data and analytics firm LexisNexis Risk Solutions has rolled out a new product for UK insurers.
Called “Risk Insights,” the insurance-specific customer verification and enrichment solution aims to provide what the firm describes as a “clearer picture of risk” through the tool’s more than 200 public and proprietary data attributes, as well as the ability to match and link disparate customer records.
Attributes include crime information, data from the Land Registry, unemployment data, the Edited Electoral Roll, CCJs, and insolvencies. Using LexisNexis’s patented scalable automated linking technology, records are interconnected for a 360-degree view of a consumer with individual match rates of up to 92%.
“Risk Insights is the cornerstone of our offering to the insurance sector and is set to become the key component in an insurance provider’s verification process, helping them meet their business objectives and manage risk more effectively,” commented James Burton, director of product management at LexisNexis Risk Solutions, UK and Ireland. “All insurance providers use credit bureau data but our solution goes further, harnessing all the knowledge we have built around insurance outcomes and all the key factors that can contribute to a higher claims risk.
“It provides the foundation for our new scoring product Attract™ for Motor and for our forthcoming LexisNexis® Quote Intelligence ‘Named Driver’ solution, allowing insurance providers to better predict claims losses, make more informed pricing decisions, and deliver an enhanced service to new and existing customers.”
The new tool may be accessed via the Informed Quotes platform, which LexisNexis said is available through all major software houses, for home and motor personal lines.
