General Insurance Article - Insurers can now asses risk at point of quote

 LexisNexis® Policy Insights, the powerful new predictor of motor claims loss, will be made available via the Informed Quotes and Informed Broker platforms since LexisNexis Risk Solutions acquired IIL. This provides brokers a broader view of the risk, allowing them to align their quoting activities with the underwriting appetite of their insurance partners. Demonstrating the strength of Policy Insights, LexisNexis Risk Solutions has identified that people with a gap in cover in the past year had up to 50% higher loss cost than those that didn’t.

  

 Brokers visiting stand B19 will learn how Policy Insights works to deliver a completely new and more accurate predictor of risk, as well as how they will soon be able to access the whole LexisNexis Risk Solutions suite of data solutions, at speed, in their own quoting environment via the new LexisNexis platforms.

  

 LexisNexis® Informed Quotes platform extracts, hosts and processes large quantities of data to deliver information to the UK’s Insurance industry. This proprietary infrastructure links data providers and software houses or broking platforms helping to deliver data in real-time into the quoting process of an insurance transaction, often through Price Comparison Websites.

  

 Selim Cavanagh, Vice President, Insurance at LexisNexis Risk Solutions, said: “The BIBA Conference is the perfect venue to launch the new capabilities we can now offer brokers following the acquisition of IIL last year. Along with Policy Insights*, our advanced new set of attributes that help to correlate motor policy history with claims loss, the Informed Quotes platform will give brokers access to these new attributes injected directly into the quote process for faster and more informed decisions."

  

 “It’s a real marrying of leading edge data and leading edge technology to benefit the insurance market, enabling insurers and brokers to grow their customer relationships, and optimise their customer experience.”