Broker Intelligence from LexisNexis Risk Solutions
Build a complete picture of risk with Broker Intelligence
Build a complete picture of risk with Broker Intelligence
Contents
About LexisNexis Risk Solutions
Thank you for reading our ebook on Broker Intelligence
What is Broker Intelligence from LexisNexis Risk Solutions?
In 2021 insurers are increasingly expecting brokers like you to conduct basic enrichment, and at the same time continued pressure on rates and margins means you have greater scrutiny on process inefficiencies from customer onboarding to distribution.
In addition, growing competition and changing customer behaviours are driving the need to provide a better customer journey and experience.
Seeing these trends in the market, LexisNexis Risk Solutions has developed Broker Intelligence.
What makes up Broker Intelligence?
Broker Intelligence is a suite of solutions that offer an array of data attributes that are designed to support you within your rating and decision engines to better assess a consumer’s risk and help you price them more accurately.
Through specially selected attributes, returned via LexisNexis Capstones, you can conduct, not just basic data enrichment, but also get a truly deep understanding of your customer, by drawing data from their policy history, claims history, public records, financial sanctions records and other unique data, to build a more complete picture of an individual, all at the point of quote.
Broker Intelligence has been designed to help you reduce operational costs and lower attrition rates by automating validation of NCD and remove manual checking, so you can avoid cancellations due to non-receipt of bonus proof.
Key attributes
Attributes are made available containing information such as identity, fraud, no claims discount (NCD), claims history checks and more.
The Power of Our Platform
By utlising the LexisNexis® Informed Quotes platform, Broker Intelligence streamlines the data acquisition process, enabling a single point of entry to high volume real-time data enrichment at point-of-quote (PoQ), through proprietary links established with all major software houses, but is also available direct or via other broker platforms.
How can one single point of entry help your business?
This means you can build a picture of an individual’s insurance background through a single connection. This enables access to key risk-related information related to gaps in cover, cancellations, automated checks of NCD and other information in a faster, more effective manner.
Furthermore, by having access to this information at PoQ you can offer your customers a streamlined onboarding process, a better customer journey and overall experience.
Delivering a market-leading, high-performing and secure single point of entry
Informed Quotes provides an unparalleled range of LexisNexis contributory and proprietary data and third party data. Gain consistent data enrichment across all your books of business,
and quickly implement new data sets and products. Our solution gives you access to a wide breadth of attributes including:
• Public and identity verification data
• Prior claims data
• Government sanctions information
• Policy history data, including NCD data
Available for new business quotes and renewals
Suite of Solutions
Better assess individual consumer risk and price more
accurately with our individualised, specialised solutions
that fit your workflow and your needs.
LexisNexis® Risk Insights
LexisNexis® Risk Insights enables you to better assess and validate risk for pricing and fraud prevention purposes, by leveraging proprietary attributes based on a combination of public records information and other unique data in order to gain a more complete view of an individual - providing risk assessment at individual, household and area level.
Our granular attributes combines public records information from the Edited Electoral Roll, CCJ and Insolvency databases with our own proprietary sources to provide a more comprehensive view of risk.
Attract™ for Motor
Attract™ for Motor is a powerful point of quote tool, providing motor brokers with a revolutionary market-wide risk score, built with and designed using insurance data to help better predict insurance risk and understand cancellation rates.
When paired with our superior linking technology, LexID®, Attract for Motor improves risk segmentation by 10-20% over other solutions in the market.
Attract™ for Motor
We design solutions specifically for insurance providers and already manage over 85% of policy histories across the motor insurance industry.
LexisNexis® Policy Insights
LexisNexis® Policy Insights provides you with a completely new and more accurate predictor of risk that transforms how motor insurance risk is assessed.
It uses a person’s motor policy history, sourced from insurer and broker contributions to our Policy History Motor database, to calculate and deliver new and unique data attributes for use at point-of-quote. Key attribute categories included in Broker Intelligence relate to gaps in cover and cancellations.
LexisNexis® NCD Module
Our No Claims Discount (NCD) enables an improved customer experience while saving costs, replacing manual no claims discount checking processes with an automated solution at the point of quote.
The NCD module automates the verification and validation process for insurance providers, allowing access to credible data to meet consumer demands. NCD uses our own LexisNexis® Motor Policy History Database, sourced from insurer and broker contributions, to calculate and deliver NCD information, made accessible on a ‘contribute to play’ basis.
LexisNexis® Informed Claims
LexisNexis Informed Claims can provide significant benefit to you by providing access to claims information contained in the Claims and Underwriting Exchange (CUE) database, to assist in the verification of the insurance risk with insight on the proposers
declared and non-declared claims.
To use our Informed Claims solution, you must have a Delegated Authority for their relevant claims type – Motor or Household – from the insurers on your panel.
HM Treasury Financial Sanctions
The HM Treasury Financial Sanctions List records information about individuals and entities currently subject to UK sanctions (i.e. asset freezes and market access restrictions). All financial institutions in the UK are forbidden from doing business with entities on the list.
Make operational cost savings and reduce fraud risk by automating manual or post-sale checks.
Identity and Credit Checks
Broker Intelligence provides access to two key scores to help support your identity verification and fraud prevention requirements.
Additionally, by leveraging a range of public data such as the Electoral Roll, Bankruptcies, CCJs and more, these scores will help you make informed decisions regarding whether to quote, and also if instalment payment options could be offered.
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