Leveraging Automation in Commercial Lines
Expedite quoting and underwriting with more comprehensive and accurate risk assessment data
Leveraging automation in commercial lines of insurance
About us
Keeping up in an era of digital intelligence
You have a lot to accomplish with limited resources
Curious about the output you receive?
Uncovering hidden risks with Commercial Data Prefill enhancements
Summary
Era of digital intelligence | LexisNexis® Commercial Data Prefill | The output | Uncovering hidden risks | Summary
Today’s consumers expect personalized, fast and convenient experiences, and shopping for their commercial insurance policy is no exception. The reality is that the commercial underwriting process takes too long, and is riddled with inefficiencies, incomplete or inaccurate data, which leads to frustrations for your customers and agents.
You need an automated and reliable solution that delivers more comprehensive information on the property, business firmographics, vehicles and drivers. LexisNexis® Commercial Data Prefill offers new features, unmatched data attributes and confidence scores to deliver a more complete view of the risk while expediting quoting and underwriting. These new capabilities can help save time, reduce costs and improve overall profitability — while offering an improved customer experience.
Given intake mechanisms, it’s no wonder that carriers report an average of three days to provide a quote.
Source: LexisNexis® Risk Solutions (2023). Changing the Game: Innovation Trends in Commercial Insurance
Unstructured datafrom a mobilescanning device
Keying in results
Solution that provides comprehensive prefill info
Solution that providesbasic prefill info
Structured data from a mobile scanning device
Using a PDF reader
Confirm versus collect information at point of quote
Rate risks more accurately to reduce premium leakage
Improve profitability with more detailed and granular data
Increase business volumes with automated, faster throughput and greater confidence
Optimize customer experience and reduce friction
Enhance your quoting process with 100+ data elements that provide high-level insights into a business’ risk characteristics, across all standard lines.
Linking technology allows you to connect businesses to legal entities, even complex organizational structures, and keep track of the holistic risk that comes through the door.
NEW – Multiple versions (5) of SIC/NAICS codes (ex: 2017, 2022)
NEW – Lessor risk
NEW – Confidence scores
FEIN
Annual sales
Number of employees
Year the business started
Business LexID®
Year, make, model
Cost new
VIN
GVW
Name
DOB
DL number
DL state
Access data about a company’s vehicles and the drivers associated with a business. The solution returns VINs associated with the business and up to 55 vehicle attributes.
Unlock additional property insights with 80+ data elements about the commercial building associated with the business address.
Year built
Construction type
Square footage
Number of stories
As such, we continue to invest in and augment our Commercial Data Prefill solution, specifically the firmographics data, so that we can provide you with the business intelligence you need to help confidently evaluate the risk characteristics of each business.
Keep reading to learn more about the latest enhancements.
We understand that not all carriers use the same SIC and NAICS codes to identify the entity’s primary business activity, and we know the potential for variance between product lines. Because of this, we are now able to offer five distinct options for SIC and NAICS codes to make adoption easier, without migration, regardless of which codes you’re currently using. Proprietary enhanced SIC and NAICS codes from LexisNexis Risk Solutions offer an incremental two digits (in addition to the industry standard six digits) that allow for augmented granularity that can really differentiate business activity, when it matters.
We offer five versions: 1. Standard 4-digit SIC2. Standard 2017 6-digit NAICS3. LexisNexis Risk Solutions enhanced 8-digit SIC4. LexisNexis Risk Solutions enhanced 8-digit 2017 NAICS5. LexisNexis Risk Solutions enhanced 8-digit 2022 NAICS
With LexisNexis Risk Solutions enhanced NAICS codes, you can uncover a greater level of risk granularity for more precise risk segmentation and rating accuracy.
*Illustration includes LexisNexis Risk Solutions enhanced NAICS codes
NAICS Code 611620 SPORTS AND RECREATION INSTRUCTION
NAICS Code 61162002* ARCHERY RANGES
NAICS Code 423920TOY AND HOBBY GOODS AND SUPPLIERS
NAICS Code 42392010* FIREWORKS (WHLS)
MERCHANT WHOLESALERS
Understand the risk of the neighborhood beyond just the risk the insured presents to better manage your exposure. With lessor risk attributes, we return business name and address for lessors in the same building in addition to up to a quarter-mile radius of the building. These two segments are broken out separately for easy consumption into your workflow, for a better general understanding of proximity.
What we provide on the lessors:
Business name and address
Four-digit NAICS codes for each business within a quarter-mile radius
NAICS codes delivered in order of highest potential risk
Identifier of business in the same building vs. surrounding area
Total business count in the quarter-mile radius
Building square footage
EXAMPLE Four-digit NAICS codes attached to each business within the same building and quarter-mile radius.
We return a total of up to 50 businesses:Up to 25 lessors for the same building and up to 25 within the quarter-mile radius of the building.
When it comes to rating the risk, there is typically no single source of truth. This means that your ability to rely on the accuracy of the information you’re receiving is critical to your success.
Because of this, we have developed attribute confidence scores for the data variables that you need to get right.
These confidence scores are derived as a function of the number of data sources that were validated for each individual attribute. This translates to a greater level of certainty in the data that you’re integrating into your workflow, which can eliminate the need to collect data versus confirm it.
Company name
DBA
NAICS1
SIC1
Phone number
URL
Year started
Confidence scores are based on sourcing agreement. The more sources that return the same data, the higher the confidence score will be.
Tiers of confidence scores (range 50%–100%):
High 80+
Med 70’s
Low 50’s
100% indicates alignment across 4+ sources
1 data source alignment is no agreement among sources (50–60% confidence)
Expanded SIC/NAIC codes
Lessor risk attributes
Attribute confidence scores
All of the above
LexisNexis Commercial Data Prefill is a multi-sourced solution that captures more robust business intelligence upfront in an automated fashion, eliminating the need for cumbersome, time-consuming and inefficient manual processes. Achieving further gains with digitization and automation is dependent on reliable data.
¹ LexisNexis® Risk Solutions (2023). Changing the Game: Innovation Trends in Commercial Insurance
of commercial carriers indicate that data accuracy is a challenge for them in the application and underwriting process
Changing the Game: Innovation Trends in Commercial Insurance – Learn more LexisNexis® Commercial Data Prefill – Learn more
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