LexisNexis® Map View - Features
LexisNexis Map View is a geospatial service concentrated on peril and accumulation scoring. Scores are supplied via a point of quote API...
LexisNexis® Map View
Allowing property insurance providers to more accurately assess and price perils risk and gain a full understanding of exposure through accumulation analysis and visualisation
What is LexisNexis® Map View?
Increase property underwriting profitability with better risk assessment and exposure management delivered through visualisation
LexisNexis Map View is a geospatial service concentrated on peril and accumulation scoring. Scores are supplied via a point of quote API or a User Interface optimised for and widely used by the insurance industry. It enables property insurance providers to aggregate scoring data from multiple sources, allowing them to make more informed underwriting decisions and to better manage their risk and exposure. It allows providers to visualise a variety of perils and accumulations, while providing the insight to control and manage portfolio risk and exposure
How does Map View help perils risk assessment?
More Accurate Risk Assessments - Aggregating key risk data at the point of sale and point of quote allows you to make more accurate risk assessments at the individual property level.
Precision Pricing - Precise geocoding enables you to more accurately assess the risk, allowing for more fairer pricing.
Greater Visualisation and Granularity - Mapping and visualisation of the property location alongside other policy risk locations, prior claims and quote information empowers you to truly understand perils exposure across your book of business.
How does Map View support exposure management?
Increase Visibility into Overall Exposure - Better understand your exposure hotspots from an accumulations standpoint and optimise the risk profile of your entire portfolio.
Improve Accumulations Management - Gain visibility into where you have an over or under concentration of policies - allowing you to take the appropriate action to manage your business and ensure profitable underwriting, while also helping reducing your reinsurance costs.
Standardise Underwriting Best Practices - Achieve underwriting consistency company and channel-wide with a standardised approach to risk selection and underwriting.
Key features include:
- Real-time visibility into accumulations and exposure to perils i.e real-time flood alerts
- Rules-based fire accumulations analysis enables automation of the process of assessing fire exposure
- Access to the widest choice of perils scores in the market including LexisNexis proprietary crime, arson.
- Allows analysis of what-if scenarios
- Allows identification of customers impacted by an event and rapid assessment of exposure and maximum loss.
Perils Risk Assessment
Best-in-class technology and data providing risk-based information on the precise location of properties and their associated perils
LexisNexis Map View uses best in class technology and data sources to ensure insights can be accessed or visualised in relation to the precise location of a property and its associated peril risk.
The platform gives you the ability to assess a variety of peril risk scores including flood, subsidence, crime, and arson, which can be used to support more accurate, optimised pricing that truly reflects the risk of the property either at point-of-quote or post-sale.
Map View also allows you to map and visualise the property location being underwritten or quoted for alongside other policies in your book of business, prior claims, and against quote data, providing data-driven insights at the touch of a button, right when you need them.
As part of the visualisation platform, Map View provides several different features and functions that allow you to gain a better understanding of the risk you want to write or in the case of a major weather event, the risk to your book of business.
Some of these key features and functions include:
Read on to learn more about each feature or click on the features listed above to find out more about them
Precise Geocoding
Our proprietary geocoders are built using a combination of our technology and external address dictionaries, which allow addresses to be cleansed, matched, and located more accurately.
How can Precise Geocoding help you:
Risk Filters
Our risk filter tool can be used to display underwritten locations from across a book of business, but also locations from quotes or even speculative test data sets in order to analyse the data with a greater depth of granularity. When used in conjunction with other interactive tools such as user drawn shapes, usual marker displays, and totals summaries you can gain an understanding of your perils exposure in specific geographic areas.
This location filtering tool also allows for selective inclusion or exclusion of specific locations in visualisation, scores and calculations. It is also possible to add new filtering criteria based on the attribute name or type.
How our risk filter tool can help you:
- Gain granular understanding into specific or multiple locations through multiple filtering parameters
- Perform criteria-based inclusion or exclusion of specific locations in visualisation, scores and calculations
- Quickly and easily identify exposures by line of business, product type, and bands of Total Sum Insured
Peril Scores and Layers
Peril risk scoring is one of the main features of Map View. The feature allows for every insured property location on your book of business to be mapped and scored based on the risk to your choice of perils.
Once a location is mapped, the peril scores for this location will be shown in the Perils Panel and will highlight if the location contains any issues for example risk of subsidence and exposure to flood. Map View contains a wide range of perils data sets offering global coverage, as well as localised data, offering better accuracy in a specific area.
Our perils risk scores allow you to:
- Immediately visualise and understand the exposure to all categories of perils risk across your entire book of business
- Gain a deeper understanding of the nature of risk locations in order to make accurate decisions when underwriting
- Experience granular understanding of perils risk through tailored scoring configured to your business rules
- Identify all policies that have significant exposure to perils risks attached to their location
Map View contains many perils and hazard layers within the platform, such as flood, subsidence and crime. With the help of our team of data scientists, Map View is able to deliver these data layers back to you for visualising and scoring.
How our perils overlay layers tool can help you:
Single Hazard or Multiple Layers Visualisation
The single hazard or multiple layers visualisation feature allows you to view one or multiple hazards related to a particular location you are looking to underwrite in one view, to help you determine whether there are surrounding risks to the location or property. Multiple hazard view allows you to make quick, informed decisions on the risk of the property.
How our Single Hazard or Multiple Layers Visualisation tool can help you:
- Gain a clear and instant view of the surrounding risk of a property
- Effectively identify and visualise numerous risks through multiple layers visualisation
Exposure Management
Tools to more accurately assess accumulations of exposure and to aid portfolio management
LexisNexis Map View uses the latest technology and data sources in order to support you in managing your risk and maximising your capacity to write business without incurring additional reinsurance costs. Map View allows you to maintain a data set of all your on-cover policies, meaning you can identify areas with high accumulations of exposure or that exceed your permitted accumulation limits.
Our platform provides you with the tools to help accurately assess total loss from catastrophic events in urban environments such as fire or flood, and can supply you with real-time flood alerts and the ability to quickly assess exposure to your book during and after major weather, economic or political events.
As part of the visualisation platform, Map View provides different features and functions that allow you to manage your book of business more efficiently and gain a better understanding of your exposure during major weather events or events related to a location.
Some of these key features and functions include:
Read on to learn more about each feature or click on the features listed above to find out more about them
Accumulations - Fire Blocks
Fire block accumulations harness building footprint data, and apply your specific separation rules to calculate a more accurate accumulation that represents the potential spread of a fire from one part of a building block to another part of the same block or an adjacent location, allowing your capacity to be maximised.
Whenever fire block accumulations are available for a specific location, the Map View interface changes in the following ways:
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Building block outlines appear on the map display in the vicinity of the location being analysed
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The block will contain the primary risk along with a number of neighbouring blocks, distinguished by different colours
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In the accumulations area of the analysis panel, a number of block accumulation values will be displayed
The video on the right shows how the blocks feature works and the type of information that can be displayed on the risk you are writing
Batch Geocoding and Peril Append
Map View's batch geocoding feature allows you to upload any book of business or address file, so that you can geolocate and risk tag your policies or quotes against your licensed perils models, allowing an instant view of risk and any breaches of accumulation rules.
The batch process will geocode the risk addresses against our most up-to-date address database and risk assess each location against your choice of peril data. The results can then be visualised in Map View where any locations that are deemed as high risk will be identified according to the rules you set.
How can geocoding and appending perils data to a book or set of policies help you?
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Quickly assess the profitability or risk of your entire portfolio
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Rapidly identify if more capacity is required to take on new business
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Instantly identify where this new book or policy is located and if it fits with your current strategy
About LexisNexis® Risk Solutions
Assess, predict and manage risk more efficiently across your business
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organisations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group plc, a world-leading provider of information and analytics for professional and business customers.
How we help
Our solutions help our customers across the insurance industry to solve their daily business challenges such as identity authentication, fraud defence, streamlining workflows, due diligence and increasing productivity and revenue.
LexisNexis helps leading insurance companies automate and improve critical business processes, reduce expenses, combat fraud and gain pivotal insights to differentiate and deliver higher levels of customer experience.
Our Markets
Using our world-class Big Data platform, we help deliver a superior customer experience and service enabling you to be the best when it counts the most across the UK SME and commercial insurance markets. Our insurance solutions help to accurately manage risk, through significant speed in quoting, underwriting and claims processing with consistent, technologically advanced automated workflows.
For more information, call +44 (0) 800 130 3002 or visit risk.lexisnexis.co.uk/insurance
