LONDON, Nov. 30, 2021 /PRNewswire/ -- Commercial insurance brokers serving the small medium enterprise (SME) market can now validate customer-provided data prior to quote as an integral and streamlined part of the e-trading process. Commercial PreQuote from LexisNexis Risk Solutions, the data, analytics and technology provider for the insurance sector, is a completely new data enrichment solution delivered through Acturis specifically for brokers serving smaller businesses and sole traders.
Available via the Acturis e-trading platform and directly from LexisNexis Risk Solutions, Commercial PreQuote can help brokers capitalise on the record growth in new business creationii and start-ups over the past year,iii while reducing the market's potential exposure to fraud and the use of inaccurate data for underwriting. According to the Office of National Statistics (ONS), in Quarter 1 2021, new business creation rose 14% on Quarter 1 2020 - the highest Quarter 1 figure it has ever recordediv.
Until now, brokers have had no way to auto-validate the data provided by the customer for e-traded quotes. This can result in time being spent on referrals and checking details back with the customer as part of the overall due diligence process.
Commercial PreQuote from LexisNexis Risk Solutions provides confidence that the data used for underwriting is valid and accurate and the risk is right for the insurer panel. It can also help eliminate unnecessary delays, support the due diligence process and reduce friction with the customer.
Brokers simply input the quote information, and Commercial PreQuote will provide key data points to support validation of quote information with the proposer, so that the risk can be passed to the insurer panel for the underwriting of property, landlord, commercial combined, combined liability and professional indemnity insurance.
Three core elements to Commercial PreQuote from LexisNexis Risk Solutions include:
- LexisNexis Property Insights - Where residential property information is needed, for example for Landlord Insurance, brokers can validate the risk based on data about the property from year built to rebuild cost.
- Business data - A unique dataset can confirm key information about the business, its financial position and an indicator of potential business failure, helping to provide a further layer of validation.
- LexisNexis Risk Insights - The insurance-specific customer verification and enrichment solution offers attributes derived from public and proprietary data, so that brokers can validate the risk related to the individual behind the business.
Martyn Mathews, senior director, commercial and personal lines, U.K. and Ireland, LexisNexis Risk Solutions said: "We are delighted to bring to market this innovative new solution to further streamline e-trading in Commercial SME, and in doing so help tackle data accuracy challenges while enabling brokers to deliver an experience to SME customers that is much closer to the quote journey in personal insurance. We are thrilled Acturis is the first software house to distribute the solution.
"Brokers serving the high-volume, typically lower premium SME market need to be highly efficient in all they do while delivering a service their customers will value. It makes sense to bring data validation through Commercial PreQuote to this fast-growing market. It means brokers and insurers can truly leverage the opportunities the SME market has to offer while protecting themselves from any potential fraud risk that could become evident through the data validation process."
Simon De Ferry, commercial product manager, Acturis, commented: "The Commercial PreQuote solution is a fantastic addition to the e-trade services available via Acturis and is testament to our continued drive to bring further innovation and enhancement to the electronic quote journey. By both providing deeper client insight and minimising data errors, this solution should help our brokers service their clients ever more efficiently."
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.
Media Contacts:
Alison Reeson, Clare Watson, Parm Heer or Jane Lewis at HSL
0208 977 9132, 07876 597466
lnrs@harrisonsadler.com
Rocio Rivera
Global Markets
Insurance
LexisNexis Risk Solutions
M: +1.770.946.2584
rocio.rivera@lexisnexisrisk.com
ihttps://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemographyquarterlyexperimentalstatisticsuk/januarytomarch2021
iiAccording to Tyl by Natwest, in 2020, 50,000 new businesses were created every month and the number of start-ups grew by 30% on 2019. https://smallbusiness.co.uk/2020-named-year-of-the-start-up-as-record-770000-uk-businesses-created-2552513/
iiihttps://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemographyquarterlyexperimentalstatisticsuk/januarytomarch2021
ivhttps://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemographyquarterlyexperimentalstatisticsuk/januarytomarch2021
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