LexisNexis Risk Solutions Launches Perils Offering to Provide Brokers the Ability to Better Assess Risk and Improve Customer Satisfaction at Point of Quote.
LONDON, Sept. 25, 2024 /PRNewswire/ -- Analysis of British Geological Survey data from LexisNexis® Risk Solutions, the data, advanced analytics and technology provider to the insurance market, reveals that with the current climate trajectory, approximately 1.2 million more homes in England are at risk of subsidence issues by 2050ii. This is a 27% increase to the estimated 4.5 million households already at subsidence risk today.
It has become imperative to empower brokers with swift and cost-effective access to address-level insights at the point of quote. As such, LexisNexis Risk Solutions has launched LexisNexis® Geospatial Risks - a set package of perils and property data to support brokers get a competitive advantage, improve quotability, increase profitability and enhance customer experience
At the point of quote, LexisNexis Geospatial Risks gives brokers simplified perils risk scores for flood, subsidence and crime, while LexisNexis® Property Insights can confirm the property characteristics for the address (such as the roof type, number of bedrooms, construction type). Brokers can access LexisNexis Geospatial Risks alongside other risk data on the individual through LexisNexis® Informed Quotes, which acts as a single gateway to near real-time data enrichment via a broker's software house or via a direct application programming interface (API), streamlining the quote process for new business, renewals and mid-term adjustments.
Caroline Elliott-Grey, senior product manager, U.K. and Ireland insurance, for LexisNexis Risk Solutions said: "Historically, smaller brokers have struggled to access and leverage the range and depth of perils data used by insurers, larger brokers and managing general agents (MGAs). However, with severe weather events in recent years, brokers are under pressure to assess property risks more fully for their insurance partners and to be better prepared to explain to their customers some of the property characteristics and environmental factors that go into insurance decisions and secure instant premiums."
In 2022, the U.K. endured a heatwave that pushed temperatures past 40°C for the first timeiii. This resulted in the equivalent of one new subsidence claim made every 15 minutesiv in the second half of the year. More recently, data from the Association of British Insurers (ABI)v shows that subsidence payouts for home insurance claims hit £60 million in the second quarter of 2024 - the highest quarterly figure on record.
Caroline Elliott-Grey continues: "LexisNexis Geospatial Risks has been developed to give smaller brokers the essential facts about the risk and characteristics of the properties for which they are seeking quotes in a very simplified and efficient way. This has multiple benefits - consumers will enjoy faster, more accurate quotes; insurance partners will have better visibility of the risks upfront; and brokers will be enabled to work more efficiently, enhance customer satisfaction and improve their insurer relationships."
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. 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 analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com
Media Contacts:
Alison Reeson or Matthew Enderby at HSL
0208 977 9132, 07876 597466
lnrs@harrisonsadler.com
Chas Strong
Director, Global Communications
Insurance and Connected Car
LexisNexis Risk Solutions
+1.706.714.8261
Chas.Strong@lexisnexisrisk.com
i This risk has been illustrated by British Geological Survey data with cutting edge analysis and expertise in data applied by LexisNexis Risk Solutions. The analysis highlights risk areas while accounting for a wide range of geological, weather and climate data.
ii This risk has been illustrated by British Geological Survey data with cutting edge analysis and expertise in data applied by LexisNexis Risk Solutions. The analysis highlights risk areas while accounting for a wide range of geological, weather and climate data.
iii https://www.metoffice.gov.uk/about-us/press-office/news/weather-and-climate/2023/record-breaking-202…
iv https://www.abi.org.uk/news/news-articles/2023/3/sinking-uk--last-summers-record-breaking-heatwave-l…
v https://www.abi.org.uk/news/news-articles/2024/8/property-insurance-payouts-hit-record-quarterly-high/
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