As the impact of ongoing political and economic uncertainty on small businesses becomes evident in slowing productivity, there is a heightened need for the insurance market to support the small business community with premiums that fully reflect their risk.
Insurance providers working with LexisNexis Risk Solutions can now offer e-traded quotes using verified customer data based on both the personal and commercial risk of a small business director or owner. With greater clarity of the risk, insurance providers can improve their pricing accuracy, helping to support small businesses with the cover they need to trade.
LexisNexis® Risk Insights for Commercial from LexisNexis Risk Solutions offers a comprehensive set of data that relates to many directors and owners of small businesses. The customer verification solution offers more than 200 public and proprietary data attributes ranging from unemployment data, the Edited Electoral Roll, County Court Judgements, through to insolvencies and bankruptcies.
Combined with the ability to match and link disparate customer records, insurance providers can now gain a deeper and more accurate understanding of a commercial customer’s risk, helping to improve the overall picture of the individual customer and their business when rating the risk.
This enhanced understanding of the risk will help put insurance providers in a stronger position to price accurately and swiftly – delivering a streamlined online quote to help support access to competitive insurance for the UK’s 5.6 million small and micro businesses.
Jonathan Guard, Director of Commercial Insurance, UK and Ireland, at LexisNexis Risk Solutions, says “Many small businesses are facing tough trading conditions – the insurance sector needs to do what it can to support these firms through premiums that reflect their risk as accurately as possible.
“Risk Insights for Commercial brings a plethora of key personal data attributes together including the unique insights we have developed to identify the possibility of future losses. Access to the right data creates quotes that are more accurate and reduces the need for referrals and cancellations.
“Risk Insights for Commercial doesn’t just work at point-of-quote – it can be used throughout the customer journey to help support business growth through increased opportunities to quote and help lower operational costs for insurers and brokers.”
Insurance providers can access LexisNexis Risk Insights for Commercial via the LexisNexis® Informed Quotes platform available through all major software houses.