One Call Insurance is taking its understanding of motor insurance risk to a new level, using policy history data to help predict future cancellations, better spot application fraud and pass on the right risks to its insurance partners. The top 50 broker has become one of the first insurance providers in the UK to use LexisNexis® Policy Insights.
LexisNexis® Policy Insights is a data enrichment solution used at point-of-quote to give brokers and insurers a market-wide view of a motor customer’s previous policy history, including information around gaps in cover, cancellations and No Claims Discount (NCD) entitlement, providing a deeper picture of risk.
Policy Insights helps identify fraudulent activity, such as ghost brokers, and new types of predictors of loss, such as gaps in cover across all the vehicles the customer has owned, the number of mid-term cancellations, NCD history, named drivers and vehicle history. These insights support more accurate pricing, better fraud prevention and lower administration costs. The product is built on contributed policy history data to deliver a precise risk rating.
One Call Insurance was founded in 1995 and now has over 570,000 customers in the UK. It is on track to write £208 million of gross written premiums in 2018. As a broker, it wanted to identify a USP to add value for its insurer panel. For the last six years, fraud prevention has been the main area of focus for One Call and it has grown into a recognised industry leader in this respect. As such, the fraud prevention capabilities of Policy Insights first attracted One Call to the solution.
Josh Barnsdale, Distribution Director at One Call Insurance said, “We could immediately see the potential for Policy Insights to give us the extra edge we were looking for in fraud prevention, but the value it delivers goes way beyond this. We are able to rate risk beyond the standard rating details that are well-known in the industry, such as the person, the vehicle details, ID checks and credit scores.
For example, two identical risks with the same vehicle and same age of driver can be completely different in terms of loss ratio and propensity to have an accident. Policy Insights data is helping provide the understanding that can make the difference when pricing between the two, protecting our insurer partners against loss.”
“We truly see it as a rating advantage in a way that credit rating became an advantage in the market.”
James Burton, Product Director, UK and Ireland, LexisNexis Risk Solutions, said “Policy Insights is giving One Call a deeper level of understanding when it comes to measuring risk. It not only demonstrates the power of data enrichment for brokers, but also proves the value of contributed data from across the market to formulate a more precise picture of risk.”