Data is everywhere now, but how can brokers sift the really useful bits of data from the constant flow of information? LexisNexis have some news for you, just ahead of the BIBS show. Handy as a multi-tool.
In a development fitting for the theme of BIBA Conference 2021 – Strengthening Resilience – LexisNexis® Risk Solutions, the data, analytics and technology provider, is launching Broker Intelligence, a comprehensive solution of data attributes designed to help small to medium sized U.K. brokers price more effectively, cut operational costs and improve the customer journey in personal lines. These core benefits can all help build broker resilience in the face of increasing regulation, changing customer needs and growing pressure on rates and margins.
Helping to level the data enrichment playing field, Broker Intelligence gives brokers streamlined access to a specially selected and powerful range of data attributes about an individual, at the point of quote or renewal. This can be through direct integration with LexisNexis Risk Solutions or via their preferred broker platform or software house.
It means that for the first time, brokers can gain a fast and deep assessment of risk built on policy history such as gaps in cover, cancellation insights, claims history, public records, third party credit history and financial sanctions records plus other unique data through one gateway. This will support pricing accuracy and help reduce the risk of fraud.
Through Broker Intelligence, an individual’s No Claims Discount (NCD) entitlement can also be automatically validated, reducing the risk of cancellation by the insurance provider, due to non-receipt of proof. This benefit, along with the speed of access to high-volume, near real-time data at the point of quote, means consumers experience a swift service with pricing appropriate to their risk and avoid friction or risk of needing pricing adjustments based on post-sale checks.
Lee Taylor, Managing Director, T & R Direct Limited, said: “Many of the insurance specific data enrichment solutions used by larger insurers and broker groups have been out of our reach until now. Broker Intelligence means we can now gain a much clearer view of the customer at quote and renewal, to help us compete more effectively, work more efficiently and enhance the service we offer.”
James Burton, senior director of product management at LexisNexis Risk Solutions, U.K. & Ireland, said: “The pandemic has made many brokers re-evaluate how they service their customers in a digitised way – NCD proof, for example, became a major challenge for some brokers. They are also under growing pressure from their insurance partners to conduct basic verification checks and risk assessment at the point of quote, and this is set to heighten as a consequence of the FCA’s pricing remedies. Added to this, brokers need to find efficiency savings to help contain costs – from customer onboarding to distribution – while ensuring they remain competitive in pricing.
“Broker Intelligence has been developed in direct response to the multiple challenges facing the insurance market today, helping brokers to maximise the value of data enrichment through seamless integration with their existing quote processes. BIBA Conference 2021 provides the perfect platform for us to showcase this innovative data solution, and we are excited to share the benefits with brokers during the virtual event.”