LexisNexis® No Claims Discount Module Live With Major UK Insurers
Insurers verifying no claims discount information through LexisNexis®
LexisNexis® Risk Solutions today announced that the No Claims Discount (NCD) module of LexisNexis® Policy History Motor database will go live in September. LexisNexis has already secured commitments to contribute from insurers and brokers accounting for approximately 45 percent of the UK motor insurance market, including Direct Line Group, esure, Markerstudy Insurance, Zenith Insurance, Zurich Insurance, Hastings Direct and BGL Group, with discussions ongoing with many other leading insurers and brokers such as Admiral, AXA Direct, Swiftcover and Tesco Underwriting.
The LexisNexis NCD module will eliminate the need for customers to provide written proof of no claims history, reducing costs and reducing NCD fraud. The NCD module ensures that the correct risk assessment is completed on individuals, increasing confidence in the accuracy of NCD information. The NCD module will be made available at time of quote to direct insurers, brokers and intermediated insurers (via software houses), as well as at point of sale and post-sale.
Jon Wilshire, Chief Underwriting Officer, esure, says that “The new No Claims Discount database from LexisNexis solves a long-standing problem for the motor insurance market. The new service will allow insurers and brokers to efficiently reduce fraud in insurance applications through automated checks, while proving a better experience for customers in the process of switching insurers.”
Gareth McChesney, Zurich’s UK director of personal lines underwriting and pricing, says that “This new service is a significant step forward for both the motor insurance industry and consumers. Automated checks should help insurers and brokers to reliably reduce fraudulent insurance applications and remove cost and hassle for customers.”
Ben Tomasetti, head of product development, Hastings Direct, says that “With the LexisNexis NCD module insurers and brokers like us can work together to provide a better insurance experience for our customers. We are looking forward to providing our customers with an even more accurate motor insurance experience, and both the wider industry and everyday consumers will benefit from reductions in costs and application fraud.”
Gary Humphreys, Group Underwriting Director for Markerstudy Group, said “The new No Claims Discount database from LexisNexis is extremely useful to Markerstudy Insurance and Zenith Insurance. It will help us reduce fraud and improve efficiency through automated checks, while at the same time make it easier for new customers to take out a policy. We can see this technology being a significant step forward both for the industry and consumers.”
The LexisNexis NCD module will leverage LexIDsm, a proprietary, fast linking technology that enables the database to intelligently identify, link customer NCD histories together from different insurers and brokers and organise information quickly, providing unrivalled data quality. The LexisNexis NCD module is hosted on the LexisNexis Big Data processing platform, known as HPCC Systems (High Performance Computer Cluster), that has evolved for more than a decade, supporting enterprise customers who need to process large volumes of data in critical 24/7 environments.
“The UK insurance industry has been searching for a way to improve the quality and efficiency of no claims discount checks for many years,” said Dan Marshall, managing director, UK, LexisNexis Risk Solutions. “We have developed a solution which will be available to both brokers and insurers at the time of quote, creating a significant advantage over rival solutions. Our high contribution rates at launch testify to the quality of the product we will deliver and the trust we have built with insurers, brokers and intermediaries in the market.”
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors. Our insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
For more information contact:
Lara Cornwall, Cohn & Wolfe
+44 207 331 5340
Or visit http://lexisnexis.co.uk/our-solutions/insurance