LexisNexis Risk Solutions

LexisNexis Risk Solutions

LexisNexis® Connected ClaimsManage risk intelligently with upfront, real-time decisioning

Claims history is one of the most important rating factors when it comes to selecting and pricing insurance risk. Relying on accurate data provided by customers in the application process poses a significant threat, with manipulation of information made easy and tweaking the truth becoming a perceived cultural norm – 25% of consumers admit to thinking it is acceptable to misrepresent information supplied in a motor insurance policy.  Insurers and customers are left picking up the pieces: increased costs in the quotation process are ultimately passed on to the customer in the form of higher premiums.

Accessing data on declared and non-declared claims provides insight at point of quotation that, ultimately, will help to deliver a more profitable book of business and combat fraud.

LexisNexis Connected Claims empowers more accurate decision making at point of quote, with real time verification of previous claims information.

  • Boost your risk decisoning –  verify disclosed and non-disclosed information at the point of quotation to make better decisions faster
  • Improve your loss ratios – keep out bad risk which may otherwise result in claims losses and lead to widening loss ratios
  • Getter a deeper understanding of your customer – combine LexisNexis Connected Claims with LexisNexis No Claims Discount (NCD), Public Records and Vehicle Scores, to create powerful profiles that drive the best course of action in the event of discrepancies.

Manage risk better with real-time decisoning

In 2013, claims, particularly in the motor insurance industry were the most commonly detected source of insurance fraud and the most costly. That situation hasn’t changed and a potential policyholder with a high claims frequency poses a significant risk to insurance profitability.1

Our own research identified that 25% of consumers admitted to feeling it is acceptable to provide inaccurate information when arranging a motor insurance policy. 50% said that when this occurs, “claims should still be settled”.2

Without the correct assessment at the point of application insurers take the risk of letting in bad risk which can only add to widening loss ratios, damage profitability and diminish the customer experience.

LexisNexis Connected Claims provides significant benefit to insurers and brokers by providing access to claims information contained in the CUE database. It enables verification of the insurance risk with actionable insight on the proposers declared and non-declared claims history.

  • Manage and underwrite a new insurance risk more efficiently by verifying an individual’s claims history at the point of quotation
  • Price risk effectively by adjusting the premium after speaking with the customer on the discovery of an undisclosed claim
  • Stop application fraud by identifying non-disclosed claims early, which otherwise could add to loss ratios, impacting your book of business
  • Improve the customer experience and lower your costs by reducing post-sale manual checks

1 Source: The Association of British Insurers
2 Source: UK Consumer study 2013

 

LexisNexis Connected claims is available direct or through software houses, offering consistency across all lines of business.  Powered by HPCC, the LexisNexis open source big data platform, Connected Claims can integrate with other LexisNexis products in real time, reducing costs and delivering a more accurate picture at point of quote.

  • The address linking feature highlights full claim(s) results based on the individuals current and previous addresses, even if only the current address is supplied
  • Searches can be conducted by a range of criteria and combinations including subject, address and vehicle
  • The results are available transactionally in XML, or in batch XML or CSV, providing your business with the flexibility for automated system to system transactions in real-time
  • A customisable summary of results information is available making it easy to analyse results which can be used by your underwriting, claims and fraud teams

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