LexisNexis Risk Solutions

LexisNexis Risk Solutions

No Claims Discount Module for LexisNexis Policy History Motor Efficiently validate drivers no claims discounts

The No Claims Discount module (NCD) for LexisNexis® Policy History Motor automates the verification and validation process for insurers, providing efficient access to credible data, helping insurers to meet consumer demands while minimizing risk.

  • Minimise risk exposure & Improve pricing – Reliable data that is both timely and credible, risk can be better assessed and priced adequately at the time of the quote.
  • Realise cost savings – The automated no claims discount verification process replaces costly and labour-intensive manual processes.
  • Optimise the consumer experience – Validation occurs in real-time, eliminating the need to provide no claims discount history details, making it easier for consumers to do business with participating insurers.

Minimise risk exposure and adequately price risk

No claims discount is a significant rating factor used in underwriting motor insurance policies. Our research has highlighted a significant number of UK consumers think it acceptable to omit or adjust their claims histories to obtain a better price on their motor insurance.

Insurers in this instance can find themselves exposed to unforeseen risk.

Using our Big Data technology we provide you highly reliable data in real-time, giving you the most up-to-date information for evaluating and pricing risk. In addition, application fraud is reduced and confidence is improved from the time of quote.

No Claims Discount module for LexisNexis® Policy History Motor can help insurers realise significant cost savings and increase their market competitiveness. The fully automated verification and validation process allows insurers to:

  • Reduce and eventually replace the amount of manual checks required.
  • Integrate into existing customer validation workflows for use at point of sale or post-sale.
  • Adjust pricing and policy offers in real-time at point of quote.
  • Make it easy for your consumers to receive more accurate quotes.

How the service works

The data provided through the No Claims Discount  Module is more accurate than consumer provided  no claims information.

Accessing the service is simple:

  • Motor Insurers and Brokers contribute active, renewal and historical no claims discount information.
  • Utilising our Big Data technology we bring together these disparate sources of information
  • New policies and policy changes are updated daily.
  • No Claims Discount  Module is available as an integrated part of the insurance application process or in batch, allowing insurers to update existing books of business as desired.

LexisNexis has provided preeminent data and analytic solutions to insurance professionals. We stringently adhere to best practices, respecting data protection and ensuring strict compliance and excellent service. Some examples of best practices regarding No Claims Discount  Module include:

  • LexisNexis provides a full Subject Access Request Process to consumers at no additional cost to insurers and works with the consumer, contributing insurers and brokers to resolve any disputes.
  • No Claims Discount Module contributors may only access data in response to inbound requests for insurance or in relation to a current policy holder (i.e. fraud investigation) and are prohibited from using data for marketing purposes.
  • Prior to loading data into a production database, LexisNexis runs approximately 400 automated checks to ensure quality of data inputs from contributors.

Did You Know?

25% of consumers think that some omission or adjustment of information is acceptable in order to reduce premiums when applying for motor insurance.