Covéa Insurance gains competitive advantage with enhanced schemes management capability from LexisNexis® Map View
October 30, 2014 —
30 October 2014: Leading UK insurer Covéa Insurance has implemented new schemes management technology from LexisNexis® Risk Solutions as a further example of its commitment to this growing business sector. The Broker Management module of LexisNexis® Map View provides Covéa Insurance with an up-to-date, aggregate view of their schemes business – allowing them greater insight to proactively manage the performance of their coverholders and drive underwriting governance and profitability.
Transacting business in a way that makes life easy for brokers was high on the agenda for Covéa Insurance. Research by the company showed that by the end of 2013 over 80% of brokers were using bordereaux to transfer data; this investment will allow that data to be more efficiently transmitted.
The Broker Management module of LexisNexis® Map View provides the insurer and the broker with greater insights into the data, giving both parties a better understanding of how their scheme business is performing. The module enables flexible scheme management which will ultimately lead to more profitable growth for all involved.
Liam Casserley, Scheme Broker Manager, Covéa Insurance commented; “With our schemes business growing rapidly, we wanted to ensure that we could report on performance in the same consistent way we report on our open market business. Our investment in this new technology reinforces our commitment to the schemes market. It’s essential that our brokers receive the best possible service from us; The Broker Management module of Map View enables us to enhance that service and support our scheme brokers with their growth at the same time.”
“The Broker Management module of Map View gives our customers like Covéa Insurance full visibility into their schemes business by providing a single console from where they can manage this side of their business,” said Bill McCarthy, Managing Director, UK, insurance, LexisNexis. ”It allows them to easily detect and respond to underwriting anomalies, and manage schemes rules dynamically – offering greater underwriting and operational control.”
The Broker Management module of LexisNexis Map View automates the processing of bordereaux data, significantly reducing the time it takes to process, from a matter of days to seconds. It efficiently captures, normalises and processes all bordereaux data and enables insurers to easily control, define and refine binder rules, limits and schedules. The system automatically alerts the insurer to breaches in underwriting rules, allowing them to manage the performance and profitability of their schemes business.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government assess, predict and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis 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 world leading provider of professional information solutions. 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
About Covéa Insurance
Covéa Insurance is the UK underwriting business of the leading French mutual insurance group Covéa. Covéa Insurance offer competitively-priced household and motor insurance, along with a range of commercial insurance products designed to meet the needs of most businesses, through a nationwide network of intermediaries.Covéa Insurance handles the insurance needs of over 1.2 million policyholders, delivering financial reassurance through its Standard & Poor’s A Stable rating, as a guaranteed subsidiary of Covéa.Covéa is number 1 for property and liability insurance in France and served over 11 million policyholders, generating 15.5 billion Euros in premiums in 2013.”
Paul Codd, Cohn & Wolfe for LexisNexis Risk Solutions
+44 (0)20 7331 5366