Until recently, gathering and analyzing information on prior losses was cumbersome, inconsistent and costly. However, new automated loss run capabilities based on robust and accessible data can help you eliminate common “blind spots” that can negatively impact your business results, as highlighted in this case study.
Are you unsure whether automated loss runs could bring more visibility to factors that are impacting your ability to accurately assess risk? Ask yourself the following questions to discover potential blind spots that may be preventing you from getting a clearer picture of your book of business:
- Is it possible that there are bad risks moving around your own underwriting companies? These are what we call “boomerang” policies in which customers with prior losses leave the carrier group and later return undetected.
- Is there a chance that “clean” risks are inaccurately assumed? This may occur when policies within the book of business are assumed free of prior losses in the absence of information that indicates otherwise.
- Could you be missing risks with large loss history? This may be due to false assumptions about the true source of largest loss amounts within the business.
- Are you searching only on business claims history? We’ve found that adding a driver claims history search to the mix creates a more comprehensive view of potential risk.
If you answered “yes” to one or more of these questions, you should consider how automated loss runs let you see what you may be missing in your book of business. Automated loss runs will help you eliminate common blind spots to give you a more complete view of your book of business so you can make better business decisions, reduce your vulnerability to risk and improve your bottom line. For more information, download the Blind Spots Case Study.
Finding the most effective and efficient way to assess risk can be difficult. Watch the short video below to learn more how commercial carriers can better leverage data assets that enrich their underwriting process.
LexisNexis Risk Solutions offers C.L.U.E.® Commercial as a non-FCRA contributory database solution that delivers claims history and loss runs to all standard commercial carrier lines of business. Please contact us to test your own book!