Jonathan Guard
Jonathan Guard,
Director, Commercial Insurance, UK & Ireland, LexisNexis Risk Solutions

April 17, 2018

LexisNexis® Map View has been supporting commercial and residential property underwriters with the assessment of flood and subsidence risk and level of accumulated risk at point of quote for over ten years in the UK and Ireland markets.

LexisNexis Risk Solutions led the market by moving property assessments from postcode level to property level, increasing the accuracy of the flood risk assessment to the point where 8% more properties were taken as being at the risk of flooding, compared to the post code definition.

In recent years, LexisNexis® has focused on improving the range of accumulation tools available for Map View users from monitoring across multiple books of business looking for hot spots of accumulation, to radial accumulation as defined by Solvency II, to fire risk assessment using LexisNexis Blocks.

One of the first accumulation tools available for Map View users was the ability to draw a polygon around a group of buildings, and Map View would calculate the number of policies, and level of sum insured, within the shape. This provided a quick and handy tool for insurers to understand the level of existing exposure in an area and whether facultative reinsurance may be required.

Accumulation is nothing new of course, but it is something that is becoming more pervasive and complex. As (re)insurance is becoming global, new opportunities are becoming available with wider availability of information for identifying accumulation scenarios that can assume unexpected forms and magnitude.

LexisNexis® has taken the concept of drawing a shape around a geographic area to a new level by offering a new function called Monitored Zones. What makes this truly exciting, is that it opens up Map View to be a tool for tracking and monitoring of business activity using geographic zones across the whole insurance continuum from marketing through to underwriting and to claims.

What Monitored Zones provides is the means for the Map View user to define a geographic region that can be used for monitoring insurance business activity from the start of a marketing campaign or new broker starting up in that area, through to underwriting volumes, and ultimately the profitability of that new business through the tracking of claims.

This broadens out the use of LexisNexis® Map View from the underwriting department across the full insurance continuum, leveraging investments made in geographic data and the Map View platform.

Flagging activity in Map View Monitored Zones

To consider a practical example, say a UK property insurer is looking to grow their market share and commercial property business in a given regional town such as Nottingham.

They draw a Monitored Zone in Map View and any new quotations, policies or claims generated within the zone will be flagged during various steps in the insurance process. 

These flags help to track any marketing campaign and its success in lead generation, through to new business, cancellations, and ultimately the profitability of that business. The ability to create Monitored Zones provides the means to quickly incorporate a ‘locational’ code that can influence pricing and underwriting decisions, whether direct or through a broker, aggregator or intermediary.

Map View in the insurance continuum_2

Over time we expect to see Map View shifting to becoming more than just an underwriting tool. Besides the new Monitored Zones capability, at LexisNexis Risk Solutions we are working on creating new data models similar to those already operational for motor and home, providing insights into the attractiveness of an area to do commercial business, and to create new contributory assets in the area of claims and building attribution that helps our customers to grow their books in a profitable and scalable manner.

Follow the link to the LexisNexis Risk Solutions website to find out more about how we support insurance providers.