The commercial lines team at LexisNexis Risk Solutions recently attended the 2019 Commercial Lines Seminar in Chicago hosted by the National Association of Mutual Insurance Companies (NAMIC). This annual two day event is designed for mid-to senior-level underwriters, managers, and executives to share insights, gather valuable information on current issues and learn more about industry trends. While this Seminar has been a regular fixture for our vertical experts and account managers over the years, it was my first opportunity to attend and I had high expectations.
I’m happy to report that this event didn’t disappoint. Although this year marked a record attendance for the Seminar with more than 370 attendees, it really is an intimate setting allowing for quality and honest conversations about what is going on in the industry now and in the future.
Some of these attendees were interested in adding more automation, data and analytics into their workflows. Others wanted to learn how they can become more competitive and improve their underwriting and rating. For customers and non-customers alike, we were proud to share our story and how our solutions, including LexisNexis® Attract™ for Commercial, C.L.U.E.® Commercial, and LexisNexis® Commercial Data Prefill could help them reach their business goals. These conversations were definitely the highlight of our participation at the Seminar.
On a personal note, the greatest takeaway from this year’s Seminar was the opportunity to rub elbows with some of the best and brightest commercial insurance professionals in the industry. We saw some familiar faces – including current customers – and some not so familiar, a few of whom were not fully aware of the true breadth of solutions we offer. Some of my most in depth conversations were with those less familiar, or who thought of us as only an MVR provider. For the less familiar carriers, having the opportunity to express how LexisNexis strives to build partnerships with any carrier hoping to become more financially savvy by integrating data and analytics into rating and underwriting strategies as well as assisting with ease of doing business needs, is what gets me excited. I can’t wait to continue building these new relationships as well as continue fostering existing ones.
Beyond our attendance and sponsorship of the Seminar, our experts were on hand to lead two informative and interactive sessions. In Big Data Basics, Tanner Sheehan, senior director vertical market, and Ashley Bentley, senior statistical modeler, addressed the nuts and bolts of big data including how and what data to collect as well as how to get it ready to use. They covered the different types of data and how they must be treated as well as what routines must be applied to big data before it can be used to its full potential. In our second session – Know Your Driver: Commercial Auto Lessons Learned – Mathew Stordy, senior director vertical market, and Ben Lim, director vertical market, spoke about how using better data and analytics can revolutionize commercial auto risk assessment and improve overall profitability.
What a fantastic experience! What did you find most interesting at NAMIC this year? Drop us a note in the comments section below.