LexisNexis Risk Solutions

November 23, 2020

At LexisNexis Risk Solutions we see more insurers, MGAs and brokers seeking to access data, but not always through a traditional software house platform. As a multi-source data company our role in these partnerships is to enable our data to reach all parts of the insurance ecosystem.

For now, many insurance providers are still grappling with how to generate more loyalty, higher customer satisfaction and we believe data is the route to making these improvements, from the very few customer touchpoints that exist.

In the UK and Ireland today we provide a single point of entry to over 100 different data sources and we’ve been observing more customers coming to us to pipe third-party datasets, through our investments helping to solve issues of speed to market and technology costs. Driving down the cost of data, leveraging the power of the data platform, is the key.

In a recent survey, 100% of insurance clients reported a positive return on investment, working with us, and 29% reported a ‘high’ ROI*. The industry has been asking for an information super-highway for managed information and a data exchange for structured, balanced negotiation and facilitation.

We’ve been responding, and taken together with our contributory industry databases we’re able to offer multiple routes to data enrichment. We can add value beyond being just a data provider.

Adding value in the insurance ecosystem

There is a need for a data integration layer that encompasses claims history, counter-fraud measures and all the new challenges coming to the industry from personal and household devices, including non-insurance offerings such as smoke, intrusion and leakage monitors for home, and commercial property advice, and telematics sensors for vehicles that can be used to trigger alerts. All of these trends are going to rely on access to reliable data at the precise point of need.

In this video, listen to James Burton, our Senior Director of Product Management, UK & Ireland, Insurance, LexisNexis Risk Solutions as he describes the recent steps we’ve been taking in helping to connect the insurance ecosystem.

*Audited Techvalidate survey of 35 users of LexisNexis Risk Solutions 2019.

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