LexisNexis Risk Solutions Empowers Service First with Perils Data

MGA leverages geospatial data intelligence for commercial property

Service First, a Dublin-based Managing General Agent (MGA) is set to leverage a set of perils data from LexisNexis® Risk Solutions, the data, advanced analytics and technology provider to the insurance market. The new agreement will help in enhancing pricing decisions in e-traded commercial property insurance and in enabling the MGA to support its business customers, brokers and capacity providers through weather events such as floods and storms.

LexisNexis Risk Solutions will deliver top-level geospatial data intelligence on perils including flood and subsidence. The data will feed directly from LexisNexis® Informed Quotes into the Service First technology platform to support more accurate and streamlined e-traded quotes based on a comprehensive understanding of the risk of a specific commercial property.

Service First will also be able to visualise commercial property risks within LexisNexis® Map View – the cloud-based geospatial data browser tool. This will provide an immediate picture of property-level risks as well as exposure to perils and accumulations across their whole portfolio.

Shane McCabe, strategic account manager, U.K. and Ireland insurance, LexisNexis Risk Solutions, says: “Taking advantage of perils data looking to predict and plan for weather events has become essential. With a clearer picture of the environmental risks of commercial properties, Service First can offer the most appropriate cover at the right price to customers in an e-traded environment, speeding up the quote process while reducing the need for referrals.”

Linda Carton of Service First says: “LexisNexis Risk Solutions has worked with us every step of the way so that we have the right data solutions to help us make more informed decisions at new business, renewal and during the lifetime of the policy. This will likely not only enhance customer satisfaction but also strengthen the overall resilience of the Irish business community in the face of our changing climate.”

James Burton, managing director, U.K. and Ireland insurance, LexisNexis Risk Solutions says: “This latest contract demonstrates our commitment to the Irish market following our expansion into the region in 2022. We are delighted our solutions are helping to deliver streamlined and faster decisions at point of quote, improve pricing accuracy and minimise risk exposure for Service First.”