Lexis Nexis: Streamlining Data Decisioning for MGAs

We understand MGAs operate in a diverse range of specialist fields and can require a broad range of insurance data to understand the risks they are managing, from the point of quote to claim. LexisNexis® Risk Solutions simplifies the complex challenge of risk assessment and ongoing policy management. This is achieved by streamlining meaningful insights on businesses and individuals, properties and vehicles direct into MGA workflows or those of their broker partners. No more calling out for data from multiple providers.

Data injected at the point of quote

The LexisNexis® Informed Quotes platform allows LexisNexis Risk Solutions risk datasets to be injected at the point of quote for swift and informed pricing decisions. The choice of datasets is growing continually as we develop and invest in new solutions driven by market need.

The range of information from LexisNexis Risk Solutions is available direct or through major software houses and is evolving the risk assessment process for MGAs in many areas of specialty, enabling them to make faster and more informed decisions while delivering a better customer experience.

Pinpointing perils

One area of increasing importance to MGAs is geospatial intelligence data on perils such as flood, fire, windstorms and crime alongside insights on subsidence, trees and basements for a clearer view of what lies beneath a property – crucial knowledge that comes into its own during extreme windstorms and flash floods.  This data can be streamlined into the quote process via LexisNexis® Informed Quotes and visualised using the geospatial data visualisation tool LexisNexis® Map View.

Exposures and Accumulations

LexisNexis® Map View gives MGAs valuable insights into property-level risks and overall portfolio exposure to perils and accumulations to more accurately assess and price risk and manage exposure. MGAs can also designate specific areas or regions for continuous monitoring. Warnings are promptly issued if the monitored data surpasses predetermined thresholds, supporting a vigilant approach to risk management.

Real-Time Flood Alerts

For larger, usually commercial properties, there can be a difference in flood risk between the front of the property and the back. By visualising building outlines using LexisNexis® Map View, MGAs can quickly and simply identify exposures relevant to the actual property they’re underwriting, removing the ambiguity of a building centroid or post code.

Additionally, flood alerts allow MGAs to take immediate action in pricing and new cover decisions to limit their exposure to the risk. Therefore, if a major storm is approaching, rather than stopping writing business in vast swathes of the UK and Ireland, MGAs can see exactly which parts of the country the storm is predicted to hit according to the available information and take action accordingly.

Property Characteristics Uncovered

The value of geospatial data intelligence grows when used alongside detailed data on property characteristics such as square footage, construction, roof type, height, security locks and where it sits in proximity to other buildings. LexisNexis® Property Insights is one of the first property data enrichment solutions to combine multiple attributes for an individual address from the choice of many property characteristics, alongside an accurate rebuild cost.

In the case of Landlord insurance for example, LexisNexis® Property Insights can confirm when a property within a portfolio was built, the rebuild cost and the construction. This all supports knowing your customer obligations using accurate validated information whilst addressing the increasing market problem of underinsurance.

It’s the Business

When writing commercial insurance, business-specific data is crucial – to confirm how big a business is, how long it’s been trading, its financial responsibility but also importantly it offers an in depth of understanding of who is involved in its management through the use of publicly available information. Commercial PreQuote from LexisNexis Risk Solutions provides confidence that the data used for underwriting is valid and accurate and the risk is right for the insurer panel. It can also help eliminate unnecessary delays, support the due diligence process and reduce friction with the customer.

Getting Personal

Of course, many MGA’s also need to understand motor risks as well as home risks to help price accurately and fairly.  Whether it’s proving No Claims Discount (NCD) or uncovering links to fraud through LexisNexis® Emailage Rapid, we enable the sector so that it understands ever-changing risks in personal lines, prices effectively and does more for the customer at every touchpoint.

Our vehicle-centric data enrichment solutions, LexisNexis® Vehicle Build and LexisNexis® Vehicle Insights have advanced in line with the changing dynamics of the U.K. car parc. These solutions deliver unique insights revealing the claim frequency and severity of advanced driver assistance systems (ADAS) for a specific vehicle, not just standard fitments as well as the key information on the status and history of that vehicle.

Meanwhile, our proprietary linking and matching technology – LexID® for Insurance – is helping insurance providers create the single customer view, enabling the use of current and historic customer experiences to help inform every interaction with that consumer whether it be quote, mid-term adjustment, renewal or claim.

Ultimately MGAs can make the best decisions for their customers, their capacity providers and for the profitability of their business when they have all the relevant information, they need at their fingertips. And they can empower their broker partners to do the same. By leveraging data from one platform, MGAs can compete more effectively in their specialist corner of the market.

Find out more: https://risk.lexisnexis.co.uk/insurance