LexisNexis Risk Solutions announces the launch of LexisNexis Attract for business owners underwriting, a proprietary model providing commercial insurers with high match rates and accurate loss prediction of small commercial business owner risks.
Attract enables insurers to improve pricing segmentation and identify profitable market segments within their books of business and prospects.
"Hit rates for business credit on small commercial insurance risks have ranged from 40 to 50 percent on average, but using Attract with LexisNexis business data assets can lift hit rates as high as 90 percent," claims Ernie Feirer, vice president and general manager, commercial insurance, LexisNexis. "The Attract for business owners underwriting model was built on consumer credit from the business owner community and developed using policy and loss data representing over $1.6 billion in commercial premiums to provide a significant lift in loss predictability."
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