LexisNexis Enters UK Insurance Market

LexisNexis Risk Solutions announces its entry into the United Kingdom's insurance market. LexisNexis will help UK insurers assess risk, bringing new insight and valuable information about applicants to the point of quote. The company currently works with more than 300 general insurers in the U.S..

In the UK, insurers primarily rely on self-reported information from applicants, which is often flawed. Consumers and regulators are becoming less tolerant of insurers rejecting claims on the basis of inaccurate information gathered at the time of application.

In addition, the shift to online aggregation and shopping has created new opportunities for insurance fraud.  As a result, insurers are recognizing the increasing need for high quality data that is available in real-time at point of quote or sale, to verify and enrich the understanding of applicants and their risks.     

“For more than 25 years, LexisNexis has pioneered the use of data and analytics by the insurance industry, and we are excited to bring our unique capabilities to the United Kingdom,” says Peter Orlay, vice president, insurance international, LexisNexis Risk Solutions. “Our solutions will allow insurers to not only evaluate and price risk more accurately; they can also help reverse lost revenue opportunities.”

LexisNexis helps address the challenges faced by insurers with a combination of technology, innovation, and insurance industry expertise. 

• Technology: Online aggregators generate over 300,000 consumer requests for quotes a day in the UK. LexisNexis uses a proprietary supercomputing architecture—high performance computing cluster—that has a track record of reliably handling tens of millions of inquiries a day with high match rates. This technology, which will be adapted for UK requirements and legislation, is the foundation for insurance solutions that enable real time access in the U.S. to hundreds of millions of policy and claim records, a vast array of public records, together with links to 50 state motor vehicle registries, and a gateway to all three credit bureaus.
• Innovation: LexisNexis has a 25-year history of developing innovative data products for the insurance industry.  The company will be releasing the first wave of data products for the motor insurance market in the UK in late 2011 and early 2012. These solutions will enhance the ability of insurers to access and leverage CUE data, ID checks and public records, and will provide insurers with new insurance risk scores to facilitate more accurate and profitable decision-making. An array of additional data innovations are planned for release in 2012.
• Expertise: LexisNexis is a pioneer in both consumer education and disclosure, and in the development of contributory databases. LexisNexis gives consumers the opportunity to inspect and, if appropriate, correct the records about them.