BIBA 2024: LexisNexis Showcases Next-Gen Risk Solutions
At the British Insurance Brokers' Association (BIBA) Conference 2024, under 'What's Next,' LexisNexis Risk Solutions will be showcasing its latest developments in vehicle and property data to assist insurance providers in the UK and Ireland. These innovations aim to refine how insurers predict, price, and mitigate risks.
LexisNexis Risk Solutions leverages advanced data analytics and technology to enhance the efficiency and accuracy of insurance risk assessments, benefiting both the insurers and their customers.
The new innovations include improved vehicle data analytics, which are crucial for understanding the specific Advanced Driver-Assistance Systems (ADAS) and their impact on insurance claims and pricing. Additionally, property data analytics are also being enhanced to provide deeper insights into property risks and values, thus allowing for better-informed underwriting decisions.
These tools are part of LexisNexis' broader strategy to provide sophisticated, fast, and reliable data analytics solutions that streamline critical processes, control costs, and accelerate decision-making across the insurance lifecycle. The business's predictive and vehicle-centric data solutions will be showcased alongside the latest developments in geospatial intelligence specifically for the broker market.
Visitors to the stand will even be able to analyse the perils and risks for their own address, underscoring the value of the insights to support customers facing flood, subsidence and crime risks.
LexisNexis Vehicle Build and LexisNexis Vehicle Insights
LexisNexis Vehicle Build and LexisNexis Vehicle Insights are tools aiming to provide solutions to the insurance industry for assessing and managing vehicle-related risks more accurately and effectively.
LexisNexis Vehicle Build is designed to provide detailed information on the Advanced Driver-Assistance Systems (ADAS) fitted to individual vehicles at the Vehicle Identification Number (VIN) level. This technology helps insurers understand and evaluate the specific ADAS features of a vehicle, which can significantly impact insurance pricing and underwriting.
The system addresses the challenge of varying ADAS terminologies and configurations across different manufacturers by using a standardised ADAS classification system. This system not only identifies the presence of these systems but also assists insurers in recognising how these features work together to reduce claims frequency and enhance the safety of the vehicle.
On the other hand, LexisNexis Vehicle Insights offers a comprehensive view of the vehicle's status and history. It integrates multiple data points about a vehicle, including valuation, mileage, age, and maintenance history, providing a holistic view of the vehicle's condition and usage over time.
This solution is particularly valuable for assessing risks accurately, facilitating more personalised insurance pricing, and improving the claims process. Vehicle Insights is designed to be combined with other data products like Vehicle Build to offer a full picture of both the vehicle and its features, which is crucial for underwriting and claim management.
Together, these products enable insurance providers to offer more personalised, accurate, and fair pricing, leveraging detailed, real-time data on both the physical and operational condition of vehicles. This capability is essential for insurers to remain competitive and manage risks effectively in a rapidly evolving automotive landscape.
These solutions along with vehicle data-focused industry collaborations respond to increasing desire from motor insurance providers for deeper insights on the vehicle for more accurate and fair pricing. As the market’s ‘go to’ source of vehicle data, insurance providers will be able to build an instant and comprehensive picture of the risk of the vehicle, that will keep pace with car technology as it keeps evolving.
Dan Cicchetti, senior director of client engagement, Insurance, U.K. and Ireland, LexisNexis Risk Solutions said: “The BIBA Conference offers a fantastic opportunity to showcase the investments we have made to deliver actionable insights to brokers as well as the wider market in a way that is easy for them to digest. ‘What’s Next’ as a theme is spot-on. Insurance risks are changing at speed, and we’re helping the broker market keep pace.”
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