ILC ARTICLE

LexisNexis delivers Precision in claims control

14th November 2023

LexisNexis Risk Solutions announced at ILC’s Exclusive Motor Claims Conference that it will launch a new claims tool that will provide insurers with a comprehensive and granular insight into both the policyholder and the product.

The Exclusive Motor Claims Conference was held at Landing Forty-Two, London, supported by ILC’s Motor Corporate Partners: Activate Group, AkzoNobel, Autoglass, BHR Assist, CAPS, Carpenters Group, Copart, DAC Beachcroft, e2e, Entegral, Enterprise, Gemini ARC, GT Motive, Innovation Group, Kennedys, S&G Response, Solera Audatex, Synetiq and Thingco, and sponsored by headline partner Enterprise along with sponsors BHR Assist, Clearspeed, EDAM Group, LexisNexis Risk Solutions and Wiser Academy.

When it is launched later this year, Precision Claims will become the industry’s first cross-book claims database, collecting the relevant histories of the customer and the asset in a single place. It will include disparate claims records, enabling insurers to gain a deep understanding of the risks associated with individual policies.

Kajal Vakas, Senior Vertical Market Manager, Claims, LexisNexis Risk Solutions, said, “With Precision Claims, you will know exactly who you are looking at. It includes a claims history of the subject and the asset even prior to them owning it.”

This, she said, is critical as research has revealed that 41% of consumers under-report previous claims, while those who do have a 34% higher claims cost.

“Precision Claims will tell insurers if the person is a serial claimant, while also providing details of previous claims. So, for example, you will know if they have reported multiple vehicle thefts with the same circumstances.”

Meanwhile, when a claim is made Precision Claims will also provide an up-to-date status of the claim throughout the journey so insurers can follow the process from FNOL to settlement. Information will include fault status, detailed injury data, as well as reserves and payments made against the injury.

Kajal said, “This will help insurers understand if there is an overlap in areas of injury.”

But while Precision Claims has clear benefits for the industry, it will also deliver a more streamlined and convenient service for honest customers. By sharing data across multiple business lines, customers will not have to repeat their claims histories to multiple insurers, while the level of information provided will create the opportunity for more personalised products.

Kajal concluded, “Customers want everything to be about them. Precision Claims recognises the individual and their individual circumstances without them having to feed in that information over and over again.

“It also helps us personalise our service for our customers, while at the same time keeping an eye on leakage and fraud.”