ILC ARTICLE

LexisNexis releases collated claims solution

19th July 2022

Insurance solutions provider LexisNexis has developed a tool that will enable insurers to see all past motor and home claims for an individual policyholder.

LexisNexis Precision Claims will support risk assessment by collecting highly granular claims data for individuals on a single platform.

Not only will this identify undisclosed claims but it will also help insurers predict claims losses based on past activity.

The solution is not limited to individuals either. Insurers will be able to access home claims data for a properties and vehicles as well. This will include the type of claim, the circumstances and the settlement.

Carla McDonald, Director of Insurance Claims Product Management, LexisNexis Risk Solutions, U.K. and Ireland, said: “Granular claims data with cross-search functionality has been a big blind spot for the market, potentially leading to less accurate pricing for the consumer and higher loss costs for insurance providers. Lack of a cross-market view may also have impacted the sector’s ability to fully understand the customer’s needs.

“We are delighted that so many insurance providers are strong supporters, backing this initiative so that they can begin to harness the power of contributory claims data. We look forward to sharing the unique insights with those forward-thinking organisations who have embraced Precision Claims, in the next few months. It is another example of the power of contributory data to the insurance market at all points of the customer journey to help reduce friction, improve pricing decisions, mitigate fraud risks and support claims.”