LexisNexis Introduces Current Carrier Commercial Tool for Insurers
LexisNexis Risk Solutions has introduced LexisNexis Current Carrier Commercial, a new tool designed to enhance the data access capabilities of commercial insurers. This innovative solution addresses significant data gaps encountered during the underwriting process by allowing insurers to contribute and access a comprehensive view of existing and historical insurance policies. The aggregation of data facilitates more accurate underwriting, pricing, and operational performance.
The LexisNexis tool streamlines the review of current and past policy information, providing insights into drivers and vehicles associated with business policies. This contributory data model is set to improve decision-making efficiency and close information gaps in insurers' books of business. Insurers benefit from features like prefill capabilities, enhanced renewal monitoring, and better claims handling, all contributing to a holistic client profile view.
Brandy Hoffmeister, Senior Director of Insurance Product Management at LexisNexis Risk Solutions, emphasized the importance of improved data sharing, citing research that indicates a substantial portion of commercial insurance claims could result from undisclosed factors. Hoffmeister noted that shared data can enhance risk assessment, improve profitability, and foster innovative practices within the industry.
The tool aggregates data across four categories of commercial auto insurance, refining risk segmentation, supporting premium growth, and improving expense management. LexisNexis employs advanced techniques for data extraction and normalization, streamlining coverage verification and risk assessment processes for insurers. It maintains stringent data access controls, ensuring that only authorized entities can access sensitive information.
This offering complements LexisNexis's range of commercial insurance solutions, such as LexisNexis C.L.U.E. Commercial and LexisNexis Attract for Commercial. By leveraging data and analytics, LexisNexis Risk Solutions continues to support risk reduction and informed decision-making for businesses across various industries, strengthening its role within RELX, a global analytics firm. For more information, contact LexisNexis Risk Solutions directly.