LexisNexis® Launches No Claims Discount Module of LexisNexis® Policy History Motor; Insurance offering advances no claims discount validation process
(M2 PressWIRE Via Acquire Media NewsEdge) LONDON and ATLANTA -- LexisNexis Risk Solutions today announced the launch of the No Claims Discount (NCD) module of LexisNexis Policy History Motor providing U.K. motor insurers and brokers the first opportunity to access reliable no claims information on consumers electronically, advancing verification processes, reducing risk and costs, and empowering insurers to deliver a higher level of customer service.
"The no claims discount is a significant factor affecting U.K. motor insurance premiums. Insurers are challenged with verifying self-reported no claims details in a cost-effective and timely manner, whilst minimising risk in a very competitive environment," said Dan Marshall, managing director, UK, LexisNexis Risk Solutions.
By validating the no claims history of the applicant using the LexisNexis NCD module, insurers will have access to the most up-to-date information enabling them to replace existing manual processes with an automated verification. This will help insurers and brokers provide better service to consumers, reduce costs and minimise the risk of underwriting insurance policies while reducing NCD fraud.
"The No Claims Discount module signals an important development in the way insurers and brokers in the motor insurance industry will use data to protect against risk and reduce fraud while delivering an improved consumer experience," said Marshall.
More accurate than consumer-reported information, the no claims discount status available via the NCD module is provided by motor insurers and brokers who contribute NCD information to the LexisNexis Policy History Motor database. The NCD module of LexisNexis Policy History Motor is initially available as a batch service post-sale and will subsequently become available at point of quote or point of sale as part of the insurance application process. It will also contain additional data fields such as whether the No Claims Discount is protected, introductory or accelerated, which are data fields accessible on an optional contribute-to-play basis.
The NCD module is powered by the LexisNexis Big Data processing platform known as HPCC Systems, built and proven to meet the high-performance, scale and resilience demanded by the online aggregated insurance market in the U.K. When combined with LexisNexis matching and linking software, this produces high match rates, fast response times, high reliability and rapid scalability.
Notes to editors
Historically, insurers in the U.K. have relied on the information supplied by applicants at the time of quote, including their claims history, to make pricing and underwriting decisions. Insurers are increasingly using information at point of quote, point of sale and post-sale for validation, verification, pricing and underwriting purposes.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors.
Our insurance solutions assist insurers with automating and improving the performance of critical workflow processes to reduce expenses, improve service and position customers for growth.
For more information contact:
Regina Haas, LexisNexis
Lara Cornwall, Cohn & Wolfe
+44 207 331 5340
Or visit lexisnexis.co.uk/our-solutions/insurance
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