LexisNexis® Risk Solutions announced today the launch of LexisNexis® Active Insights, a data analytics solution for active risk management. LexisNexis Active Insights proactively informs insurers of key events impacting their policyholders. Insurers can then use that information to implement targeted outreach that can help enhance customer relationships by better serving their customers at the point of need.
“As lives change, so do insurance needs. Families get bigger, teenagers start driving, people change jobs and move. These events can prompt a consumer to more closely analyze all their coverage needs,” said Vic Bayus, Vice President, Product Management, Insurance, LexisNexis Risk Solutions. “By understanding changes in policy-related events on a continuously recurring basis through LexisNexis Active Insights, insurers can act swiftly to meet customer needs, make sure they have appropriate coverage, and ultimately, improve their business results.”
LexisNexis Active Insights helps insurers better understand their customer's present situation by providing timely alerts that identify recent changes occurring in the household. With this new information carriers can proactively engage the customer with relevant solutions to address their current insurance needs. Internal analysis shows that carriers may be missing these opportunities to strengthen the relationship with their policyholders. For example, 2.33 percent of policies monitored by LexisNexis Risk Solutions were impacted by the discovery of an undisclosed driver last year. In the summer of 2015, more than two percent of insured consumers had a new child added to the household, and between 2013 and 2014, eleven percent of the population age 15 or older moved. For insurers, timely alerts to key events within their book of business can create opportunities to strengthen the customer relationship while strategically growing their business.
According to a Gartner report* referencing its 2015 CIO Study, “eighty-seven percent of CIOs agree that there is a shift to predictive analytics from reporting in their organizations, and 79% believe that the greatest value and insight will come from active experimentation informed by data rather than the passive analysis of data.”
LexisNexis Active Insights leverages proprietary linking algorithms to connect vast amounts of data. These advanced analytics are applied to continuously generate attributes, scores, and events. Alerts impacting the book of business are then sent to insurers so they can take timely and appropriate action. The solution is built on the company’s high-performance computing cluster technology called HPCC Systems®, which is one of the most advanced big data processing technologies available. LexisNexis Active Insights is available to insurers for personal auto, personal property and commercial insurance. A version of Active Insights for life insurance is also planned for future release.
For more information, visit: LexisNexis Active Insights.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (http://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, LexisNexis 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 RELX Group, a world-leading provider of information solutions for professional customers across industries.
*Gartner, ‘Market Trends: Targeting Global Life and P&C Insurers in 2015,’ 23 April 2015, Derry N. Finkeldey
Regina Haas, 678-694-3569