Classic car and motorbike insurance specialist Hagerty has selected LexisNexis Risk Solutions as its data partner to support its growth ambitions in the UK.
Hagerty has seen solid growth in the UK and plans to expand its customer base to include newer classic cars and younger drivers, building on its strong reputation in collector vehicle insurance. The Hagerty Drivers Club is also set to expand to customers in the UK for the first time.
In the first phase of development, Hagerty will take advantage of streamlined access to prior claims and financial sanction data via the LexisNexis Informed Quotes platform. This will enable the insurer to provide quotes, calculate renewals and make mid-term adjustments at speed, based on a comprehensive view of the customer’s risk.
Informed Quotes delivers high-volume, real-time risk data to help provide the clearest picture possible of risk. It serves more than 200 million transactions per day to all of the major software houses and direct to insurance providers via a single, direct application programming interface.
Later this year, Hagerty will also bring Attract for Motor and LexisNexis Risk Insights into its quote process. Attract for Motor is the first market-wide, policy data-based risk score built to help insurance providers more accurately predict insurance claims losses.
Risk Insights is an insurance-specific customer verification and enrichment solution based on more than 200 public and proprietary data attributes combined with the ability to match and link disparate customer records.
Lee Mathewson, vice president of international insurance products at Hagerty, said: “We serve a strong and growing community of classics enthusiasts in the UK who value our expertise and trust us to protect their pride and joys. While collectors’ insurance might be non-standard, our customers still expect a smooth, swift and accurate quote process when they buy insurance from us.”
“LexisNexis Informed Quotes will help us deliver on our promise to provide a digitised quote process and fits with our ambitions to increase our online presence and offer digital experiences to our customers.”
Martyn Mathews, senior director of personal lines for the UK and Ireland at LexisNexis Risk Solutions, said: “LexisNexis Risk Solutions works with insurance providers to help create a better customer experience and evaluate risk accurately. This new relationship with Hagerty is a clear example of that, and we are delighted to have been selected as the data partner to support Hagerty’s plans for expansion in the UK.”