LexisNexis Risk Solutions has launched a contributory claims database that will soon enable insurers to view all the past claims for an individual across home and motor.
LexisNexis Precision Claims is intended to support risk assessment at all points of the customer journey by enabling insurers to access highly granular claims data gathered from across the market through one platform.
Insurers will be able to access home and motor claims data for a person, a property and a vehicle, including the type of claim, the circumstances and the settlement. “This will allow insurance providers to cross-check claims history across motor and home for the first time,” according to LexisNexis Risk Solutions.
The launch of LexisNexis Precision Claims in the UK follows the trend of claims data being used in this way in the US, where some consumers have been found to under report previous motor claims and represent a risk of higher costs. Clear links between motor and home claims have also been established.
Commenting on the launch, Carla McDonald, director of insurance claims product management at LexisNexis Risk Solutions in the UK and Ireland, said: “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.”