Map View Assess and manage risk exposure, intelligently mapping data from multiple sources
Drive business growth, reduce claims and improve underwriting profitability
Customer acquisition and retention, optimising underwriting performance, and managing costs are top-of-mind priorities for insurance organisations in today's business environment. In 2011, there were 4 "Once in 250 year" events around the globe, putting increasing pressure on the insurance industry globally. Climate change and growing competitive and regulatory demands are requiring insurers to rethink how they do business and their approach to risk selection and exposure management.
LexisNexis® Map View is a risk assessment and exposure management platform that empowers property insurers with the critical tools and insight to enable them to increase underwriting profitability, maximise business growth, and realise costs savings, through reduced claims exposure and lower reinsurance costs.
LexisNexis® Map View – the power to visualise risk and the insight to control exposure
LexisNexis® Map View enables property insurers to aggregate their risk data from multiple sources, allowing them to make more informed underwriting decisions and better manage their risk and exposure. It allows insurers to visualise their perils and accumulations risk, while providing the insight to control and manage their portfolio risk and exposure.
Over 8,000 home and commercial property underwriters rely on Map View to assess risk and manage exposure including many of the world's leading global insurers such as AXA, QBE, Travelers, Hiscox, Inter Hannover and LV=. Delivered as a Software-as-a-Service, with its inherent flexibility, scalability and ease-of-use, LexisNexis® Map View offers several key features and modules including underwriting, exposure management and broker management.
Increased gross written premiums
By assessing risk at the property level, insurers have the ability to underwrite business they may have previously declined, based on an inaccurate assessment of the risk location. Leveraging LexisNexis® Map View, underwriters can identify under-exposed areas and target those areas with marketing.
With a better understanding of geographical risk (peril and accumulations) insurers can be more aggressive with rates in low-risk areas. On average, LexisNexis customers have been able to increase their target addressable market by 8% by leveraging Map View.
Reduced reinsurance costs
With a clearer understanding of their true risk, and macro view of their exposure, insurers are in a better position to negotiate reinsurance. LexisNexis customers typically reduce their reinsurance costs by 0.4% - 0.8%, as a result of deploying Map View.
Reduced cost of claims
Similarly, an accurate assessment of a property's risk location vis-a-vis peril models and accumulations results in a better quality book of business and, ultimately, fewer claims.
Increased underwriting productivity and efficiencies
LexisNexis® Map View simplifies the underwriter's workflow by bringing all their critical risk data into one view - increasing the speed and accuracy of underwriting. Map View also allows insurers to automate certain types of underwriting decisions. LexisNexis customers typically reduce their "out-of-area referrals" by up to 70%.
With fewer referrals, this gives more time back to underwriters to underwrite more business. In addition to experiencing a reduction in the number of referrals, LexisNexis clients have typically reduced the time taken to handle referrals by 70%. Bottom Line - fewer referrals AND less time required per referral greatly increases underwriting efficiencies.
Reduced exposure
LexisNexis clients further benefit from reduced exposure to high-risk properties by leveraging Map View. Our clients have, on average, experienced a 50% reduction in perils exposure, enabling them to improve underwriting profitability and reduce their cost of claims. With an aggregated view of risk (perils and accumulations), LexisNexis customers can better manage their overall exposure across their entire portfolio.
Improved customer service
In the case of a significant event, such as extreme weather, LexisNexis insurance customers are able to leverage Map View to quickly identify their customers impacted, those likely to be affected, and assess their own exposure as the event is unfolding. Insurers can determine what claims have been made, and what claims may be expected, allowing them reach out proactively to their customers affected, and to deliver fast and efficient customer service.
- Underwriting – Provides more accurate risk assessment at the point-of-underwriting
LexisNexis® Map View provides home and commercial property insurers with real-time visibility into their policy accumulations, perils risk data, live quotations and claims history across their entire book of business. The underwriting function within Map View enables underwriters to more accurately assess risk, both from a peril and accumulations standpoint, at the individual property level, at the point-of-sale – by having all the information required to make sound underwriting decisions in one place.
- Exposure Management – Increases exposure visibility and control across your organisation
The exposure management function within Map View provides a macro view of your overall accumulations risk and exposure. With full visibility into hotspots, you can better manage your exposure to perils and accumulations globally. It allows you to model what-if exposure scenarios and calculate real-time views on actual nat cat events as they unfold. The exposure management function also allows you to identify customers impacted by an event in real-time, and to quickly assess your own exposure and maximum loss.
- Broker Management – Delivers a single aggregate view of risk across your channel and portfolio
The broker management module within Map View enables the automatic processing of bordereaux data – giving insurers a full view into the risks on their books through their channel, and allowing them to proactively manage the performance of their broker and coverholder network. With an up-to-date view of all the policies on your books, you can better police underwriting rules, and highlight and take action on policy breaches. It provides a single console from which to manage your entire broker ecosystem - allowing you to see hotspots and anomalies much faster, and manage and refine binder rules and limits dynamically.
-
Blocks – Increase the speed, accuracy and efficiency of assessing fire risk globally
The blocks module within Map View provides sophisticated, rules-based fire accumulation analysis, and enables insurers to automate the process of assessing fire exposure. Using building outline data to intelligently group together buildings that share a common risk into “blocks,” you gain a much clearer and more granular view of fire risk.
Case Studies
Motor
-
BGL has been a long-standing partner of LexisNexis Risk Solutions®, and was one of the first contributors to the No Claims Discount (NCD) module at launch in 2013. In 2016, BGL Group switched to using the NCD module at point-of-quote for car and van insurance, a move that saw it improve customer service, reduce fraud and increase the accuracy of its pricing.
Commercial Property
-
Leading global insurer, AXA, rolls out LexisNexis® Map View to all its property underwriting divisions around the world - improving global underwriting profitability by implementing consistent risk selection and risk management practices across all its underwriting divisions.
-
LexisNexis® Map View allows Hiscox to quickly and cost effectively model and visualise the accumulation of risks on its book. It also supplies the underwriting process with perils and accumulation risk model consideration at the property level, both automatically and visually.
- Leading UK insurer, LV=, invests in LexisNexis technology to maximise its underwriting profitability and reduce its flood exposure. Using the LexisNexis risk assessment and exposure management software platform, Map View, LV= empowers its underwriting teams with the tools and insight to accurately assess flood risk.
Leading Canadian Insurer Case Study
Leading Canadian insurer deploys the LexisNexis risk assessment and exposure management platform, Map View, to improve its accumulations and exposure management. Map View provides its underwriters with real-time visibility into policy accumulations and perils risk data, allowing them to more accurately assess risk at the individual property level, at the point-of-sale.
-
QBE Europe is recognized as a Model Insurer by leading analyst firm, Celent, for leveraging the LexisNexis® geographic risk assessment platform, Map View, to manage its portfolio exposure.
-
Having deployed LexisNexis® Map View in the UK and Ireland, the risk assessment and exposure management solution provides Travelers with access to a web service that combines address data with risk models of perils for spatially analysing underwriting risk.
Sales Sheets
-
LexisNexis® Map View improves underwriting profitability and drives business growth.
-
LexisNexis® Map View broker management
Many insurers don’t have the visibility they need into their broker business.
White Papers
-
Data Quality is King: Key Considerations for Usage-Based Insurance Apps
Without data filtering, UBI driving scores can vary by up to 47 per cent. -
Social, Mobile, Data & the Cloud
Driving change and creating opportunity for the insurance industry Social, Mobile, Data & the Cloud
Contact Us
