Property
The need for insurers to focus on underwriting profitability and exposure management
In light of recent macro-economic challenges and the low interest rate environment, property insurers are focused on ensuring profitable underwriting. And with the impact of climate change, there is a greater need for more granular exposure management among insurers. Insures need full visibility into what they insure and where.
Increase visibility into all your risks across your channel and portfolio
LexisNexis® Map View is a property risk assessment and exposure management platform that enables insurance companies to aggregate risk data from multiple sources and intelligently map insights against their unique business needs - allowing home and commercial property insurers to make more informed underwriting decisions, better manage risk and exposure, improve underwriting profitability and reduce reinsurance costs. LexisNexis® Map View customers also benefit from better accumulations management increased underwriting efficiencies and improved customer service.
Map View is a hosted service and web-based application. It offers several key functions including underwriting, exposure management, broker management and blocks.
- Underwriting – Increase the accuracy of risk selection at the point-of-sale - The underwriting function within LexisNexis® 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 providing a single, centralized view of all key risk data required by underwriters.
- Exposure Management – Assess and manage your exposure to perils and accumulations risk - The exposure management function within Map View provides insurers increased visibility into their portfolio exposure. With a better understanding of hotspots, property insurers can better manage and control their overall exposure to perils and accumulations globally.
- Broker Management – Increase visibility into your broker network - The broker management module within Map View enables the automatic processing of bordereaux data - giving insurers a full view into all the risks on their books through their channel, and allowing them to proactively manage the performance of their broker and coverholder network.
- 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."
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Assess and manage risk exposure, intelligently mapping data from multiple sources
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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
Motor
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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
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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.
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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.
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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.
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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.
